Courts / Dublin / Report
Master of High Court says vulture funds may be exploiting loophole by claiming exemption from Stamp Duty
Summary
The Master of the High Court, Edmund Honohan SC, struck out a summons brought by Havbell Designated Activity Company seeking possession of investment properties in Dublin that were secured against loans acquired by the company. He said the fund's papers were not in order and that stamp duty had not been paid on the documentation for the transfer of loan portfolios from financial institutions such as banks and building societies to the fund. Lawyers for the fund argued that they were exempt from paying stamp duty on the loan transfer, but Mr Honohan disagreed, citing the 1999 Stamp Duties Consolidation Act which requires stamp duty on documents that go before the courts. He questioned whether the fund's claim of exemption was another loophole being used by "vulture funds" and wondered if any Capital Gains Tax had been paid on the transfers.
Who, what, where, when and why
What: Report matter: Master of High Court says vulture funds may be exploiting loophole by claiming exemption from Stamp Duty. Procedural stage: hearing_or_decision
When:
- June 2015 Incident
- 2017-02-15 Publication
Why: The Master, who deals with pre-trial matters before they go before a High Court judge, said he was striking out the summons because the fund's "papers were not in order. CNI source report
Places mentioned
- High Court
Topics
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