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22 1997

FINANCE ACT, 1997

Chapter II

Miscellaneous

Amount chargeable to duty where chargeable on new dwellinghouse or apartment.

123. —The amount upon which stamp duty is chargeable by virtue of the provisions of section 112 (as amended by section 100 of the Finance Act, 1993 ) of the Finance Act, 1990 , shall be deemed, for the purposes of the Stamp Act, 1891, to be the amount or value of the consideration for the sale or lease in respect of which that duty is chargeable.

Provision relating to section 112 (stamp duty on transfers of building land) of Finance Act, 1990 .

124. —For the avoidance of doubt it is hereby declared that subsection (2) of section 112 of the Finance Act, 1990 , does not apply and shall be deemed never to have applied where the dwellinghouse or apartment concerned was occupied by any person, other than in connection with the building of that dwellinghouse or apartment, at any time prior to the agreement for sale or lease of the land.

Amendment of section 207 (exemption from stamp duty of certain financial services instruments) of Finance Act, 1992 .

125. Section 207 of the Finance Act, 1992 , is hereby amended—

(a) in subsection (1) by the insertion in subparagraph (I) of paragraph (b) of the definition of “American depositary receipt” of “or Canada” after “United States of America”, and

(b) in subsection (2) by the substitution of the following paragraph for paragraph (II) of the proviso to that subsection:

“(II) the stocks or marketable securities of a company, other than a company which is a collective investment undertaking within the meaning of section 18 of the Finance Act, 1989 , which is registered in the State.”.

Amendment of section 112 (relief from stamp duty in respect of transfers to young trained farmers) of Finance Act, 1994 .

126. Section 112 of the Finance Act, 1994 , is hereby amended in subsection (7) by the substitution of “31st day of December, 1999” for “31st day of December, 1996”.

Exemption from stamp duty of certain transfers from stamp duty following the dissolution of a marriage.

127. —(1) Subject to subsection (3), stamp duty shall not be chargeable on an instrument by which property is transferred pursuant to an order to which this subsection applies by either or both of the spouses who were parties to the marriage concerned to either or both of them.

(2) Section 74 (2) of the Finance (1909-10) Act, 1910, shall not apply to a transfer to which subsection (1) applies.

(3) (a) Subsection (1) applies—

(i) to a relief order, within the meaning of section 23 of the Family Law Act, 1995, made following the dissolution of a marriage, or

(ii) to an order under Part III of the Family Law (Divorce) Act, 1996.

(b) Subsection (1) does not apply in relation to an instrument referred to in that subsection by which any part of or beneficial interest in the property concerned is transferred to a person other than the spouses concerned.

(4) Section 50 of the Family Law Act, 1995, and section 33 of the Family Law (Divorce) Act, 1996, are hereby repealed.

Exemption from stamp duty of certain instruments (Dublin Docklands Development Authority).

128. —(1) No stamp duty shall be chargeable on any instrument under which any land, easement, way-leave, water right or other right whatsoever over or in respect of the land or water is acquired by the body to be established under subsection (1) of section 14 of the Dublin Docklands Development Authority Act, 1997.

(2) Subsection (1) shall have effect as respects instruments executed on or after the 1st day of May, 1997.

(3) Section 65 of the Finance Act, 1989 , is hereby repealed.

Exemption from stamp duty of certain policies of health insurance.

129. —(1) Stamp duty shall not be chargeable on a health insurance contract (being a health insurance contract within the meaning of section 2 of the Health Insurance Act, 1994 ).

(2) This section shall have effect with respect to instruments executed on or after the 1st day of March, 1997.

Repeal (part IV).

130. —(1) The following exemption under the Heading “BILL OF EXCHANGE or PROMISSORY NOTE”, in the First Schedule (as amended by the Finance Act, 1970 ) to the Stamp Act, 1891, is hereby repealed:

“(1) Bill or note issued by the Bank of England or the Bank of Ireland.”.

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