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15 1951

FINANCE ACT, 1951

PART V.

Stamp Duties.

Alteration of stamp duties on conveyances and transfers of land.

17. —(1) Section 13 of the Finance (No. 2) Act, 1947 (No. 33 of 1947), is hereby amended as follows:

(a) by the substitution for “two pounds ten shillings” in subsection (1) of “one pound ten shillings”,

(b) by the substitution for the table set out in subsection (3) of the following table:

“Exceeds £500 and does not exceed           £550

£5

10s.

£550

£600

£7

£600

£650

£9

£650

£700

£12

£700

£750

£15

£750

£800

£18

£800

£850

£21

£850

£900

£24

£900

£950

£27

£950

£1,000

£30.

(2) A reference in any statutory provision to subsection (1), subsection (3) or subsections (1) and (3) of section 13 of the Finance (No. 2) Act, 1947 , shall, where appropriate, be construed as a reference to the said subsection (1), subsection (3) or subsections (1) and (3) (as the case may require) as amended by this section.

(3) This section shall come into operation on the 1st day of August, 1951, or the date of the passing of this Act, whichever is the later, and shall not have effect with respect to any instrument executed before such coming into operation.

Alteration of stamp duties on leases.

18. —(1) Section 24 of the Finance Act, 1949 (No. 13 of 1949), is hereby amended as follows:

(a) by the substitution for “two pounds ten shillings” in subsection (1) of “one pound ten shillings”,

(b) by the substitution for the table set out in subsection (3) of the following table:

“Exceeds £500 and does not exceed           £550

£5

10s.

£550

£600

£7

£600

£650

£9

£650

£700

£12

£700

£750

£15

£750

£800

£18

£800

£850

£21

£850

£900

£24

£900

£950

£27

£950

£1,000

£30.

(2) A reference in any statutory provision to subsection (1), subsection (3) or subsections (1) and (3) of section 24 of the Finance Act, 1949 , shall, where appropriate, be construed as a reference to the said subsection (1), subsection (3) or subsections (1) and (3) (as the case may require) as amended by this section.

(3) This section shall come into operation on the 1st day of August, 1951, or the date of the passing of this Act, whichever is the later, and shall not have effect with respect to any instrument executed before such coming into operation.

Exception from application of section 13 of Finance (No. 2) Act, 1947, and sections 24 and 25 of Finance Act, 1949.

19. —(1) This section applies to every conveyance or transfer and every lease (whether a conveyance, transfer or lease executed before or after the passing of this Act) of a house in respect of which a grant has been or will be made under section 16 of the Housing (Amendment) Act, 1948 (No. 1 of 1948), or under section 6 of the Housing (Amendment) Act, 1950 (No. 25 of 1950), being a conveyance, transfer or lease—

(a) which under the enactments in force immediately before the passing of this Act would have been proper to be charged with stamp duty by reference to subsection (1) or subsection (3) of section 13 of the Finance (No. 2) Act, 1947 (No. 33 of 1947), or subsection (1) or subsection (3) of section 24 of the Finance Act, 1949 (No. 13 of 1949), and

(b) which is to a person—

(i) who is the person to whom the said grant has been or will be paid, or

(ii) who is a member of the public utility society to which the said grant has been or will be paid,

as the case may be.

(2) Section 13 of the Finance (No. 2) Act, 1947 , and sections 24 and 25 of the Finance Act, 1949 , shall not apply and shall be deemed never to have applied to any instrument to which this section applies and, where the amount of duty paid in respect of any such instrument exceeds the amount which would have been chargeable if those sections had not been enacted, the excess may be repaid.

(3) An instrument to which this section applies and which is stamped at a rate less than the rate which, but for the provisions of this section, would be chargeable by reference to subsection (1) or subsection (3) of section 13 of the Finance (No. 2) Act, 1947 , or subsection (1) or subsection (3) of section 24 of the Finance Act, 1949 , as may be appropriate, 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.

Alteration of stamp duties on certain conveyances and transfers of stock and marketable securities.

20. —(1) Section 18 of the Finance Act, 1947 (No. 15 of 1947), shall not apply—

(a) in the case of any conveyance or transfer of any stock or marketable security issued or made, whether before or after the commencement of this section, by or on behalf of any body corporate incorporated in the State or any body of persons formed therein, or

(b) in the case of any conveyance or transfer of any stock registered in a branch register maintained in the State by a body corporate incorporated outside the State if, according to the law in force where the body corporate is incorporated, the conveyance or transfer is capable of being registered in the branch register only,

and, in lieu thereof in any such case, such stamp duty shall be chargeable as would have been chargeable if that section had not been enacted.

(2) This section shall come into operation on the 1st day of August, 1951, or the date of the passing of this Act, whichever is the later, and shall not have effect with respect to any instrument executed before such coming into operation.