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14 1952

FINANCE ACT, 1952

PART IV.

Stamp Duties.

Amendment of section 13 (4) of Finance (No. 2) Act, 1947.

18. —(1) Subsection (4) of section 13 of the Finance (No. 2) Act, 1947 (No. 33 of 1947), shall have effect and be deemed always to have had effect as if the word “or” were not contained therein at the end of paragraph (e) and the following paragraphs were contained therein after paragraph (f):

“(g) a body corporate not having a share capital incorporated in the State after the 15th day of October, 1947, where—

(i) a majority (or, in the case of such a body corporate incorporated by Act of the Oireachtas, at least one-half) of the members of the body corporate is composed of persons each of whom is within one of paragraphs (a) to (f) of this subsection, and

(ii) a majority (or, in the case of such a body corporate incorporated by Act of the Oireachtas, at least one-half) of the persons exercising control and management of the body corporate is composed as aforesaid, or

(h) a body corporate incorporated in the State after the 15th day of October, 1947, where the issued shares of each class are, to an extent exceeding one-half (in nominal value) thereof, in the beneficial ownership of persons each of whom is within one of paragraphs (a) to (g) of this subsection.”

(2) A reference in any statutory provision (other than this section) to paragraphs (a) to (f) of subsection (4) of section 13 of the Finance (No. 2) Act, 1947 , shall be construed as a reference to paragraphs (a) to (h) of that subsection as amended by subsection (1) of this section and a body corporate shall not, for the purposes of any enactment relating to stamp duty, be deemed to have ceased to be a body corporate within paragraph (f) of that subsection merely because the beneficial ownership of any of its shares has become vested in a body corporate within paragraph (f) or (g) of that subsection as amended by subsection (1) of this section.

Conveyance or transfer on sale—limit on stamp duty in the case of certain transactions between bodies corporate.

19. —(1) (a) Subject to paragraph (b) of this subsection, this section applies to every instrument which is chargeable with stamp duty under or by reference to the heading “Conveyance or transfer on sale” in the First Schedule to the Stamp Act, 1891, and which is made for the purposes of or in connection with the conveyance or transfer of property from one body corporate (in this subsection referred to as the transferor) to another body corporate (in this subsection referred to as the transferee).

(b) This section shall not apply to an instrument such as aforesaid unless it is shown to the satisfaction of the Revenue Commissioners that—

(i) the transferor and the transferee are each within one of paragraphs (c), (d), (e), (f) and (h) of subsection (4) of section 13 of the Finance (No. 2) Act, 1947 (No. 33 of 1947), as amended by section 18 of this Act,

(ii) immediately before the execution of the instrument, the transferor was entitled to the entire beneficial interest in the relevant property,

(iii) the entire beneficial interest in the relevant property becomes vested in the transferee,

(iv) the transferor is the beneficial owner of not less than ninety per cent. of the issued share capital of the transferee, and

(v) the conveyance or transfer is not made in pursuance of an arrangement whereunder, whether directly or indirectly, the transferor will no longer be the beneficial owner of not less than ninety per cent, of the issued share capital of the transferee.

(2) On any instrument to which this section applies the duty chargeable under or by reference to the heading “Conveyance or transfer on sale” in the First Schedule to the Stamp Act, 1891, shall not exceed ten shillings.

(3) An instrument to which this section applies and which is stamped with an amount of duty less than the amount which, but for the provisions of this section, would be chargeable thereon shall be deemed not to be duly stamped unless the Revenue Commissioners have expressed their opinion thereon in accordance with section 12 of the Stamp Act, 1891.

(4) (a) For the purposes of paragraph (b) of subsection (1) of this section, the Revenue Commissioners may require the delivery to them of a statutory declaration in such form as they may direct, made by a solicitor of the Courts of Justice, and of such further evidence, if any, as they may require.

(b) The powers conferred on the Revenue Commissioners by paragraph (a) of this subsection shall be in addition to and not in substitution for the powers conferred on them by section 12 of the Stamp Act, 1891.

Amendment of section 13 (6) (b) of Finance (No. 2) Act, 1947.

20. —Paragraph (b) of subsection (6) of section 13 of the Finance (No. 2) Act, 1947 (No. 33 of 1947), is hereby amended by the insertion of “parent, grand-parent, step-parent, husband or wife, brother or sister of a parent or” after “as a lineal descendant,” and by the insertion of “parent, husband or wife or” after “lineal descendant of a”.

Restriction of application of section 13 of Finance (No. 2) Act, 1947.

21. —(1) Section 13 of the Finance (No. 2) Act, 1947 (No. 33 of 1947), shall not apply to a conveyance or transfer on sale of lands, tenements and hereditaments where the person becoming entitled to the entire beneficial interest in the property (or, where more than one person becomes entitled to a beneficial interest therein, each of them) is related to the person or each of the persons immediately theretofore entitled to the entire beneficial interest in the property in one or other of the following ways, that is to say, as a lineal descendant, parent, grand-parent, step-parent, husband or wife, brother or sister of a parent or brother or sister, or lineal descendant of a parent, husband or wife or brother or sister, and the instrument contains a certificate to that effect by the party to whom the property is being conveyed or transferred.

(2) On any instrument to which subsection (1) of this section applies, such stamp duties shall be chargeable as would have been chargeable if section 13 of the Finance (No. 2) Act, 1947 , had not been enacted.

(3) An instrument to which subsections (1) and (2) of this section apply and which is stamped with an amount of duty less than the amount which but for the provisions of this section would be chargeable thereon shall be deemed not to be duly stamped unless the Revenue Commissioners have expressed their opinion thereon in accordance with section 12 of the Stamp Act, 1891.

Amendment of section 24 (4) of Finance Act, 1949.

22. —(1) Subsection (4) of section 24 of the Finance Act, 1949 (No. 13 of 1949), shall have effect and be deemed always to have had effect as if the word “or” were not contained therein at the end of paragraph (e) and the following paragraphs were contained therein after paragraph (f):

“(g) a body corporate not having a share capital incorporated in the State after the 15th day of October, 1947, where—

(i) a majority (or, in the case of such a body corporate incorporated by Act of the Oireachtas, at least one-half) of the members of the body corporate is composed of persons each of whom is within one of paragraphs (a) to (f) of this subsection, and

(ii) a majority (or, in the case of such a body corporate incorporated by Act of the Oireachtas, at least one-half) of the persons exercising control and management of the body corporate is composed as aforesaid, or

(h) a body corporate incorporated in the State after the 15th day of October, 1947, where the issued shares of each class are, to an extent exceeding one-half (in nominal value) thereof, in the beneficial ownership of persons each of whom is within one of paragraphs (a) to (g) of this subsection.”

(2) A reference in any statutory provision (other than this section) to paragraphs (a) to (f) of subsection (4) of section 24 of the Finance Act, 1949 , shall be construed as a reference to paragraphs (a) to (h) of that subsection as amended by subsection (1) of this section.