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ARTICLE · 12 JUNE 2023

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InDisputes: Revenue Reject Tax Decision

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The Irish Revenue Commissioners ("Irish Revenue") updated their Tax and Duty Manual "Part 5: Section 31D - Cancellation schemes of arrangement" in May 2023 to make reference...

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Kevin Smith
Kevin Smith
Finn Kelly
Finn Kelly
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Eimear O'Donoghue
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The Irish Revenue Commissioners have recently published updated guidance in which they explicitly refuse to accept the reasoning of a Tax Appeals Commission determination that found in favour of the taxpayer.

Background

The Irish Revenue Commissioners ("Irish Revenue") updated their Tax and Duty Manual "Part 5: Section 31D - Cancellation schemes of arrangement" in May 2023 to make reference to a recent appeal heard by the Tax Appeals Commission ("TAC") in relation to section 31D of the Stamp Duties Consolidation Act. Broadly, the appeal related to whether the cancellation of shares pursuant to a court approved scheme of arrangement was within the charge to Irish stamp duty. The judgment in this appeal found in favour of the taxpayer, stating that the imposition of a stamp duty charge in relation to the schemes of arrangement was contrary to the EU Capital Duties Directive.

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