Section 19 Valuation of property chargeable with stamp duty

This section provides that when property has to be valued by the Revenue Commissioners the provisions of section 26 of the Capital Acquisitions Tax Consolidation Act 2003, apply. Section 26 of that Act provides that the market value of any property is regarded as “the price which, in the opinion of the [Revenue] Commissioners, such property would fetch if sold in the open market on the date on which the property is to be valued in such manner and subject to such conditions as might reasonably be calculated to obtain for the vendor the best price for the property”. The Revenue Commissioners are empowered to ascertain the market value of any property.

Section 911 of the Taxes Consolidation Act 1997 (as amended by Section 101 of the Finance Act 2013) enables the Revenue Commissioners to engage the services of an external valuer for the purposes of ascertaining the value of any asset. This provision applies to stamp duty as well as to all other taxes and duties administered by the Revenue Commissioners. See Notes for Guidance on sections 911 (Valuation of Assets) and 851A (Confidentiality of Taxpayer Information) of the Taxes Consolidation Act 1997.

Relevant Date: Finance Act 2014