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9 1996

FINANCE ACT, 1996

Chapter II

Miscellaneous

Removal of stamp duty on memorandum and articles of association of company.

112. —(1) The Companies Act, 1963 , is hereby amended—

(a) in section 7 by the deletion of the words “, must bear the same stamp as if it were a deed,”, and

(b) in section 14 by the deletion of paragraph (c).

(2) This section shall have effect with respect to instruments executed on or after the date of the passing of this Act.

Amendment of section 49 (exemption of certain instruments from stamp duty) of Finance Act, 1969.

113. —(1) Section 49 of the Finance Act, 1969 , is hereby amended by the substitution of the following subsection for subsection (2B) (inserted by the Finance Act, 1984 ):

“(2B) (a) Notwithstanding subsections (2) and (2A) of this section, subsection (1) of this section shall have effect in relation to an instrument if, but (apart from the said subsections (2) and (2A)) only if the instrument contains a statement, in such form as the Revenue Commissioners may specify, certifying that—

(i) the instrument gives effect to the purchase of a house upon the erection thereof, and

(ii) on the date of execution of the instrument there exists a valid floor area certificate in respect of the said house.

(b) In this subsection, “floor area certificate” means a certificate issued by the Minister for the Environment certifying that that Minister is satisfied, on the basis of the information available to that Minister at the time of so certifying, that the total floor area of the said house measured in the manner referred to in section 4 (2) (b) of the Housing (Miscellaneous Provisions) Act, 1979 , does not or will not exceed the maximum total floor area standing specified in regulations under the said section 4 (2) (b) and is not or will not be less than the minimum total floor area standing so specified.

(c) The furnishing of an incorrect statement within the meaning of paragraph (a) of this subsection shall be deemed to constitute the delivery of an incorrect statement for the purposes of section 94 of the Finance Act, 1983 .”.

(2) This section shall have effect with respect to instruments executed on or after the date of the passing of this Act.

Amendment of section 203 (stamp duty in respect of cash cards) of Finance Act, 1992.

114. —As respects cash cards (within the meaning assigned by subsection (1) of section 203 of the Finance Act, 1992 ), which are—

(a) included in any statement referred to in subsection (2) of the said section 203, and

(b) valid at any time after the 1st day of February, 1996,

subsection (3) of that section is hereby amended by the substitution of “£5” for “£2” where the due date for the delivery of the statement is after the 1st day of February, 1996.

Amendment of section 207 (exemption from stamp duty of certain financial services instruments) of Finance Act, 1992.

115. Section 207 of the Finance Act, 1992 , is hereby amended in subsection (1)—

(a) by the deletion of the words “, which are dealt in and quoted on a recognised stock exchange,” in the definition of “depositary”, and

(b) by the deletion of the words “which are dealt in and quoted on a recognised stock exchange” in paragraph (a) (i) of the definition of “American depositary receipt”.

Amendment of section 144 (relief from stamp duty in the case of reconstructions or amalgamations of companies) of Finance Act, 1995.

116. —Section 144 of the Finance Act, 1995, is hereby amended by the substitution of the following subsection for subsection (2):

“(2) Section 31 of the Finance Act, 1965 , shall apply notwithstanding—

(a) that the transferee company referred to in that section is incorporated in another Member State of the European Union, or

(b) that the particular existing company referred to in that section is incorporated outside the State:

Provided that any such company incorporated outside the State corresponds, under the law of the place where it is incorporated, to a transferee company or particular existing company, as the case may be, within the meaning of that section and subject to any necessary modifications for the purpose of so corresponding, all the other provisions of that section are met.”.

Exemption from stamp duty of designated body.

117. —(1) Stamp duty shall not be chargeable on—

(a) the transfer, sale, or assignment of mortgages by a housing authority to a designated body, or

(b) the transfer of securities issued by a designated body.

(2) In this section “designated body” and “housing authority” have the same meanings, respectively, as they have in subsection (1) of section 1 of the Securitisation (Proceeds of Certain Mortgages) Act, 1995.

(3) Section 15 of the Securitisation (Proceeds of Certain Mortgages) Act, 1995, is hereby repealed.

Exemption from stamp duty of Community trade marks and international trade marks.

118. —(1) In this section “Community trade mark” and “international trade mark” have the same meanings, respectively, as they have in section 56 and section 58 of the Trade Marks Act, 1996.

(2) Stamp duty shall not be chargeable on an instrument relating to a Community trade mark or an international trade mark, or an application for any such mark, by reason only of the fact that such a mark has legal effect in the State.

Repeals ( Part IV ).

119. —Each enactment mentioned in column (2) of the Fourth Schedule to this Act is hereby repealed to the extent specified in column (3) of that Schedule.