The Gazette 1996

GAZETTE

JUNE 1996

P R A C T I C E

N O T E S

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obtained from the Revenue Commissioners, Capital Taxes Branch when a property is being transferred from one spouse to the other. Section 110 A ( 9) of the Finance Act 1983 provides that any residential property tax and interest due and outstanding on the date of a transfer of property from one spouse to the other shall be and remain a charge on the property for twelve years. Form RP54 is the application form for a Certificate of Discharge from Residential Property Tax (transfer of spouse) and provided that the tax has been discharged a Certificate will be issued promptly by the Revenue Commissioners that there is no outstanding charge for Residential Property Tax in relation to the transfer.

It should also be noted that if the couple own t wo or more properties which are available for their use, RPT Clearance Certificates should be obtained even if the value of each of the properties is below the market exemption limit. Practitioners are also reminded that a Particulars Delivered stamp must be impressed on all Transfers/ Conveyances/Assignments including voluntary dispositions in compliance with the 1995 stamp duty (P.D) Regulations however the regulations do not apply to any transaction creating a joint tenancy in the family home between spouses.

Homebond Protection - Stage Payments

The Conveyancing Committee is concerned to note that the practice of Builders requiring stage payments to be made for the purchase of the new estate type houses still persists in a number of areas. In general, the Committee disapproves of the stage payment purchase practice and is making representations to the Construction Industry Federation for its discontinuance. While the increased and extended protection afforded by the Home B o nd Stage Payment Bond is we l c ome, it, of itself, cannot protect purchasers from the considerable difficulties and problems which would arise if a Developer were to b e c ome insolvent after stage payments had been made and before a transfer of title had been executed in their favour. Accordingly, for so long as the stage payment purchase practice persists, the Committee emphatically advises practitioners that in order to protect their purchaser clients they should ensure that title to the site should pass from the Developer to their clients on the occasion of the making of the first stage payment. In issuing its foregoing recommenda- tion, the Committee wishes to state that it is not intended to apply to purchasers of once-off new houses which it considers will be matters of contracts to be negotiated by the parties involved.

Family Law and Civil Legal Aid Committee

D

Practice Management

Do You.. • . . . . have an outline strategy covering the services you wish

to offer, the client groups you wish to serve and how services are to be provided . . . so that you can review the practice's performance and take decisions about its future. Law Society Practice Management Guidelines, Section A1.

Conveyancing

Committee

Residential Property Tax - Clearance Certificates

Practitioners are reminded that a Clearance Certificate in respect of Residential Property Tax should be

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