First Previous (PART IV Capital Acquisitions Tax) Next (PART VI Miscellaneous)

16 1981

FINANCE ACT, 1981

PART V

Stamp Duties

Amendement of section 58 (direction as to duty in certain cases) of Stamp Act, 1891.

47. —Section 58 of the Stamp Act, 1891, is hereby amended, with respect to instruments executed on or after the date of the passing of this Act, by the insertion after subsection (6) of the following subsections:

“(7) (a) The consideration moving from the sub-purchaser shall, in a case to which subsection (4), (5) or (6) applies, be ascertained without regard to the value of any covenant, power, condition or arrangement relating to the subject matter of the conveyance which was not in the contract for sale entered into by the original seller and also without regard to any consideration the duty on which or on any part of which would be charged in accordance with subsection (2) or (3) of section 56.

(b) In paragraph (a) ‘the original seller’ means, in relation to a case to which subsection (4) applies, the person from whom the property is conveyed to the subpurchaser and, in relation to a case to which subsection (5) or (6) applies, the original seller referred to in the said subsection (5) or (6), as the case may be.

(8) Pargraph 4 of the Heading ‘Conveyance or Transfer on sale of any property other than stocks or marketable securities’ (inserted by the Finance Act, 1975 ) in the First Schedule to this Act shall not apply to determine the stamp duty to be charged on any conveyance referred to in subsection (4), (5) or (6).

(9) A conveyance in respect of which subsection (7) has effect shall be deemed to be a conveyance operating as a voluntary disposition inter vivos for the purposes of section 74 of the Finance (1909-10) Act, 1910.”.

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

48. —(1) Section 49 of the Finance Act, 1969 , is hereby amended by the insertion after subsection (2) (inserted by the Finance Act, 1976 ) of the following subsection:

“(2A) Notwithstanding subsection (2) of this section, subsection (1) of this section shall have effect in relation to an instrument if, but (apart from the said subsection (2)) only if, it is shown to the satisfaction of the Revenue Commissioners—

(a) that there is in force in respect of the house to which the instrument relates a certificate of reasonable value under section 18 of the Housing (Miscellaneous Provisions) Act, 1979 , and

(b) that the Minister for the Environment has certified that he is satisfied, on the basis of the information available to him 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 that Act 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.”.

Amendment of section 41 (stamp duty on bills of exchange and promissory notes) of Finance Act, 1970.

49. —(1) Section 41 of the Finance Act, 1970 , is hereby amended by the substitution of “3p” for “one new penny” in subsection (1) and for “one penny in new currency” in subsection (3).

(2) This section shall have effect with respect to bills of exchange and promissory notes drawn on or after the date of the passing of this Act.

Revocation of Orders.

50. —(1) The Imposition of Duties (No. 248) (Stamp Duty on Bills of Exchange and Promissory Notes) Order, 1980 (S.I. No. 136 of 1980), is hereby revoked with respect to bills of exchange and promissory notes drawn on or after the date of the passing of this Act.

(2) The following Orders are hereby revoked with respect to instruments executed on or after the date of the passing of this Act:

(a) the Imposition of Duties (No. 247) (Stamp Duty on Conveyances to Sub-Purchasers) Order, 1980 (S.I. No. 123 of 1980),

(b) the Imposition of Duties (No. 249) (Exemption of Certain Instruments from Stamp Duty) Order, 1980 (S.I. No. 317 of 1980).