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9 1984

FINANCE ACT, 1984

PART IV

Stamp Duties

Levy on banks.

97. —(1) In this section—

assessable amount” means the amount arrived at by dividing the specified amount by three and deducting £10,000,000 from the quotient;

bank” means a person who, on the 1st day of September, 1983, was the holder of a licence granted under section 9 of the Central Bank Act, 1971 ;

returns”, in relation to a bank, means the returns, entitled “MONTHLY RETURN OF ALL LICENSED BANKS: RESIDENT BRANCHES”, furnished to the Central Bank of Ireland by the bank in respect of the assets and liabilities of the bank as on the 30th day of September, 1983, the 19th day of October, 1983, and the 16th day of November, 1983;

specified amount” in relation to a bank, means the amount obtained by deducting the aggregate of the sums shown in respect of Item 302.2 in supplement 1 of the returns of the bank from the aggregate of all sums shown in respect of Items 107 and 108 as liabilities of the bank in such returns.

(2) A bank shall, not later than the 12th day of September, 1984, deliver to the Revenue Commissioners a statement in writing showing the assessable amount for that bank, the specified amount for that bank and the sums referred to in the definition of “specified amount” in subsection (1) by reference to which that specified amount was calculated.

(3) There shall be charged on every statement delivered pursuant to subsection (2) a stamp duty of an amount equal to the sum of the following:

(a) 0.2 per cent. of that part of the assessable amount shown therein that does not exceed £100,000,000 and

(b) 0.344 per cent. of that part of the assessable amount shown therein that exceeds £100,000,000:

Provided that in the case where the assessable amount shown in the statement does not exceed £100,000,000 stamp duty of an amount equal to 0.2 per cent. of the assessable amount shown therein shall be charged.

(4) The duty charged by subsection (3) upon a statement delivered by a bank pursuant to subsection (2) shall be paid by the bank upon delivery of the statement.

(5) There shall be furnished to the Revenue Commissioners by a bank such particulars as the Revenue Commissioners may deem necessary in relation to any statement required by this section to be delivered by the bank.

(6) In the case of failure by a bank to deliver any statement required by subsection (2) within the time provided for in that subsection or of failure to pay the duty chargeable on any such statement on the delivery thereof, the bank shall, from the date of the passing of this Act until the day on which the duty is paid, be liable to pay, by way of penalty, in addition to the duty, interest thereon at the rate of 15 per cent. per annum and also from the 12th day of September, 1984, by way of further penalty, a sum equal to 1 per cent. of the duty for each day the duty remains unpaid and each penalty shall be recoverable in the same manner as if the penalty were part of the duty.

(7) The delivery of any statement required by subsection (2) may be enforced by the Revenue Commissioners under section 47 of the Succession Duty Act, 1853, in all respects as if such statement were such account as is mentioned in that section and the failure to deliver such statement were such default as is mentioned in that section.

(8) The stamp duty charged by this section shall not be allowed as a deduction for the purposes of the computation of any tax or duty under the care and management of the Revenue Commissioners payable by the bank.

Amendment of section 92 (levy on certain premiums of insurance) of Finance Act, 1982.

98. Section 92 of the Finance Act, 1982 , is hereby amended by the insertion after subsection (7) of the following subsection:

“(8) (a) In this subsection—

life insurance amount’ means so much of an assessable amount as consists of relevant premiums received on or after the 1st day of July 1984, in respect of business in classes I, II, III, IV, V, VI, VIII, and IX of the Annex to First Council Directive 79/267/EEC of 5 March 1979 (OJ No. L 63,13/3/1979);

relevant premium’ means—

(i) in the case of a contract of insurance made on or after the 1st day of July, 1983, a premium or part of a premium received in pursuance of the contract in the period of twelve months from the date on which the first payment of the premium or part of the premium is made, and

(ii) in the case where a premium under a contract of insurance, whensoever made, is increased, the amount by which the premium is increased and which is received in the period of twelve months from the date on which the first payment of the increased amount or part of the increased amount is made.

(b) An insurer shall, within 30 days from the end of the quarter ending on the 30th day of September, 1984, and within 30 days from the end of each quarter thereafter, deliver to the Revenue Commissioners a statement in writing showing the life insurance amount for that insurer for that quarter.

(c) There shall be charged on every statement delivered in pursuance of paragraph (b) of this subsection a stamp duty of an amount equal to one and two-thirds per cent. of the life insurance amount shown therein.

(d) Subsections (4), (5), (6) and (7) of this section shall apply to any statement required by paragraph (b) of this subsection to be delivered by an insurer in all respects as if such statement were a statement in respect of an assessable amount.

(e) In relation to the quarter ending on the 30th day of September, 1984, and each subsequent quarter, any premiums received by an insurer in respect of business in the classes referred to in the definition of ‘life insurance amount’ shall not be included in the assessable amount for the purposes of subsections (2) and (3) of this section.”.

Amendment of section 93 (exemption of certain instruments from stamp duty) of Finance Act, 1982.

99. —Subsection (5) of section 93 of the Finance Act, 1982 , is hereby amended by the substitution of “three years” for “two years”, and the said subsection (5), as so amended, is set out in the Table to this section.

TABLE

(5) This section shall have effect with respect to any instrument executed after the date of the passing of this Act and before the expiration of three years after that date.

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

100. —(1) Section 49 of the Finance Act, 1969 , is hereby amended by the insertion after subsection (2A) (inserted by the Finance Act, 1981 ) of the following subsection:

“(2B) 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, it is shown to the satisfaction of the Revenue Commissioners 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 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.”.

(2) The Imposition of Duties (No. 269) (Exemption of Certain Instruments from Stamp Duty) Order, 1984 (S.I. No. 49 of 1984), is hereby revoked.

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

Stamp duty on bills of exchange and promissory notes.

101. —(1) The Stamp Act, 1891, is hereby amended by the substitution for section 7 of the following section:

“7. Any stamp duties of an amount not exceeding 7p upon instruments which are permitted by law to be denoted by adhesive stamps not appropriated by any word or words on the face of them to any particular description of instrument shall, if denoted by adhesive stamps, be denoted by adhesive stamps issued by the Revenue Commissioners.”.

(2) Section 41 of the Finance Act, 1970 , is hereby amended by the substitution of “7p” for “5p” (inserted by the Finance Act, 1982 ) in both places where it occurs.

(3) 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.

Amendment of section 17 (stamp duty in respect of credit cards and charge cards) of Finance (No. 2) Act, 1981.

102. Section 17 of the Finance (No. 2) Act, 1981 , is hereby amended—

(a) in subsection (1) (c), by the substitution of “£10” for “£5”,

(b) in subsection (2), by the substitution of “£5” for “£2.50”., and

(c) in paragraph (d) (ii) (inserted by the Finance Act, 1983 ) of subsection (2), by the substitution of “£10” for “£5”.

Revocation of Order.

103. —The Imposition of Duties (No. 268) (Stamp Duty on Bills of Exchange, Promissory Notes, Credit Cards and Charge Cards) Order, 1984 (S.I. No. 34 of 1984), is hereby revoked.