First Previous (PART I Income Tax) Next (PART III Corporation Profits Tax)

7 1968

FINANCE (MISCELLANEOUS PROVISIONS) ACT, 1968

PART II

Stamp Duties

Short-term life insurance policies.

10. —(1) The maximum amount chargeable by way of stamp duty on any policy of life insurance made for a period not exceeding two years shall be sixpence.

(2) For the purposes of this section, a policy shall be treated as made for a period exceeding two years if it contains any provision whereby it may become available for a period exceeding two years in all.

(3) Where, at any time after the making of a policy on which the duty chargeable would, but for subsection (1) of this section, have exceeded sixpence, the policy is varied so that it becomes or may become available for a period exceeding two years in all, the policy shall become chargeable with the same duty as would have been chargeable if it had been made on the date of the variation for a period exceeding two years, and may be stamped accordingly, without penalty, at any time within thirty days after that date.

Agreements for hire.

11. —In the First Schedule to the Stamp Act, 1891, the heading “Bond, Covenant or Instrument of any kind whatsoever” shall not extend to any instrument in respect of a covenant or agreement by any person, whether as principal or as surety,—

(i) to pay, or to guarantee the payment of, sums payable for or in relation to the hire of any goods, wares or merchandise, or the hire of any machinery or plant, or

(ii) to reimburse or guarantee the reimbursement of advances made for or in respect of the payment of sums payable as aforesaid.

Marketable securities.

12. —(1) In this section—

the scheduled territories” has the same meaning as it has in the Exchange Control Act, 1954 ;

foreign loan security” means a security issued outside the State in respect of a loan which is expressed in the currency of a territory outside the scheduled territories, and is neither offered for subscription in the State nor offered for subscription with a view to an offer for sale in the State of securities in respect of the loan.

(2) The stamp duties imposed by the Stamp Act, 1891, under the heading “Marketable Security” in the First Schedule to that Act upon a marketable security transferable by delivery shall not be chargeable in the case of a foreign loan security issued by or on behalf of a company or body of persons corporate or unincorporate formed or established in the State.

(3) The stamp duties imposed by the Stamp Act, 1891, under the heading “Conveyance or Transfer on Sale of any property” in the First Schedule to that Act upon a marketable security not transferable by delivery shall not be chargeable in the case of a foreign loan security issued by or on behalf of a company or body of persons corporate or unincorporate formed or established in the State.