Sale of Seán Dunne’s Walford led to €1.4m stamp duty liability, appeal court rules

Walford on Shrewsbury Road in Dublin, which Sean Dunne bought for €57.9 million.A company owned by developer Seán Dunne’s son, John Dunne, is liable for €1.4 million in stamp duty on the 2013 sale of the house “Walford” on Shrewsbury Road, Dublin, the Court of Appeal has ruled.

Yesreb paid €270,000 in stamp duty based on the 2013 purchase price. But in 2016 Revenue assessed the amount payable, inclusive of the €57 million 2005 price, at around €1.4 million. This included a deduction for interest due which was around the same amount already paid by Yesreb. After Revenue made a €1.4 million plus interest assessment, Yesreb appealed to a Tax Appeals Commissioner who upheld the Revenue’s decision.

In a judgment on behalf of the three-judge CoA, Mr Justice Senan Allen said Seán Dunne did not have a power of sale in March 2013 so he could not have validly contracted for a sub-sale to Yesreb.

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