PART 4

Stamp Duties

99 .— In this Part “Principal Act ” means the Stamp Duties Consolidation Act 1999 .

100 .— (1) The Principal Act is amended—

(a) in section 1(1)—

(i) in the Table to the definition of “accountable person”—

(I) in column (1) by deleting “MORTGAGE, BOND, DEBENTURE, COVENANT (except a marketable security) which is a security for the payment or repayment of money which is a charge or incumbrance on property situated in the State other than shares in stocks or funds of the Government or the Oireachtas.”, and

(II) in column (2) by deleting “The mortgagee or obligee; in the case of a transfer, the transferee.”,

and

(ii) by deleting the definitions of “equitable mortgage” and “mortgage”,

(b) in section 20(8) by deleting paragraph (a),

(c) by deleting Chapter 5 of Part 5 (sections 57 and 58) and sections 83 and 107,

(d) in section 85(2)(a) by substituting the following for subparagraph (ii):

“(ii) any other loan capital;”,

(e) in section 105(2) by deleting paragraph (a),

(f) in section 112(2) by deleting “mortgage, bond, covenant,”,

(g) in section 113(b) by deleting “or by means of mortgage,”, and

(h) in Schedule 1—

(i) by deleting the following Headings, the provisions thereto and cross-references under those Headings:

(I) “AGREEMENT or CONTRACT, accompanied with a deposit.”,

(II) “BOND, accompanied with a deposit of title deeds, for making a mortgage or other security on any estate or property comprised in the mortgage or other security.”,

(III) “BOND, DECLARATION, or other DEED or WRITING for making redeemable any disposition apparently absolute, but intended only as a security.”,

(IV) “CONVEYANCE or TRANSFER by way of security of any property, or of any security.”,

(V) “COVENANT for securing the payment or repayment of money, or the transfer or retransfer of stock.”,

(VI) “DEFEAZANCE. Instrument of defeazance of any conveyance, transfer or disposition, apparently absolute, but intended only as a security for money or stock.”,

(VII) “DEPOSIT of title deeds.”,

(VIII) “EQUITABLE MORTGAGE.”,

(IX) “FURTHER CHARGE or FURTHER SECURITY.”,

(X) “MORTGAGE, BOND, DEBENTURE, COVENANT (except a marketable security) which is a security for the payment or repayment of money which is a charge or incumbrance on property situated in the State other than shares in stocks or funds of the Government or the Oireachtas.”, and

(XI) “MORTGAGE OF STOCK or MARKETABLE SECURITY.”,

(ii) in the Heading “ANNUITY” by deleting “Creation of, by way of security. See MORTGAGE, etc.”,

(iii) in the Heading “ASSIGNMENT” by deleting “By way of security, or of any security. See MORTGAGE, etc.”, and

(iv) in the Heading “BILL OF SALE” by deleting “By way of security. See MORTGAGE, etc.”.

(2) Subject to section 7 of the Principal Act, any instrument which, in respect of a particular provision it contains, would but for paragraph (h) of subsection (1), be chargeable to stamp duty under any of the Headings referred to in that paragraph, shall not be chargeable with stamp duty in respect of that provision under any other Heading in Schedule 1 to that Act.

(3) This section applies to instruments executed on or after 7 December 2006.

101 .— (1) The Principal Act is amended—

(a) in section 1(1)—

(i) by substituting the following for the definition of “bill of exchange”:

“ ‘ bill of exchange ’ means a draft, an order or a cheque;”,

and

(ii) by deleting the definition of “promissory note”,

(b) in section 3(2)(b) by deleting “or a promissory note”,

(c) in section 12(3) by substituting “any transfer or lease (not being a duplicate or counterpart of a transfer or lease)” for “any transfer or lease”,

(d) by deleting sections 22, 24, 26, and 28,

(e) in section 23 by deleting “or promissory note”,

(f) in section 25—

(i) in subsection (1) by deleting “or a promissory note”, and

(ii) in subsection (2)—

(I) by deleting “or promissory note”, and

(II) by deleting “or note” in each place where it occurs,

(g) in section 73(1) by deleting paragraph (a),

(h) in section 112(2) by deleting “promissory note,”,

(i) in section 151(1)—

(i) by deleting paragraph (e), and

(ii) by substituting the following for paragraph (f):

“(f) the stamp on any bill of exchange which from any omission or error has been spoiled or rendered useless, although the same, being a bill of exchange, may have been accepted or endorsed, where another completed and duly stamped bill of exchange is produced identical in every particular, except in the correction of the error or omission, with the spoiled bill;”,

and

(j) in Schedule 1—

(i) by substituting the following for the Heading “BILL OF EXCHANGE or PROMISSORY NOTE.” and for the provisions under that Heading:

“BILL OF EXCHANGE.

Where drawn on an account in the State €0.15.

Exemptions.

(1) Draft or order drawn by any banker in the State on any other banker in the State, not payable to bearer or to order, and used solely for the purpose of settling or clearing any account between such bankers.

(2) Letter written by a banker in the State to any other banker in the State, directing the payment of any sum of money, the same not being payable to bearer or to order, and such letter not being sent or delivered to the person to whom payment is to be made or to any person on such person’s behalf.

(3) Draft or order drawn by the Accountant of the Courts of Justice.

(4) Coupon or warrant for interest attached to and issued with any security, or with an agreement or memorandum for the renewal or extension of time for payment of a security.

(5) Coupon for interest on a marketable security being one of a set of coupons whether issued with the security or subsequently issued in a sheet.

(6) Direct debits and standing orders.

(7) Bill drawn on or on behalf of the Minister for Finance by which payment in respect of prize bonds is effected.”,

(ii) by substituting the following for the Heading “EXCHANGE — instruments effecting.” and for the provisions under that Heading:

“EXCHANGE — instruments effecting.

In the case specified in section 37, see that section.”,

(iii) by deleting the following Headings and the provisions and cross-references under those Headings:

(I) “CONVEYANCE or TRANSFER of any kind not already described in this Schedule.”,

(II) “LETTER OF CREDIT.”, and

(III) “PROMISSORY NOTE.”,

(iv) by substituting the following for the Heading “RELEASE or RENUNCIATION of any property, or of any right or interest in any property.” and for the provisions and cross-reference under that Heading:

“RELEASE or RENUNCIATION of any property, or of any right or interest in any property.

On a sale.

See CONVEYANCE or TRANSFER on sale.”,

and

(v) by substituting the following for the Heading “SURRENDER of any property, or of any right or interest in any property.” and for the provisions and cross-reference under that Heading:

“SURRENDER of any property, or of any right or interest in any property.

On a sale.

See CONVEYANCE or TRANSFER on sale.”.

(2) Subject to section 7 of the Principal Act, any instrument which, in respect of a particular provision it contains, would but for paragraph (j) of subsection (1), be chargeable to stamp duty under any of the Headings referred to in that paragraph, shall not be chargeable with stamp duty in respect of that provision under any other Heading in Schedule 1 to that Act.

(3) This section applies to instruments drawn, made or executed on or after the date of the passing of this Act.

102 .— Section 81A of the Principal Act is amended by substituting the following for subsection (14):

“(14) This section applies as respects instruments executed on or after 25 March 2004 and before the date of the passing of the Finance Act 2007.”.

103 .— The Principal Act is amended—

(a) by inserting the following after section 81A:

“Transfers to young trained farmers.

81AA.— (1) In this section and Schedule 2B—

‘ interest in land ’ means an interest which is not subject to any power (whether or not contained in the instrument) on the exercise of which the land, or any part of or any interest in the land, may be revested in the person from whom it was conveyed or transferred or in any person on behalf of such person;

‘ land ’ means agricultural land and includes such farm buildings, farm houses and mansion houses (together with the lands occupied with such farm buildings, farm houses and mansion houses) as are of a character appropriate to the land;

‘ PPS Numbe r’, in relation to a person, means the person’s Personal Public Service Number within the meaning of section 262 of the Social Welfare Consolidation Act 2005 ;

‘ Schedule 2 qualification ’ means a qualification set out in Schedule 2;

‘ Schedule 2A qualification ’ means a qualification set out in Schedule 2A;

‘ Schedule 2B qualification ’ means a qualification set out in Schedule 2B;

‘ young trained farmer ’ means a person in respect of whom it is shown to the satisfaction of the Commissioners that—

(a) the person had not attained the age of 35 years on the date on which the instrument, in respect of which relief is being claimed under this section, was executed, and

(b) the conditions referred to in subsection (2), (3), (4) or (5) are satisfied;

‘ 80 hours certificate ’ means a certificate awarded by the Further Education and Training Awards Council for achieving the minimum stipulated standard in assessments completed in a course of training, approved by Teagasc, in farm management, the aggregate duration of which exceeded 80 hours;

‘ 180 hours certificate ’ means a certificate awarded by the Further Education and Training Awards Council for achieving the minimum stipulated standard in assessments completed in a course of training approved by Teagasc—

(a) in either or both agriculture and horticulture, the aggregate duration of which exceeded 100 hours, and

(b) in farm management, the aggregate duration of which exceeded 80 hours.

(2) The condition required by this subsection is that the person, referred to in paragraph (a) of the definition of young trained farmer, is the holder of a Schedule 2B qualification.

(3) The condition required by this subsection is that the person, referred to in paragraph (a) of the definition of young trained farmer, is the holder of a letter of confirmation from Teagasc, confirming satisfactory completion of a course of training, approved by Teagasc, for persons, who in the opinion of Teagasc, are restricted in their learning capacity due to physical, sensory or intellectual disability or to mental health.

(4) The conditions required by this subsection are that the person, referred to in paragraph (a) of the definition of young trained farmer, before 31 March 2008, is the holder of—

(a) (i) a qualification set out in subparagraph (f) of paragraph 1, or subparagraph (h) of paragraph 2, of Schedule 2A, and

(ii) a 180 hours certificate,

or

(b) (i) a qualification set out in subparagraph (b), (c) or (d) of paragraph 3 of Schedule 2A, and

(ii) an 80 hours certificate.

(5) The conditions required by this subsection are that the person, referred to in paragraph (a) of the definition of young trained farmer, before 31 March 2008—

(a) has achieved the required standard for entry into the third year of a full-time course in any discipline of 3 or more years’ duration at a third-level institution, and that has been confirmed by the institution, and

(b) is the holder of a 180 hours certificate.

(6) For the purposes of subsection (2), where Teagasc certifies that—

(a) any other qualification corresponds to a Schedule 2B qualification, and

(b) that other qualification is deemed by the National Qualifications Authority of Ireland to be at least at a level equivalent to that of the Schedule 2B qualification,

the Commissioners shall treat that other qualification as if it were a Schedule 2B qualification.

(7) No stamp duty shall be chargeable under or by reference to the heading ‘CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance’ in Schedule 1 on any instrument to which this section applies.

(8) This section applies to any instrument which operates as a conveyance or transfer (whether on sale or as a voluntary disposition inter vivos) of an interest in land to a young trained farmer where—

(a) the instrument contains a certificate that this section applies,

(b) a declaration made in writing by the young trained farmer, or each of them if there is more than one, is furnished to the Commissioners when the instrument is presented for stamping, confirming, to the satisfaction of the Commissioners, that it is the intention of such person, or each such person, for a period of 5 years from the date of execution of the instrument to—

(i) spend not less than 50 per cent of that person’s normal working time, farming the land, and

(ii) retain ownership of the land,

and

(c) the PPS Number of the young trained farmer, or each of them if there is more than one, is furnished to the Commissioners when the instrument is presented for stamping.

(9) Notwithstanding subsection (8), this section shall apply where the property is conveyed or transferred into joint ownership where all the joint owners are young trained farmers or where any of the joint owners is a spouse of another joint owner who is a young trained farmer.

(10) Subsection (7) shall not apply to an instrument unless it has, in accordance with section 20, been stamped with a particular stamp denoting that it is not chargeable with any duty.

(11) (a) For the purposes of this subsection, a person ‘achieves the standard’ at any time where at that time the person—

(i) satisfies the conditions set out in subsection (2), (3), (4) or (5), or

(ii) is the holder of a qualification treated, by virtue of subsection (6), as being a Schedule 2B qualification,

and whether a person has or has not achieved the standard shall be construed accordingly.

(b) This subsection applies to an instrument by means of which land is conveyed or transferred to a person (in this subsection referred to as the ‘transferee’) who on the date the instrument was executed was not a young trained farmer by reason only of the fact that the transferee on that date had not achieved the standard.

(c) Where within 4 years from the date of execution of an instrument to which this subsection applies, the transferee achieves the standard, the Commissioners shall, where a claim for repayment is made to them by the production to them of—

(i) the stamped instrument,

(ii) a declaration in writing by the transferee making a claim for repayment, or each of them if there is more than one, confirming, to the satisfaction of the Commissioners, that it is the intention of such person, or each such person, for a period of not less than 5 years from the date on which the claim for repayment is made to the Commissioners to—

(I) spend not less than 50 per cent of that person’s normal working time, farming the land, and

(II) retain ownership of the land,

(iii) the PPS Number of the transferee making a claim for repayment, or each of them if there is more than one, and

(iv) satisfactory evidence of compliance with this subsection,

cancel and repay such duty as would not have been chargeable had this section applied to the instrument when it was first presented for stamping.

(12) (a) Where any person to whom land was conveyed or transferred by any instrument to which subsection (7) or subsection (11) applied—

(i) disposes of such land, or part of such land (in this subsection referred to as a ‘part disposal’), within a period of 5 years—

(I) in a case where subsection (7) applied, from the date of execution of that instrument, or

(II) in a case where subsection (11) applied, from the date the claim for repayment is made to the Commissioners,

and

(ii) does not fully expend the proceeds from such disposal or, as the case may be, such part disposal, in acquiring other land within a period of one year from the date of such disposal,

then, such person or, where there is more than one such person, each such person, jointly and severally, shall become liable to pay to the Commissioners a penalty equal to an amount determined by the formula—

S x N

V

where—

S is the amount of stamp duty that would have been charged on that instrument had subsection (7) not applied or, as the case may be, the amount of stamp duty that was charged on the instrument in the first instance and later repaid under subsection (11)(c),

V is the market value, immediately before the disposal or, as the case may be, the part disposal, of all the land conveyed or transferred by the instrument, and

N is the amount of proceeds from the disposal or, as the case may be, the part disposal, that was not expended in acquiring other land.

(b) Interest shall be payable on a penalty incurred under paragraph (a), calculated in accordance with section 159D, from the date of the disposal or, as the case may be, the part disposal, to the date the penalty is remitted.

(c) For the purposes of paragraph (a)—

(i) where a disposal of land is effected in whole or in part by way of a voluntary disposition inter vivos, an amount equal to the market value of the lands disposed of, at the date of the disposal, shall be deemed to be the proceeds from such disposal,

(ii) where any property is received by way of exchange, in whole or in part for a disposal, an amount equal to the market value of such property, at the date of the disposal, shall be deemed to be proceeds from such disposal, and

(iii) where subparagraph (ii) applies and property received by way of exchange is land or includes land, an amount equal to the market value of such land at the date of the disposal shall be deemed to have been expended in acquiring other land.

(d) A person shall not be liable to a penalty under paragraph (a), if and to the extent that any penalty or, as the case may be, the aggregate of any penalties, paid by that person under paragraph (a), exceeds the stamp duty that would have been charged on the instrument had relief under subsection (7) not applied or, as the case may be, the stamp duty that was charged on the instrument in the first instance and later repaid under subsection (11)(c).

(e) Where any claim for relief from duty under this section has been allowed and it is subsequently found that a declaration made, or a certificate contained in the instrument, in accordance with subsection (8)—

(i) was untrue in any material particular which would have resulted in the relief afforded by this section not being granted, and

(ii) was made, or was included, knowing same to be untrue or in reckless disregard as to whether it was true or not,

then any person who made such a declaration, or where a false certificate has been included, the person or persons to whom the land is conveyed or transferred by the instrument, jointly and severally, shall be liable to pay to the Commissioners as a penalty an amount equal to 125 per cent of the duty that would have been charged on the instrument in the first instance had all the facts been truthfully declared and certified, together with interest charged on that amount as may so become payable, calculated in accordance with section 159D, from the date when the instrument was executed to the date the penalty is remitted.

(f) Where any claim for relief from duty under this section has been allowed and it is subsequently found that a declaration made in accordance with subsection (11)(c)(ii)—

(i) was untrue in any material particular which would have resulted in the repayment of duty under subsection (11)(c) not being made, and

(ii) was made knowing same to be untrue or in reckless disregard as to whether it was true or not,

then any person who made such a declaration shall be liable to pay to the Commissioners, as a penalty, an amount equal to 125 per cent of the duty that was charged on the instrument in the first instance, together with interest charged on that amount calculated in accordance with section 159D, from the date the claim for repayment was made to the Commissioners to the date the penalty is remitted.

(13) Notwithstanding subsection (12)—

(a) where relief under subsection (7) was allowed in respect of any instrument or where subsection (11) applied to any instrument, a disposal by a young trained farmer of part of the land to a spouse for the purpose of creating a joint tenancy in the land, or where the instrument conveyed or transferred the land to joint owners, a disposal by one joint owner to another of any part of the land, shall not be regarded as a disposal to which subsection (12) applies, but on such disposal, such part of the land shall be treated for the purposes of subsection (12)—

(i) in a case where subsection (7) applied, as if it had been conveyed or transferred immediately to the spouse or other joint owner by the instrument in respect of which relief was allowed in the first instance, or

(ii) in a case where subsection (11) applied, as if it had been conveyed or transferred to the spouse or other joint owner by the instrument to which subsection (11) applied, but at the date the claim for repayment is made to the Commissioners,

(b) a person shall not be liable to more than one penalty under paragraph (e) of subsection (12),

(c) a person shall not be liable to a penalty under paragraph (a) of subsection (12), if and to the extent that such person has paid a penalty under paragraph (e) or (f) of subsection (12), and

(d) a person shall not be liable to a penalty under paragraph (e) or (f) of subsection (12), if and to the extent that such person has paid a penalty under paragraph (a) of subsection (12).

(14) A person who, before the date of the passing of the Finance Act 2004 —

(a) is the holder of a Schedule 2 qualification or a qualification certified by Teagasc as corresponding to a Schedule 2 qualification and a satisfactory attendance at a course of training, approved by Teagasc, (in farm management, the aggregate duration of which exceeded 80 hours) is required for the purposes of section 81, shall be deemed, for the purposes of this section, to be the holder of a qualification corresponding to one of the qualifications set out in subsection (4)(b)(i),

(b) is the holder of a Schedule 2 qualification or a qualification certified by Teagasc as corresponding to a Schedule 2 qualification and a satisfactory attendance at a course of training, approved by Teagasc, is not required for the purposes of section 81, shall be deemed, for the purposes of this section, to be the holder of a qualification corresponding to that set out in subparagraph (b) of paragraph 1 of Schedule 2B,

(c) satisfies the requirements set out in paragraph (b)(ii)(I) of the definition of young trained farmer in section 81(1), shall be deemed, for the purposes of this section, to have satisfied the conditions set out in subsection (5)(a),

(d) is, for the purposes of section 81, the holder of a certificate issued by Teagasc certifying satisfactory attendance at a course of training, approved by Teagasc, in farm management, the aggregate duration of which exceeded 80 hours, shall be deemed, for the purposes of this section, to be the holder of an 80 hours certificate, or

(e) is, for the purposes of section 81, the holder of a certificate issued by Teagasc certifying satisfactory attendance at a course of training, approved by Teagasc, in either or both agriculture and horticulture, the aggregate duration of which exceeded 180 hours, shall be deemed, for the purposes of this section, to be the holder of a 180 hours certificate.

(15) A person who, before the date of the passing of the Finance Act 2007, is the holder of a Schedule 2A qualification or a qualification certified by Teagasc as corresponding to a Schedule 2A qualification, and is not required, for the purposes of section 81A, to be the holder of an 80 hours certificate or a 180 hours certificate, shall be deemed, for the purposes of this section, to be the holder of a qualification corresponding to that set out in subparagraph (b) of paragraph 1 of Schedule 2B.

(16) This section applies as respects instruments executed on or after the date of the passing of the Finance Act 2007 and on or before 31 December 2008.”,

and

(b) by inserting the following after Schedule 2A:

“Section 81AA.

SCHEDULE 2B

Qualifications for Applying for Relief from Stamp Duty in Respect of Transfers to Young Trained Farmers

1. Qualifications awarded by the Further Education and Training Awards Council:

(a) Level 6 Advanced Certificate in Farming;

(b) Level 6 Advanced Certificate in Agriculture;

(c) Level 6 Advanced Certificate in Dairy Herd Management;

(d) Level 6 Advanced Certificate in Drystock Management;

(e) Level 6 Advanced Certificate in Agricultural Mechanisation;

(f) Level 6 Advanced Certificate in Farm Management;

(g) Level 6 Advanced Certificate in Machinery and Crop Management;

(h) Level 6 Advanced Certificate in Horticulture;

(i) Level 6 Advanced Certificate in Forestry;

(j) Level 6 Advanced Certificate in Stud Management;

(k) Level 6 Advanced Certificate in Horse-manship.

2. Qualifications awarded by the Higher Education and Training Awards Council:

(a) Higher Certificate in Agriculture;

(b) Bachelor of Science in Agriculture;

(c) Higher Certificate in Agricultural Science;

(d) Bachelor of Science in Agricultural Science;

(e) Bachelor of Science (Honours) in Land Management, Agriculture;

(f) Bachelor of Science (Honours) in Land Management, Horticulture;

(g) Bachelor of Science (Honours) in Land Management, Forestry;

(h) Higher Certificate in Engineering in Agricultural Mechanisation;

(i) Bachelor of Business in Rural Enterprise and Agri-Business;

(j) Bachelor of Science in Agriculture and Environmental Management;

(k) Bachelor of Science in Horticulture;

(l) Bachelor of Arts (Honours) in Horticultural Management;

(m) Bachelor of Science in Forestry;

(n) Higher Certificate in Business in Equine Studies;

(o) Bachelor of Business in Equine Studies.

3. Qualifications awarded by other third-level institutions:

(a) Bachelor of Agricultural Science — Animal Crop Production awarded by University College Dublin;

(b) Bachelor of Agricultural Science — Animal Science awarded by University College Dublin;

(c) Bachelor of Agricultural Science — Food and Agribusiness Management awarded by University College Dublin;

(d) Bachelor of Agricultural Science — Forestry awarded by University College Dublin;

(e) Bachelor of Agricultural Science — Horticulture, Landscape and Sportsturf Management awarded by University College Dublin;

(f) Bachelor of Veterinary Medicine awarded by University College Dublin;

(g) Bachelor of Science in Equine Science awarded by the University of Limerick;

(h) Diploma in Equine Science awarded by the University of Limerick.”.

104 .— (1) The Principal Act is amended by inserting the following after section 81B:

“81C.— (1) (a) In this section—

‘ conditions of consolidation ’ means the conditions of consolidation as set out in guidelines;

‘ consolidation certificate ’ means a certificate, issued for the purposes of this section by Teagasc to a farmer in relation to a sale and purchase of qualifying land both of which occur in the relevant period and within 18 months of each other, which identifies the lands concerned, the owners of such lands and certifies that Teagasc is satisfied, on the basis of information available to Teagasc at the time of so certifying, that the sale and purchase of qualifying land complies, or will comply, with the conditions of consolidation set down in guidelines;

‘ farmer ’ means a person who spends not less than 50 per cent of the person’s normal working time farming;

‘ farming ’ includes the occupation of woodlands on a commercial basis;

‘ guidelines ’ means guidelines made and published pursuant to paragraph (b)(i);

‘ interest in qualifying land ’ means an interest in qualifying land which is not subject to any power (whether or not contained in the instrument) on the exercise of which the qualifying land, or any part of or any interest in the qualifying land, may be revested in the person from whom it was purchased or in any person on behalf of such person;

‘ PPS Number ’, in relation to a person, means the person’s Personal Public Service Number within the meaning of section 262 of the Social Welfare Consolidation Act 2005 ;

‘ purchase of qualifying land ’ means a conveyance or transfer (whether on sale or operating as a voluntary disposition inter vivos) of an interest in qualifying land to a farmer and includes a conveyance or transfer where the qualifying land is conveyed or transferred to joint owners where not all the joint owners are farmers; and the date of the purchase of qualifying land shall be the date on which the conveyance or transfer is executed;

‘ qualifying land ’ means relevant land in respect of which a consolidation certificate has been issued by Teagasc;

‘ relevant land ’ means agricultural land, including lands suitable for occupation as woodlands on a commercial basis, in the State and such farm buildings together with the lands occupied with such farm buildings as are of a character appropriate to the relevant land but not including farm houses or mansion houses or the lands occupied with such farm houses and mansion houses unless such farm houses or mansion houses are derelict and unfit for human habitation;

‘ relevant period ’ means the period commencing on 1 July 2007 and ending on 30 June 2009;

‘ sale of qualifying land ’ means a conveyance or transfer (whether on sale or operating as a voluntary disposition inter vivos) of an interest in qualifying land by a farmer and includes a conveyance or transfer where the qualifying land is conveyed or transferred by joint owners where not all the joint owners are farmers; and the date of the sale of qualifying land shall be the date on which the conveyance or transfer is executed;

‘ valid consolidation certificate ’ means a consolidation certificate which, on any day, has not been withdrawn as at that day.

(b) For the purposes of this section—

(i) the Minister for Agriculture and Food with the consent of the Minister for Finance may make and publish guidelines, from time to time setting out—

(I) how an application for a consolidation certificate is to be made,

(II) the documentation required to accompany such an application,

(III) the conditions of consolidation, and

(IV) such other information as may be required in relation to such application,

(ii) where an application is made in that regard, Teagasc shall issue a consolidation certificate in respect of a sale and purchase of relevant land, where they are satisfied, on the basis of information available to Teagasc at that time, that the sale and purchase of such lands complies, or will comply, with the conditions of consolidation, and

(iii) Teagasc may, by notice in writing, withdraw any consolidation certificate already issued.

(2) This section applies to a purchase of qualifying land by a farmer on any day (in this section referred to as the ‘calculation day’) falling within the relevant period.

(3) Subject to subsections (4) and (5), stamp duty shall be chargeable on the instrument giving effect to the purchase of qualifying land to which this section applies as if it were a purchase of qualifying land made in consideration of a sum determined by the formula—

(P — S)

where—

P is the aggregate of—

(a) the value of the qualifying land being purchased, and

(b) the value of all other qualifying land purchased by the farmer in the relevant period where the date of the purchase falls in the period of 18 months ending on the calculation day and where any such purchase was treated by virtue of this subsection as having been made in consideration of a lesser amount in consequence of a sale of qualifying land being made before the commencement of that 18 month period, that lesser amount shall be treated as the value of that purchase,

and

S is the aggregate of the value of all the qualifying land sold by the farmer in the relevant period where the date of the sale falls in the period of 18 months ending on the calculation day, to the extent that it has not given rise to a repayment of duty under subsection (5) in respect of a purchase of qualifying land made before the commencement of that 18 month period.

(4) Where an amount of duty has been paid in accordance with subsection (3) and is not repayable (in this subsection referred to as the ‘relevant amount’) on a purchase of qualifying land by a farmer on a calculation day (in this subsection referred to as the ‘first calculation day’), the duty chargeable on a purchase of qualifying land by the farmer on a later calculation day, which falls within the period of 18 months commencing on the first calculation day, shall be reduced by the relevant amount.

(5) Where at any time in the period of 18 months commencing on a calculation day, qualifying land is sold by a farmer, that sale shall be treated as if it were a sale made on the calculation day and the duty chargeable, in accordance with subsection (3), on the instrument giving effect to the purchase of qualifying land made on the calculation day shall be recomputed in accordance with subsection (3) and an amount equal to the difference between—

(a) the duty charged on the instrument prior to the recomputation, and

(b) the duty that is chargeable on the instrument after the recomputation,

shall, subject to compliance with the conditions set out in subsection (6), be repaid by the Commissioners where a claim for repayment is made to them in that regard.

(6) A claim for relief under subsection (3) or a claim for relief by way of repayment under subsection (5), made to the Commissioners under this section, shall be allowed on the production to them of—

(a) the instrument giving effect to the purchase of the qualifying land,

(b) a certified copy of the instrument giving effect to the sale of the qualifying land,

(c) a valid consolidation certificate in relation to the purchase and sale of the qualifying land in respect of which the claim for relief is being made,

(d) a declaration of a kind referred to in subsection (7), made by each farmer who has purchased the qualifying land referred to in paragraph (a),

(e) a declaration made in writing by each person, who has purchased the qualifying land referred to in paragraph (a), in such form as the Commissioners may specify, declaring that it is the intention of such person—

(i) to retain ownership of his or her interest in the qualifying land, and

(ii) that the qualifying land will be used for farming,

for a period of not less than 5 years from the date on which the first claim for relief in respect of the qualifying land is made, and

(f) the PPS Number of each person who has purchased the qualifying land referred to in paragraph (a).

(7) The declaration referred to in subsection (6)(d) is a declaration made in writing by a farmer, in such form as the Commissioners may specify, which—

(a) is signed by the farmer, and

(b) declares that the farmer—

(i) will remain a farmer, and

(ii) will farm the qualifying land referred to in subsection (6)(a),

for a period of not less than 5 years from the date on which the first claim for relief in respect of the qualifying land is made.

(8) This section shall not apply to an instrument unless it has, in accordance with section 20, been stamped with a particular stamp denoting that it is duly stamped or, as the case may be, that it is not chargeable with any duty.

(9) (a) Subject to paragraph (b), where any person who purchased qualifying land by any instrument in respect of which relief was allowed by the Commissioners, disposes of such qualifying land, or part of such qualifying land, within a period of 5 years from the date on which the first claim for relief in respect of the qualifying land is allowed, then such person or, where there is more than one such person, each such person, jointly and severally, shall become liable to pay to the Commissioners a penalty of an amount equal to the amount of the difference between—

(i) the duty that would have been charged on the value of such qualifying land, if such qualifying land had been purchased by that person or, where there is more than one such person, each such person, by an instrument to which this section had not applied, and

(ii) the duty, if any, that was charged and is not repayable on the instrument concerned,

together with interest charged on that amount, calculated in accordance with section 159D, from the date of disposal of the qualifying land or, as the case may be, a part thereof, to the date the penalty is remitted.

(b) Paragraph (a) shall not apply to any disposal of qualifying land which is being compulsorily acquired but subsection (5) shall not apply to give relief, after that disposal, in respect of the duty already charged on the purchase of qualifying land.

(c) Where any claim for relief from duty under this section has been allowed and it is subsequently found that a declaration referred to in paragraph (d) or (e) of subsection (6)—

(i) was untrue in any material particular which would have resulted in the relief not being allowed, and

(ii) was made knowing same to be untrue or in reckless disregard as to whether it was true or not,

then the person or persons who made such a declaration, jointly and severally, shall become liable to pay to the Commissioners a penalty of an amount equal to the amount of the difference between—

(I) 125 per cent of the duty that would have been charged on the instrument had this section not applied due to all the facts not having been truthfully declared, and

(II) the duty, if any, that was charged and is not repayable on the instrument concerned,

together with interest charged on that amount, calculated in accordance with section 159D, from the date when the claim for relief was made to the Commissioners to the date the penalty is remitted.

(d) Where a consolidation certificate, purporting to be valid at the date when a claim for relief under this section is made to the Commissioners, is furnished to the Commissioners and it subsequently transpires that the consolidation certificate was not a valid consolidation certificate on that date, the parties to the instrument who have purchased the qualifying land, jointly and severally, shall become liable to pay to the Commissioners a penalty of an amount equal to the amount of the difference between—

(i) 125 per cent of the duty that would have been charged on the instrument had this section not applied to it, and

(ii) the duty, if any, that was charged and is not repayable on the instrument concerned,

together with interest charged on that amount, calculated in accordance with section 159D, from the date the claim for relief is made to the Commissioners to the date the penalty is remitted.

(10) Notwithstanding subsection (9)—

(a) where relief under this section was allowed in respect of any instrument, a disposal by a farmer or other joint owner of part of the qualifying land to a spouse for the purpose of creating a joint tenancy in the qualifying land, or where the instrument gave effect to the purchase of the qualifying land by joint owners, a disposal by one joint owner, to another joint owner (being a farmer) of any part of the qualifying land, shall not be regarded as a disposal to which subsection (9) applies, but on such disposal, such part of the qualifying land shall be treated for the purposes of subsection (9) as if it had been purchased immediately by the spouse or other joint owner by the instrument in respect of which relief was allowed,

(b) a person shall not be liable, in respect of the same matter, to more than one penalty under paragraph (a), (c) or (d) of subsection (9),

(c) a person shall not be liable, in respect of the same matter, to a penalty under paragraph (a) of subsection (9), if and to the extent that such person has paid a penalty under paragraph (c) or (d) of subsection (9),

(d) a person shall not be liable, in respect of the same matter, to a penalty under paragraph (c) of subsection (9), if and to the extent that such person has paid a penalty under paragraph (a) or (d) of subsection (9), and

(e) a person shall not be liable, in respect of the same matter, to a penalty under paragraph (d) of subsection (9), if and to the extent that such person has paid a penalty under paragraph (a) or (c) of subsection (9).

(11) This section shall not apply to any instrument effecting a purchase of qualifying land where the purchaser of such land or, as the case may be, any of the purchasers, is a company.

(12) This section applies as respects instruments executed on or after 1 July 2007 and on or before 30 June 2009.”.

(2) Subsection (1) comes into operation on the making of an order to that effect by the Minister for Finance.

105 .— (1) The Principal Act is amended by inserting the following after section 82A:

“82B.— (1) In this section ‘approved sports body’ means an ‘approved body of persons’ within the meaning of section 235(1) of the Taxes Consolidation Act 1997 .

(2) Stamp duty shall not be chargeable on any instrument operating as a conveyance, transfer or lease, of land to an approved sports body.

(3) Subsection (2) shall not apply to an instrument unless—

(a) the land conveyed, transferred or leased by the instrument will be used for the sole purpose of promoting athletic or amateur games or sports, and

(b) the instrument—

(i) contains a certificate, in such form as the Commissioners may specify, that this section applies, and

(ii) has, in accordance with section 20, been stamped with a particular stamp denoting that it is not chargeable with duty.

(4) (a) Where an approved sports body to whom land was conveyed, transferred or leased by any instrument to which subsection (2) applied—

(i) disposes of such land, or part of such land (in this subsection referred to as a ‘part disposal’), and

(ii) does not fully apply the proceeds from such disposal or, as the case may be, such part disposal, to the sole purpose of promoting athletic or amateur games or sports,

then such approved sports body shall become liable to pay to the Commissioners a penalty equal to an amount determined by the formula—

S x N

V

where—

S is the amount of stamp duty that would have been charged on that instrument had subsection (2) not applied,

V is the market value, immediately before the disposal or the part disposal, of all the land conveyed, transferred or leased by the instrument, and

N is the amount of proceeds from the disposal or, as the case may be, the part disposal that has not been, or will not be, applied to the sole purpose of promoting athletic or amateur games or sports.

(b) For the purposes of paragraph (a)—

(i) where any property is received by way of exchange, in whole or in part for a disposal, and has been, or will be, applied to the sole purpose of promoting athletic or amateur games or sports, an amount equal to the market value of such property, at the date of the disposal, shall be deemed to be proceeds from such disposal which have been, or will be, applied to that same purpose, and

(ii) where a disposal of land is effected in whole or in part by way of a voluntary disposition inter vivos, an amount equal to the market value of the lands disposed of, at the date of the disposal, less the amount, if any, received as proceeds from the disposal, shall be deemed to be proceeds from the disposal which have not been, or will not be, applied to the sole purpose of promoting athletic or amateur games or sports.

(5) Where an approved sports body to whom land was conveyed, transferred or leased by any instrument to which subsection (2) applied, ceases, at any time, to use the land, beneficially owned by it, for the sole purpose of promoting athletic or amateur games or sports, the approved sports body shall become liable to pay to the Commissioners a penalty equal to the amount of stamp duty which would have been charged on the instrument, in the first instance, had subsection (2) not applied.

(6) Interest shall be payable on a penalty incurred under subsection (4) or (5) calculated in accordance with section 159D, from the date of any disposal or cessation to the date the penalty is remitted.

(7) Notwithstanding subsections (4) and (5), the maximum penalty payable on any instrument shall not exceed the amount of duty which would have been charged on the instrument in the first instance had subsection (2) not applied.”.

(2) This section applies as respects instruments executed on or after 7 December 2006.

106 .— (1) Section 83A of the Principal Act is amended in subsection (1) by substituting the following for the definition of “site”:

“ ‘ site ’, in relation to an instrument of conveyance, transfer or lease, means land comprising both—

(a) the area of land on which a dwelling house, referred to in subsection (3)(c), is to be constructed, and

(b) an area of land for occupation and enjoyment with that dwelling house as its gardens or grounds which, exclusive of the area referred to in paragraph (a), does not exceed 0.4047 hectare,

but does not include an area of land on which a building is situated which building at the date of execution of that instrument—

(i) was used or was suitable for use as a dwelling or for other purposes, or

(ii) was in the course of being constructed or adapted for use as a dwelling or for other purposes.”.

(2) This section applies as respects instruments executed on or after 1 February 2007.

107 .— (1) The Principal Act is amended by inserting the following after section 83A:

“83B.— (1) Stamp duty shall not be chargeable on any instrument operating as a conveyance or transfer of land, the subject of the disposal by the child referred to in paragraph (d) (inserted by the Finance Act 2007) of section 599 (1) of the Taxes Consolidation Act 1997 .

(2) Subsection (1) shall not apply to an instrument unless the instrument—

(a) contains a certificate, in such form as the Commissioners may specify, that this section applies, and

(b) has, in accordance with section 20, been stamped with a particular stamp denoting that it is not chargeable with duty.”.

(2) This section applies as respects instruments executed on or after the date of the passing of this Act.

108 .— (1) Section 92B of the Principal Act is amended in subsection (8)—

(a) by substituting the following for paragraph (a):

“(a) (i) Notwithstanding subsection (1), a spouse to a marriage (in this subsection referred to as a ‘claimant’), the subject of a decree of divorce, a decree of judicial separation, a decree of nullity or a deed of separation (in this subsection referred to as a ‘decree’), shall be deemed to be a first time purchaser for the purposes of the definition in subsection (1), in respect of the first conveyance or transfer, including a conveyance or transfer operating as a voluntary disposition within the meaning of section 30, to the claimant, of a dwelling house, after the date of the decree, where the conditions set out in subparagraph (ii) are satisfied.

(ii) The conditions required by this subparagraph are that—

(I) immediately prior to the date of the decree, the claimant is not beneficially entitled to an interest in any dwelling house other than the dwelling house referred to in clause (II),

(II) the dwelling house, most recently acquired prior to the date of the decree, which was the only or main residence of the claimant and his or her spouse at some time prior to the date of the decree, did not cease to be occupied, at the date of the decree, by the spouse of the claimant as his or her only or main residence and the spouse was beneficially entitled to an interest in the dwelling house on that date or acquired such an interest after that date by virtue or in consequence of, the decree, and

(III) at the date of execution of the instrument, giving effect to the conveyance or transfer, the claimant is not beneficially entitled to an interest in the dwelling house referred to in clause (II).

(aa) (i) Where, by reason only of the fact that the first conveyance or transfer (referred to in paragraph (a)(i)) of a dwelling house was executed on or before the date of the decree, and as a consequence the claimant cannot satisfy the conditions set out in clauses (I) and (III) of paragraph (a)(ii), the claimant shall be deemed to be a first time purchaser for the purposes of the definition in subsection (1), where the first conveyance or transfer is executed in the period of 6 months ending on the date of the decree and the conditions set out in subparagraph (ii) are satisfied.

(ii) The conditions required by this subparagraph are that―

(I) the first conveyance or transfer was made in anticipation of the decree, and

(II) immediately before the date of the decree, the claimant was not beneficially entitled to an interest in any dwelling house other than the dwelling house referred to in subparagraph (i) and the dwelling house referred to in clause (II) of paragraph (a)(ii).

(iii) Where by virtue of subparagraph (i) a claimant is deemed to be a first time purchaser in respect of a first conveyance or transfer, the Commissioners, on a claim being made to them on that behalf and on the conditions set out in subparagraph (iv) being satisfied, shall cancel and repay such duty or part of such duty as would not have been chargeable had paragraph (a) applied to the conveyance or transfer when it was first presented for stamping.

(iv) The conditions required by this subparagraph are that the claimant, when making a claim for repayment, shall produce to the Commissioners—

(I) the stamped instrument,

(II) a copy of the decree,

(III) a declaration made in writing by the claimant, in such form as the Commissioners may specify, confirming to the satisfaction of the Commissioners that—

(A) the conveyance or transfer was made in connection with the decree,

(B) immediately before the date of the decree, the claimant was not beneficially entitled to an interest in any dwelling house other than the dwelling house referred to in subparagraph (i) and the dwelling house referred to in clause (II) of paragraph (a)(ii),

(C) the dwelling house referred to in clause (II) of paragraph (a)(ii) did not cease to be occupied, at the date of the decree, by the spouse of the claimant as his or her only or main residence and the spouse was beneficially entitled to an interest in the dwelling house on that date or acquired such an interest after that date by virtue or in consequence of the decree,

(D) at the time of making the claim for repayment, the claimant was not beneficially entitled to an interest in the dwelling house referred to in clause (II) of paragraph (a)(ii),

(E) since the date of execution of the conveyance or transfer, the conditions referred to in subsection (3)(b)(ii) or, as the case may be, section 92(1)(b)(ii) have been complied with and will be complied with for the remainder of the 5 year period referred to in the subsection or, as the case may be, the section,

(F) the conveyance or transfer is one to which subsection (3A) does not apply, and

(G) where the dwelling house was conveyed or transferred to the claimant and another person, that the other person was a first time purchaser within the meaning of subsection (1), immediately prior to the date of execution of the conveyance or transfer concerned,

(IV) the PPS Number of the claimant and any other person to whom the dwelling house was conveyed or transferred, and

(V) such other evidence that the Commissioners may require for the purposes of this subparagraph.

(v) Subsection (4) shall apply to a conveyance or transfer to which subparagraph (ii) applies as it applies to an instrument to which subsection (2) applies, with any necessary modifications.”,

and

(b) in paragraph (b)—

(i) in the definition of “decree of nullity” by substituting “in the State;” for “in the State.”, and

(ii) by inserting the following after the definition of “decree of nullity”:

“ ‘ deed of separation ’ means a deed of separation executed by both spouses to a marriage and the date of a deed of separation is the date on which such deed is executed by both spouses to the marriage;

‘ dwelling house ’ means a dwelling house or apartment or a part of a dwelling house or apartment;

‘ PPS Number ’, in relation to a person, means the person’s Personal Public Service Number within the meaning of section 262 of the Social Welfare Consolidation Act 2005 .”.

(2) This section applies as respects instruments executed on or after 1 February 2007.

109 .— (1) Part 6 of the Principal Act is amended—

(a) in section 68 by deleting the definitions of “market maker”, “member firm” and “relevant period”,

(b) in section 73(1) by deleting paragraph (b),

(c) by deleting section 74, and

(d) by substituting the following for section 75:

“Relief for intermediaries.

75.— (1) In this section—

‘ excluded business ’ means any of the following:

(a) any business which consists in the making or managing of investments;

(b) any business which consists in, or is carried on for the purpose of, providing services to persons who are connected with the person carrying on the business; and the question of whether a person is connected with another person shall be determined in accordance with the provisions of section 10 of the Taxes Consolidation Act 1997 ;

(c) any business which consists in insurance business, or assurance business within the meaning of section 3 of the Insurance Act 1936 ;

(d) any business which consists in administering, managing or acting as trustee in relation to, a pension scheme, or which is carried on by the administrator, manager or trustee of such a scheme, in connection with or for the purposes of the scheme;

(e) any business which consists in operating, or acting as trustee in relation to, a collective investment scheme (within the meaning of section 88), or is carried on by the operator or trustee of such a scheme in connection with or for the purposes of the scheme;

‘ intermediary ’ means a person who carries on a bona fide business of dealing in securities and, for the purpose of this definition, the entering into derivative agreements referenced directly or indirectly to securities shall be treated as carrying on a business of dealing in securities;

‘ member firm ’ means a member of—

(a) the Irish Stock Exchange Limited,

(b) the London Stock Exchange plc, or

(c) any other exchange or market which is designated for the purposes of this section in regulations made by the Commissioners;

‘ operator ’, in relation to a collective investment scheme, means an administrator, manager or other such person who is authorised to act on behalf of, or in connection with, or for the purposes of, the scheme and habitually so acts in that capacity;

‘ recognised intermediary ’, in relation to an exchange or market, means a member of the exchange or market who is an intermediary and who is approved by the Commissioners as a recognised intermediary in accordance with arrangements made by the Commissioners with the exchange or market.

(2) For the purposes of this section, a transfer of securities is effected on an exchange or market if—

(a) it is subject to the rules of the exchange or, as the case may be, the market, and

(b) it is reported to the exchange or, as the case may be, the market, in accordance with the rules of the exchange or market concerned.

(3) Stamp duty shall not be chargeable on an instrument of transfer whereby any securities are on the sale of such securities transferred to a person or a nominee of such person, where—

(a) the person is a member firm of an exchange or market,

(b) the person is a recognised intermediary in relation to the exchange or market,

(c) the transfer of securities is effected—

(i) on the exchange or, as the case may be, the market,

(ii) on any exchange or market operated by the Irish Stock Exchange Limited or the London Stock Exchange plc, or

(iii) on any other exchange or market designated by the Commissioners for the purposes of this section,

and

(d) the transfer of securities is not effected in connection with an excluded business.

(4) (a) The Commissioners may, from time to time, make arrangements with an exchange or a market setting out how a member firm is to be approved by the Commissioners as a recognised intermediary.

(b) Every recognised intermediary shall, whenever and wherever required to do so, make available for inspection by an officer of the Commissioners authorised for that purpose, all books, documents and other records in the possession of or under the control of, the recognised intermediary, as are relevant for the purposes of the Commissioners ensuring compliance by the intermediary with this section.

(5) (a) The Commissioners may, from time to time, make regulations to designate an exchange or market for the purposes of this section.

(b) Every regulation made under this section shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

Relief for clearing houses.

75A.— (1) In this section—

‘ clearing house ’ means a body or association which provides services related to the clearing and settlement of transactions and payments and the management of risks associated with the resulting contracts and which is regulated or supervised in the provision of those services (in this section referred to as ‘clearing services’) by a regulatory body, or an agency of government, of a Member State of the European Communities;

‘ clearing participant ’ means a member of a recognised clearing house who is permitted by the clearing house to provide clearing services in connection with a transfer of securities;

‘ client ’ means a person who gives instructions for securities to be sold;

‘ nominee ’ means a person whose business is or includes holding securities as a nominee for a recognised clearing house acting in its capacity as a provider of clearing services or, as the case may be, a nominee for a clearing participant or a non-clearing participant;

‘ non-clearing participant ’ means a member of an exchange or market when not acting as a clearing participant;

‘ recognised clearing house ’ means―

(a) Eurex Clearing AG,

(b) LCH.Clearnet Limited,

(c) SIS SegaInterSettle AG, or

(d) any other clearing house designated as a recognised clearing house for the purposes of this section by regulations made by the Commissioners.

(2) Stamp duty shall not be chargeable on an instrument of transfer whereby any securities are on the sale of such securities transferred in the circumstances referred to in subsection (3) where the conditions referred to in subsection (4) are satisfied.

(3) The circumstances referred to in this subsection are that the transfer of securities is—

(a) from a clearing participant or a nominee of a clearing participant, to another clearing participant or a nominee of that other clearing participant,

(b) from a client or a non-clearing participant or a nominee of a non-clearing participant, to a clearing participant or a nominee of a clearing participant,

(c) from a non-clearing participant or a nominee of a non-clearing participant or a clearing participant or a nominee of a clearing participant, to a recognised clearing house or a nominee of a recognised clearing house,

(d) from a person other than a clearing participant, to a recognised clearing house or a nominee of a recognised clearing house, as a result of a failure by a clearing participant to fulfil that clearing participant’s obligations in respect of the transfer of securities to the recognised clearing house or a nominee of the recognised clearing house,

(e) from a recognised clearing house or a nominee of a recognised clearing house, to a clearing participant or a nominee of a clearing participant or a non-clearing participant or a nominee of a non-clearing participant, or

(f) from a clearing participant, or a nominee of a clearing participant to a non-clearing participant or a nominee of a non-clearing participant.

(4) The conditions referred to in this subsection are that the person to whom the securities are transferred under a transfer of securities referred to in paragraphs (a) to (f) of subsection (3) (in this section referred to as the ‘ relevant transfer ’) is required on receipt of those securities to transfer securities under a matching transfer to another person, or in the case of a relevant transfer falling within paragraph (d), would have been so required if the failure referred to in that paragraph had not occurred.

(5) For the purposes of subsection (4), a ‘ matching transfer ’ means a transfer of securities under which—

(a) the securities transferred are of the same kind as the securities transferred under the relevant transfer, and

(b) the number of and consideration paid for, the securities transferred are identical to the number of and consideration paid for, the securities transferred under the relevant transfer.

(6) (a) The Commissioners may, from time to time, make regulations to designate a clearing house as a recognised clearing house for the purposes of this section.

(b) Every regulation made under this section shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.”.

(2) (a) Subject to paragraph (b), this section comes into operation on such day or days as the Minister for Finance may by order appoint and different days may be appointed for different purposes or different provisions.

(b) The Revenue Commissioners may, before this section comes into operation, make arrangements with an exchange or market setting out how a member firm is to be approved as a recognised intermediary by the Commissioners when this section comes into operation.

110 .— (1) The Principal Act is amended―

(a) by inserting the following after section 31:

“Resting in contract.

31A.― (1) Where―

(a) the holder of an estate or interest in land in the State enters into a contract or agreement with another person for the sale of the estate or interest to that other person or to a nominee of that other person, and

(b) a payment which amounts to, or as the case may be payments which together amount to, 25 per cent or more of the consideration for the sale has been paid to, or at the direction of, the holder of the estate or interest at any time pursuant to the contract or agreement, and

(c) within 30 days of the first such time a conveyance or transfer, made in conformity with the contract or agreement, and executed by the parties to the contract or agreement is not presented to the Commissioners for stamping with ad valorem duty chargeable on it,

then the contract or agreement shall be chargeable with the same ad valorem duty, to be paid by the other person, as if it were a conveyance or transfer of the estate or interest in the land.

(2) Where duty has been paid, in respect of a contract or agreement, in accordance with subsection (1), a conveyance or transfer made in conformity with the contract or agreement shall not be chargeable with any duty, and the Commissioners, on application, either shall denote the payment of the ad valorem duty on the conveyance or transfer, or shall transfer the ad valorem duty to the conveyance or transfer on production to them of the contract or agreement, duly stamped.

Licence agreements.

31B.― (1) In this section ‘ development ’, in relation to any land, means―

(a) the construction, demolition, extension, alteration or reconstruction of any building on the land, or

(b) any engineering or other operation in, on, over or under the land to adapt it for materially altered use.

(2) Where―

(a) the holder of an estate or interest in land in the State enters into an agreement with another person under which that other person, or a nominee of that other person, is entitled to enter onto the land to carry out development on that land, and

(b) by virtue of the agreement, otherwise than as consideration for the sale of all or part of the estate or interest in the land, the holder of the estate or interest in the land receives at any time a payment which amounts to, or as the case may be payments which together amount to, 25 per cent or more of the market value of the land concerned,

then within 30 days of the first such time, the agreement shall be chargeable with the same ad valorem duty, to be paid by that other person, as if it were a conveyance or transfer of the estate or interest in the land.”,

(b) by deleting section 36,

(c) by inserting the following after section 50:

“Agreements for more than 35 years charged as leases.

50A.― An agreement for a lease or with respect to the letting of any lands, tenements, or heritable subjects for any term exceeding 35 years, shall be charged with the same duty as if it were an actual lease made for the term and consideration mentioned in the agreement where 25 per cent or more of that consideration has been paid.”,

and

(d) by substituting “section 50 or 50A” for “section 50” in paragraph (4) of the Heading “LEASE” in Schedule 1.

(2) This section comes into operation on such day or days as the Minister for Finance may by order appoint and different days may be appointed for different purposes or different provisions.

111 .— Section 159A of the Principal Act is amended in subsection (1) by substituting “the date the statement of liability was delivered to the Commissioners, the date the operator-instruction referred to in section 69 was made or the date the person achieves the standard within the meaning of section 81AA(11)(a).” for “the date the statement of liability was delivered to the Commissioners or the date the operator-instruction referred to in section 69 was made.”.