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22 1956

FINANCE ACT, 1956

PART VI.

Stamp Duties.

Stamp duty to be levied on the Racing Board.

29. —(1) In this section “the Board” means the Racing Board.

(2) There shall be levied on the Board in respect of the year ending on the 31st day of March, 1957, a stamp duty of £140,000, which shall be paid by the Board to the Revenue Commissioners on or before the 15th day of March, 1957.

(3) Upon payment of the duty, the Revenue Commissioners shall certify that the Board has complied with this section, and the certificate shall be stamped with the amount of the duty paid and shall be issued to the Board.

(4) If the Board fails to comply with this section, the amount of the duty unpaid, together with interest thereon at the rate of 5 per cent. per annum from the 16th day of March, 1957, to the day on which the duty is paid, shall be a debt due from the Board to the Minister for Finance for the benefit of the Central Fund and shall be recoverable at the suit of the Attorney General in any court of competent jurisdiction.

Amendment of section 13 of Finance (No.2) Act, 1947.

30. —(1) Section 13 of the Finance (No. 2) Act, 1947 (No. 33 of 1947), as amended by subsequent enactments, shall have effect—

(a) as if the following words were contained therein at the end of and as part of subsection (4):

“or, alternatively certifying—

(A) that the property being conveyed or transferred is property which is being acquired for private residential purposes and does not include land exceeding five acres in extent, or

(B) that the property being conveyed or transferred is property which is being acquired exclusively for the purposes of an industry other than agriculture”; and

(b) as if the following words were contained therein at the end of and as part of paragraph (a) of subsection (7):

“or unless the property conveyed or transferred is within paragraph (a) or paragraph (b) of that subsection”.

(2) Section 26 of the Finance Act, 1949 (No. 13 of 1949), shall not have effect in relation to any property which at the date of the relevant conveyance or transfer was within one of the descriptions set out in paragraph (a) of subsection (1) of this section.

Amendment of section 24 of Finance Act, 1949.

31. —(1) Section 24 of the Finance Act, 1949 (No. 13 of 1949), as amended by subsequent enactments, shall have effect—

(a) as if the following words were contained therein at the end of and as part of subsection (4):

“or, alternatively certifying—

(a) that the lessee's interest under the lease is being acquired for private residential purposes and does not include an interest in land exceeding five acres in extent, or

(b) that the lessee's interest under the lease is being acquired exclusively for the purposes of an industry other than agriculture”; and

(b) as if the following words were contained therein at the end of and as part of paragraph (a) of subsection (7):

“or unless the lessee's interest under the lease is within paragraph (a) or paragraph (b) of that subsection”.

(2) Subsection (2) of section 16 of the Finance Act, 1950 (No. 18 of 1950), shall have effect as if the reference therein to a statement by the lessee included a reference to a statement under subsection (4) of section 24 of the Finance Act, 1949 , as amended by subsection (1) of this section.