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31 1999

STAMP DUTIES CONSOLIDATION ACT, 1999

PART 9

Levies

Cash cards.

[FA1992 s203]

123. —(1) In this section—

“accounting period” has the same meaning as it has for the purposes of section 27 of the Taxes Consolidation Act, 1997 ;

“bank” means one of the following, namely—

(a) a person who holds a licence granted by the Central Bank of Ireland under section 9 of the Central Bank Act, 1971 , or under section 10 of the Trustee Savings Banks Act, 1989 ,

(b) where there are subsisting regulations under section 4 of the ACC Bank Act, 1992 , for the supervision by the Central Bank of Ireland of the ACC Bank public limited company, that bank,

(c) where there are subsisting regulations under section 3 of the ICC Bank Act, 1992 , for the supervision by the Central Bank of Ireland of the ICC Bank public limited company, that bank;

“building society” means a building society which stands incorporated, or deemed by section 124(2) of the Building Societies Act, 1989 , to be incorporated, under that Act and includes a company registered under section 106 of that Act;

“card account” means an account maintained by a promoter to which amounts of cash obtained by a person by means of a cash card are charged;

“cash card” means a card issued by a promoter to a person having an address in the State by means of which cash may be obtained in the State by the person from an automated teller machine;

“due date”, in relation to any year, means the date of the end of the accounting period ending in that year;

“promoter” means a bank or a building society.

(2) A promoter shall, in each year, within one month of the due date, deliver to the Commissioners a statement in writing showing the number of cash cards issued at any time by the promoter and which are valid at any time during the accounting period ending in that year.

(3) Notwithstanding subsection (2)

(a) if the cash card is not used at any time during any accounting period referred to in subsection (2),

(b) if the cash card is issued in respect of a card account—

(i) which is a deposit account, and

(ii) the average of the daily positive balances in the account does not exceed £10 in any accounting period referred to in subsection (2), or

(c) if the cash card is a replacement for a cash card which is already included in the relevant statement,

then it shall not be included in the statement relating to such period.

(4) There shall be charged on every statement delivered in pursuance of subsection (2) a stamp duty at the rate of £5 in respect of each card included in the number of cards shown in the statement.

(5) The duty charged by subsection (4) on a statement delivered by a promoter pursuant to subsection (2) shall be paid by the promoter on delivery of the statement.

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

(7) In the case of failure by a promoter 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 of the statement, the promoter shall be liable to pay, by means of penalty, in addition to the duty, interest on the duty at the rate of 1 per cent per month or part of a month from the date to which the statement relates (in this subsection referred to as the “due date”) to the date on which the duty is paid and also, by means of further penalty, a sum of £300 for each day the duty remains unpaid after the expiration of one month from the due date and each penalty shall be recoverable in the same manner as if the penalty were part of the duty.

(8) The delivery of any statement required by subsection (2) may be enforced by the 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.

(9) A promoter shall be entitled to charge to the card account the amount of stamp duty payable in respect of the cash card by virtue of this section and may apply the terms and conditions governing that account to interest on that amount.

(10) An account, charge card, company charge card or supplementary card within the meaning, in each case, assigned to it by section 124 and which attracts the payment of the stamp duty payable by virtue of that section shall not attract the payment of the stamp duty payable by virtue of this section.

(11) Where a promoter changes its accounting period and, as a result, stamp duty under this section would not be chargeable or payable in a year (in this section referred to as “the relevant year”), then the following provisions shall apply:

(a) duty shall be chargeable and payable in the relevant year as if the accounting period had not been changed,

(b) duty shall also be chargeable and payable within one month of the date of the end of the accounting period ending in the relevant year, and

(c) the duty chargeable and payable by virtue of paragraph (b) shall, subject to subsection (3), be chargeable and payable in respect of cash cards issued at any time by the promoter and which are valid at any time during the period from the due date as determined by paragraph (a) to the due date as determined by paragraph (b).

Credit cards and charge cards.

[F(No. 2)A1981 s17]

124. —(1) (a) In this subsection—

“account” means an account maintained by a bank to which amounts in respect of goods, services or cash obtained by an individual by means of a credit card are charged;

“credit card” means a card issued by a bank to an individual having an address in the State by means of which goods, services and cash may be obtained by the individual and amounts in respect of the goods, services and cash may be charged to the account.

(b) A bank shall, in each year, within 3 months of the 1st day of April in that year, deliver to the Commissioners a statement in writing showing the number of accounts maintained by the bank on that 1st day of April.

(c) There shall be charged on every statement delivered in pursuance of paragraph (b) a stamp duty at the rate of £15 in respect of each account included in the number of accounts shown in the statement.

(2) (a) In this subsection—

“account” means an account maintained by a promoter to which amounts in respect of goods, services or cash obtained by an individual by means of a charge card are charged;

“charge card” means a card (other than a card known as “an in-house card”) issued by a person (in this section referred to as “a promoter”) to an individual having an address in the State by means of which goods, services or cash may be obtained by the individual and amounts in respect of the goods, services or cash may be charged to the account;

“company charge card” means—

(i) a charge card issued by a promoter to a person (other than an individual) having an address in the State which, if it were issued to an individual, would be regarded as a charge card, or

(ii) a charge card issued by a promoter to an employee, nominee or agent of such a person in such person's capacity as such employee, nominee or agent;

“quarter” means a period of 3 months ending on the 31st day of March, the 30th day of June, the 30th day of September or the 31st day of December;

“supplementary card” means a company charge card which is issued by a promoter to a person (other than an individual) and is additional to another company charge card issued by the promoter to that person.

(b) A promoter shall, in each year, within 2 months of the end of each quarter, deliver to the Commissioners a statement in writing showing the number of charge cards, company charge cards and supplementary cards issued or renewed by the promoter during that quarter.

(c) There shall be charged on every statement delivered in pursuance of paragraph (b) a stamp duty at the rate of £7.50 for each period of 6 months or part of 6 months for which each charge card, company charge card and supplementary card shown in the statement as having been issued or renewed is expressed to be valid.

(d)  (i) A promoter may, within 3 months of the 1st day of April, in any year, with the consent of the Commissioners, deliver to them a statement in writing showing the number of charge cards, company charge cards and supplementary cards issued or renewed by the promoter and expressed to be valid for a period that includes the 1st day of April in that year.

(ii) There shall be charged on every statement delivered in accordance with subparagraph (i), and paid on the delivery of the statement, a stamp duty at the rate of £15 in respect of each charge card, company charge card and supplementary card included in the number of cards shown in the statement.

(iii) Notwithstanding paragraph (b), where a promoter delivers a statement in accordance with this paragraph, paragraph (b) shall not apply in relation to the promoter in respect of the quarters occurring in the year in which the statement is delivered.

(3) There shall be furnished to the Commissioners by a bank or a promoter, as the case may be, such particulars as the Commissioners may deem necessary in relation to any statement required by this section to be delivered by the bank or promoter.

(4) (a) The duty charged by subsection (1)(c) on a statement delivered by a bank pursuant to subsection (1)(b) shall be paid by the bank on delivery of the statement.

(b) The duty charged by subsection (2)(c) on a statement delivered by a promoter pursuant to subsection (2)(b) shall be paid by the promoter on delivery of the statement.

(5) (a) In this subsection “due date” means—

(i) in relation to a statement required to be delivered pursuant to subsection (1)(b), the 1st day of April in the year in which the statement is required by that subsection to be delivered to the Commissioners, and

(ii) in relation to a statement required to be delivered pursuant to subsection (2)(b), the end of the quarter within 2 months of which the statement is required by that subsection to be delivered to the Commissioners.

(b) In the case of failure by a bank or promoter, as the case may be, to deliver any statement required by subsection (1) or (2) within the time specified in those subsections or of failure to pay the duty chargeable on any such statement on the delivery of that statement, the bank or promoter, as the case may be, shall be liable to pay, by means of penalty, in addition to the duty, interest on the duty at the rate of 1 per cent per month or part of a month from the due date until the day on which the duty is paid and also, by means of further penalty, a sum of £300 for each day the duty remains unpaid after the expiration of 3 months from the due date and each penalty shall be recoverable in the same manner as if the penalty were part of the duty.

(6) The delivery of any statement required by subsection (1) or (2) may be enforced by the 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.

(7) A bank or a promoter, as the case may be, shall be entitled to charge to the relevant account the amount of the stamp duty payable under this section by reference to that account or by reference to the charge card, company charge card or supplementary card to which the account relates and may apply the terms and conditions governing that account to interest on that amount.

Certain premiums of insurance.

[FA1982 s92(1) to (7)]

125. —(1) In this section—

“assessable amount”, in relation to a quarter, means the gross amount received by an insurer by means of premiums (including, in the case of an insurer who is a leading insurer (within the meaning of the European Communities (Co-insurance) Regulations, 1983 (S.I. No. 65 of 1983)), the amount received by means of overall premiums (within the above meaning)) in that quarter in respect of policies of insurance to the extent that the risks to which those policies relate are located in the State (being risks deemed to be located in the State by virtue of section 61 ), but without having regard to an excluded amount;

“excluded amount” means—

(a) an amount received in the course or by means of reinsurance;

(b) a premium received in respect of business in the following classes of the Annex to First Council Directive 73/239/EEC of 24 July 1973 (OJ No. L228, 16/8/1973), namely, 4, 5, 6, 7, 11 and 12, in classes 1 and 10 in so far as they relate to the insurance of passengers in marine and aviation vehicles and carriers liability insurance, respectively, and in class 14 in so far as it relates to export credit;

(c) a premium received in respect of business in classes I, II, III, IV, V, VI, VII, VIII and IX of the Annex to First Council Directive 79/267/EEC of 5 March 1979 (OJ No. L63, 13/3/1979);

(d) a premium received in respect of health insurance business (being health insurance business within the meaning of section 2 of the Health Insurance Act, 1994 );

“insurer” means a person who is the holder of an assurance licence under the Insurance Act, 1936 , or is the holder of an authorisation within the meaning of the European Communities (Non-Life Insurance) Framework Regulations, 1994 (S.I. No. 359 of 1994), or who carries on the business of insurance in compliance with the Assurance Companies Act, 1909;

“premium” has the same meaning as in the Insurance Act, 1936 ;

“quarter” means a period of 3 months ending on the 31st day of March, the 30th day of June, the 30th day of September or the 31st day of December.

(2) An insurer shall, in each year, within 30 days from the end of each quarter, deliver to the Commissioners a statement in writing showing the assessable amount for that insurer in respect of that quarter.

(3) There shall be charged on every statement delivered in pursuance of subsection (2) a stamp duty of an amount equal to 2 per cent of the assessable amount shown in the statement.

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

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

(6) In the case of failure by an insurer to deliver any statement required by subsection (2) within the time specified in that subsection or of failure by an insurer to pay any duty chargeable on any such statement on the delivery of that statement, the insurer shall be liable to pay, by means of penalty and in addition to the duty, interest on the duty at the rate of 1 per cent per month or part of a month from the expiration of the quarter to which the statement relates until the day on which the duty is paid.

(7) The delivery of any statement required by subsection (2) may be enforced by the 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.

Certain statements of interest.

[FA1986 s94(1) to (8)]

126. —(1) (a) In this section—

“corporation tax” means the corporation tax charged by the Taxes Consolidation Act, 1997 ;

“Corporation Tax Acts” has the same meaning as in section 1 of the Taxes Consolidation Act, 1997 ;

“relevant interest” means any interest or other distribution which—

(i) is received by a company (in this section referred to as “the lender”) which is within the charge to corporation tax,

(ii) is payable out of the assets of another company (in this subsection referred to as “the borrower”) which is resident in the State for the purposes of corporation tax, in respect of a security of the borrower which is a security falling within subparagraph (ii), (iii) (I) or (v) of section 130(2)(d) of the Taxes Consolidation Act, 1997 , and

(iii) is a distribution for the purposes of the Corporation Tax Acts;

“relevant period” means any period of 6 months ending on the 31st day of January or the 31st day of July.

(b) For the purposes of this section, any amount which, in a relevant period, is debited to a borrower's account with a lender in respect of relevant interest shall be treated as an amount received by the lender in that relevant period.

(2) A lender shall, within 30 days from the end of each relevant period, deliver to the Commissioners a statement in writing showing the amount of the relevant interest for that lender in respect of that relevant period.

(3) There shall be charged on every statement delivered in pursuance of subsection (2) a stamp duty of an amount equal to 12 per cent of the amount of the relevant interest shown in the statement.

(4) Notwithstanding subsection (3), in a case where the amount of the relevant interest received by a lender in respect of a security referred to in subsection (1) is an amount which is less than what would have been received by that lender had the security yielded simple interest at the rate of 6 per cent per annum throughout the period for which the relevant interest was payable, the stamp duty charged on the statement on the amount of the relevant interest for that security shall be an amount equal to 8 per cent of the amount received.

(5) The duty charged by subsection (3) on a statement delivered by a lender pursuant to subsection (2) shall be paid by the lender on delivery of the statement.

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

(7) In the case of failure by a lender to deliver any statement required by subsection (2) within the time specified in that subsection or of failure by a lender to pay any duty chargeable on any such statement on the delivery of such statement, the lender shall be liable to pay, by means of penalty, in addition to the duty, interest on the duty at the rate of 2.5 per cent for each month or part of a month from the expiration of the relevant period to which the statement relates until the date on which the duty is paid.

(8) The delivery of any statement required by subsection (2) may be enforced by the 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.

(9) 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 Commissioners payable by the lender.