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11 1979

FINANCE ACT, 1979

PART IV

Stamp Duties

Exemption from stamp duty of certain instruments.

50. —Stamp duty shall not be chargeable on any conveyance, transfer or lease of land made, or agreed to be made, after the passing of this Act for charitable purposes in the State or Northern Ireland to a body of persons established for charitable purposes only or to the trustees of a trust so established:'

Provided that a conveyance, transfer or lease to which this section applies shall not be deemed to be duly stamped unless it has, in accordance with the provisions of section 12 of the Stamp Act, 1891, been stamped with a particular stamp denoting that it is not chargeable with stamp duty.

Amendment of section 70 (amount on which stamp duty chargeable) of Finance Act, 1973.

51. Section 70 of the Finance Act, 1973 , is hereby amended by the deletion in the first proviso of “the actual value or” and “(whichever is the greater)” and the proviso, as so amended, is set out in the Table to this section.

TABLE

Provided that, in any case, the amount in respect of which stamp duty is charged shall not be less than the nominal value of the shares (if any) in the company concerned allotted to the members of the capital company in connection with the transaction or belonging to the members of the capital company immediately after the transaction:

Amendment of section 72 (reconstructions or amalgamations of capital companies) of Finance Act, 1973.

52. Section 72 of the Finance Act, 1973 , is hereby amended by the insertion after subsection (5) of the following subsection:

“(6) For the purposes of this section, a company, partnership, firm, association or legal person that is considered to be a capital company in another Member State shall be deemed to be a transferor company notwithstanding that it is not considered to be a capital company.”.

Amendment of section 69 (statement to be charged with stamp duty) of Finance Act, 1973.

53. Section 69 of the Finance Act, 1973 , is hereby amended by the substitution for subsection (2) of the following subsection:

“(2) Simple interest shall be payable by way of penalty upon so much of the stamp duty charged on the statement required to be delivered under subsection (1) (b) of this section as remains unpaid after the expiration of one month from the date of the transaction which gave rise to the charge for duty or after the date of the passing of this Act, whichever is the later, and such interest shall be payable at the rate of 1.25 per cent., without deduction of income tax, for each month or part of a month for which duty so remains unpaid and it shall be chargeable and recoverable in the same manner as if it were part of the duty.”.

Exemption from stamp duty of certain transfers.

54. —(1) Stamp duty shall not be chargeable on any transfer to a stock exchange nominee which is executed for the purposes of a stock exchange transaction.

(2) In this section—

stock exchange nominee” means a person designated, by regulations made by the Minister for Industry, Commerce and Energy, as a nominee of a recognised stock exchange for the purposes of the Companies (Amendment) Act, 1977 ;

stock exchange transaction” means a sale and purchase of securities in which each of the parties is a member of a recognised stock exchange acting in the ordinary course of his business as such or is acting through the agency of such a member.

Agreement as to stamp duty on certain instruments.

55. —(1) The Revenue Commissioners may, if they in their discretion so think proper, enter into an agreement with, or with persons acting on behalf of, the Stock Exchange—Irish (hereinafter in this section referred to as “the other parties to the agreement”) for the composition, in accordance with the provisions of this section, of the stamp duty chargeable under the heading “CONVEYANCE or TRANSFER on sale of any stocks or marketable securities” in the First Schedule to the Finance Act, 1970 , on such instruments as may be specified in the agreement.

(2) Any such agreement shall be in such form and on such terms and shall contain such conditions as the Revenue Commissioners think proper and, in particular, the agreement shall require the other parties to the agreement to deliver to the Revenue Commissioners periodical accounts in respect of the instruments to which it relates giving particulars of those instruments.

(3) While any such agreement remains in force, any instrument to which it relates and which bears such indication of the payment of stamp duty as the Revenue Commissioners may require shall not be chargeable with stamp duty, but in lieu thereof and by way of composition, the other parties to the agreement shall pay to the Revenue Commissioners on the delivery of any account under the agreement, such sums as would, but for the provisions of this section, have been chargeable by way of stamp duty on instruments to which the agreement relates, during the period to which the account relates.

(4) Where the other parties to the agreement make default in delivering any account required by any such agreement or in paying the duty payable on the delivery of any such account, they shall be liable to a fine not exceeding £50 for any day during which the default continues and shall also be liable to pay, in addition to the duty, interest thereon, which shall be recoverable in the same manner as if it were part thereof, at the rate of 15 per cent. per annum from the date when the default begins until the date of payment.

(5) An instrument to which such an agreement applies and which, pursuant to the provisions of this section, bears an indication of the amount of stamp duty payable thereon shall be treated for all purposes of stamp duty as stamped with the amount of stamp duty so indicated thereon.

Revocation of Order.

56. —The Imposition of Duties (No. 238) (Exemption from and Agreement as to Stamp Duty on Certain Transfers) Order, 1979, (S.I. No. 121 of 1979), is hereby revoked.