Stamp Duties Consolidation Act, 1999

Stamp Duties Consolidation Act, 1999 Skip to content Disclaimer Feedback Helpdesk Gaeilge Léim go dtí an t-ábhar Séanadh Aiseolas Deasc chabhrach English Gaeilge English Produced by the Office of the Attorney General Táirgthe ag Oifig an Ard-Aighne Home Legislation Acts of the Oireachtas Statutory Instruments Pre-1922 Legislation Constitution External Resources Bills (Houses of the Oireachtas) Iris Oifigiúil / Official Gazette Revised Acts (LRC) Classified List of Legislation (LRC) Translations (acts.ie) Translations (Houses of the Oireachtas) Government Publications for Sale EU Law (EUR-Lex) FAQ Disclaimer Feedback Helpdesk Search Baile Reachtaíocht Achtanna an Oireachtais Ionstraimí Reachtúla Reachtaíocht Réamh-1922 Bunreacht Acmhainní Seachtracha Billí (Tithe an Oireachtais) Iris Oifigiúil Achtanna Athbhreithnithe (CAD) (An Coimisiún um Athchóiriú an Dlí) Liosta Rangaithe Reachtaíochta Aistriúcháin (achtanna.ie) Aistriúcháin (Tithe an Oireachtais) Foilseacháin Rialtais ar Díol Dlí AE (EUR-Lex) CCanna (Ceisteanna Coitianta) Séanadh Aiseolas Deasc chabhrach Cuardach TitleTeideal Year(s) or rangeBliain nó blianta nó raon TypeCineál All Legislation Acts Statutory Instruments Advanced SearchCuardach Casta HomeBaile ActsAchtanna 1999 Stamp Duties Consolidation Act, 1999 Stamp Duties Consolidation Act, 1999 Permanent Page URL View by SectionAmharc de réir Ailt View Full ActAmharc ar an Acht Iomlán Bill History Stair Bille Commencement, Amendments, SIs made under the Act Tosach Feidhme, Leasuithe, IRí arna ndéanamh faoin Acht Open PDFOscail PDF Print Full ActPriontáil an tAcht Iomlán Number 31 of 1999 STAMP DUTIES CONSOLIDATION ACT, 1999 ARRANGEMENT OF SECTIONS

PART 1

Interpretation Section

Section 1

Interpretation.

PART 2

Charging and Stamping of Instruments

Section 2

Charging of, liability for, and recovery of stamp duty.

Section 3

Variation of certain rates of duty by order.

Section 4

How duties are to be paid.

Section 5

Agreement as to payment of stamp duty on instruments.

Section 6

How instruments are to be written and stamped.

Section 7

Instruments to be separately charged with duty in certain cases.

Section 8

Facts and circumstances affecting duty to be set forth in instruments, etc.

Section 9

Mode of calculating ad valorem duty in certain cases.

Section 10

Adhesive stamps.

Section 11

Denoting stamps.

Section 12

Particulars delivered stamps.

Section 13

Duplicates and counterparts.

Section 14

Penalty on stamping instruments after execution.

Section 15

Surcharges for undervaluation in case of voluntary dispositions inter vivos.

Section 16

Surcharges to apply when apportionment is not just and reasonable.

Section 17

Furnishing of an incorrect certificate.

PART 3

Valuation

Section 18

Mode of valuing property.

Section 19

Valuation of property chargeable with stamp duty.

PART 4

Adjudication and Appeals

Section 20

Assessment of duty by the Commissioners.

Section 21

Right of appeal of persons dissatisfied with assessment.

PART 5

Provisions Applicable to Particular Instruments

Chapter 1

Bills of Exchange and Promissory Notes

Section 22

Bills and notes purporting to be drawn outside the State.

Section 23

Restriction on stamping after execution.

Section 24

One bill only of a set need be stamped.

Section 25

Denotion of duty by adhesive stamps.

Section 26

Certain bills issued by local authorities to be chargeable as promissory notes.

Section 27

Stamping of certain foreign bills of exchange.

Section 28

Notes promising the payment of sum of money out of a particular fund, etc.

Chapter 2

Conveyances on Sale

Section 29

Conveyance on sale combined with building agreement for dwellinghouse or apartment.

Section 30

Voluntary dispositions inter vivos chargeable as conveyances or transfers on sale.

Section 31

Certain contracts to be chargeable as conveyances on sale.

Section 32

As to sale of an annuity or right not before in existence.

Section 33

Conveyance or transfer in contemplation of sale.

Section 34

Agreements in connection with, or in contemplation of, sale.

Section 35

Deeds of enlargement.

Section 36

Certain contracts for sale of leasehold interests to be chargeable as conveyances on sale.

Section 37

Exchanges.

Section 38

Partitions or divisions.

Section 39

Decree or order for foreclosure, etc., and stamp duty.

Section 40

Calculation of ad valorem duty on stock and securities.

Section 41

How conveyance in consideration of debt, etc., to be charged.

Section 42

Charging of consideration consisting of periodical payments.

Section 43

Further consideration in respect of substantial improvements not chargeable.

Section 44

Procedure to apply where consideration, etc., cannot be ascertained.

Section 45

Directions as to apportionment of consideration.

Section 46

Directions as to sub-sales.

Section 47

Principal instrument, how to be ascertained.

Section 48

Stamp duty and value-added tax.

Chapter 3

Conveyances on any occasion except sale or mortgage

Section 49

Certain transfers, etc., not sales or mortgages, deemed to be conveyances.

Chapter 4

Leases

Section 50

Agreements for not more than 35 years charged as leases.

Section 51

Leases how to be charged in respect of produce, etc.

Section 52

Charging of duty on leases, etc.

Section 53

Lease combined with building agreement for dwellinghouse or apartment.

Section 54

Leases deemed to operate as voluntary dispositions inter vivos.

Section 55

Procedure to apply where consideration, etc., cannot be ascertained.

Section 56

Stamp duty and value-added tax.

Chapter 5

Mortgages, etc.

Section 57

Charging of duty on mortgages, etc.

Section 58

Security for future advances, how to be charged.

Chapter 6

Policies of Insurance

Section 59

Penalty for policy of insurance not duly stamped.

Section 60

Short-term life insurance policies.

Section 61

Location of insurance risk for stamp duty purposes.

Section 62

Limitation of stamp duty on certain instruments relating to 2 or more distinct matters.

Chapter 7

Releases or renunciations of any property, or of any right or interest in any property

Section 63

Letters of renunciation.

Chapter 8

Share Warrants and Stock Certificates to Bearer, etc.

Section 64

Instruments passing by delivery in pursuance of usage.

Section 65

Penalty for issuing share warrant not duly stamped.

Section 66

Penalty for issuing stock certificate not duly stamped, etc.

Chapter 9

Surrenders of any property, or of any right or interest in any property

Section 67

Surrender and merger of leasehold interests.

PART 6

Special Provisions Relating to Uncertificated Securities

Section 68

Interpretation (Part 6).

Section 69

Operator-instruction deemed to be an instrument of conveyance or transfer.

Section 70

Rate of duty.

Section 71

Application and adaptation of other Parts of this Act.

Section 72

Collection and payment of duty.

Section 73

Exemptions.

Section 74

Exemption for market makers.

Section 75

Relief for member firms.

Section 76

Obligations of system-members.

Section 77

Overpayment of duty.

Section 78

Regulations.

PART 7

Exemptions and Reliefs from Stamp Duty

Chapter 1

Instruments which must be presented to the Commissioners for adjudication in order to obtain exemption or relief

Section 79

Conveyances and transfers of property between certain bodies corporate.

Section 80

Reconstructions or amalgamations of companies.

Section 81

Young trained farmers.

Section 82

Charities.

Section 83

Instruments given by means of security to company by subsidiary.

Chapter 2

Other instruments

Section 84

Repayment of stamp duty on certain transfers of shares.

Section 85

Certain loan capital and securities.

Section 86

Certain loan stock.

Section 87

Stock borrowing.

Section 88

Certain stocks and marketable securities.

Section 89

Foreign Government securities.

Section 90

Certain financial services instruments.

Section 91

New dwellinghouses and apartments with floor area certificate.

Section 92

New dwellinghouses and apartments with no floor area certificate.

Section 93

Houses acquired from industrial and provident societies.

Section 94

Purchase of land from Land Commission.

Section 95

Commercial woodlands.

Section 96

Transfers between spouses.

Section 97

Certain transfers following the dissolution of a marriage.

Section 98

Foreign immovable property.

Section 99

Dublin Docklands Development Authority.

Section 100

Temple Bar Properties Limited.

Section 101

Community and international trade marks.

Section 102

The Alfred Beit Foundation.

Section 103

Shared ownership leases.

Section 104

Licences and leases granted under Petroleum and Other Minerals Development Act, 1960, etc.

Section 105

Securitisation agreements.

Section 106

Housing Finance Agency.

Section 107

Certain mortgages of stock.

Section 108

National Treasury Management Agency, etc.

Section 109

Certain instruments made in anticipation of a formal insurance policy.

Section 110

Certain health insurance contracts.

Section 111

Oireachtas funds.

Section 112

Certificates of indebtedness, etc.

Section 113

Miscellaneous instruments.

PART 8

Companies Capital Duty

Section 114

Interpretation (Part 8).

Section 115

Restriction of application (Part 8).

Section 116

Charge of stamp duty.

Section 117

Statement to be charged with stamp duty.

Section 118

Amount on which stamp duty chargeable.

Section 119

Reconstructions or amalgamations of capital companies.

Section 120

Exemption for certain companies.

Section 121

Appeals in certain cases.

Section 122

Recovery of stamp duty and furnishing of information.

PART 9

Levies

Section 123

Cash cards.

Section 124

Credit cards and charge cards.

Section 125

Certain premiums of insurance.

Section 126

Certain statements of interest.

PART 10

Enforcement

Section 127

Terms on which instruments not duly stamped may be received in evidence.

Section 128

Rolls, books, etc., to be open to inspection.

Section 129

Penalty for enrolling, etc., instrument not duly stamped, etc.

Section 130

Assignment of policy of life insurance to be stamped before payment of money assured.

Section 131

Conditions and agreements as to stamp duty void.

Section 132

Application of section 962 of Taxes Consolidation Act, 1997.

Section 133

Application of certain provisions relating to penalties under Taxes Consolidation Act, 1997.

Section 134

Evidence in proceedings for recovery of stamp duty, etc.

PART 11

Management Provisions

Chapter 1

Interpretation, Application and Care and Management

Section 135

Interpretation (Part 11).

Section 136

Application (Part 11).

Section 137

Stamp duties under care and management of the Commissioners

Chapter 2

Mode of recovering money received for duty

Section 138

Moneys received for duty and not appropriated to be recoverable in High Court.

Chapter 3

Offences

Section 139

Certain offences in relation to dies and stamps provided by the Commissioners to be offences.

Section 140

Proceedings for detection of forged dies, etc.

Section 141

Proceedings for detection of stamps stolen or obtained fraudulently.

Section 142

Licensed person in possession of forged stamps to be presumed guilty until contrary is shown.

Section 143

Mode of proceeding when stamps are seized.

Section 144

Defacement of adhesive stamps.

Section 145

Penalty for frauds in relation to duties.

Chapter 4

Sale of stamps

Section 146

Power to grant licences to deal in stamps.

Section 147

Penalty for unauthorised dealing in stamps, etc.

Section 148

Provisions as to determination of a licence.

Section 149

Penalty for hawking stamps.

Section 150

Discount.

Chapter 5

Allowance for spoiled or misused stamps

Section 151

Allowance for spoiled stamps.

Section 152

Allowance for misused stamps.

Section 153

Allowance, how to be made.

Section 154

Stamps not wanted may be repurchased by the Commissioners.

Section 155

Allowance for lost instruments.

Chapter 6

Miscellaneous

Section 156

Discontinuance of dies.

Section 157

Declarations, affidavits and oaths, how to be made.

Section 158

Mode of granting licences.

Section 159

Recovery of penalties, etc.

PART 12

Repeals, etc.

Section 160

Repeals.

Section 161

Saving for enactments not repealed.

Section 162

Consequential amendments to other enactments.

Section 163

Continuity and construction of certain references to old and new law.

Section 164

Short title.

SCHEDULE 1 Stamp Duties on Instruments SCHEDULE 2 Qualifications for Applying for Relief from Stamp Duty in Respect of Transfers to Young Trained Farmers SCHEDULE 3 Enactments Repealed or Revoked SCHEDULE 4 Consequential Amendments Acts Referred to ACC Bank Act, 1992 1992, No. 6 Assurance Companies Act, 1909 9 Edw. 7, c.49 Building Societies Act, 1989 1989, No. 17 Capital Acquisitions Tax Act, 1976 1976, No. 8 Central Bank Act, 1971 1971, No. 24 Companies Act, 1963 1963, No. 33 Companies Act, 1990 1990, No. 33 Conveyancing Act, 1881 44 & 45 Vict., c.41 Criminal Assets Bureau Act, 1996 1996, No. 31 Disclosure of Certain Information for Taxation and Other Purposes Act, 1996 1996, No. 25 Electricity (Supply) Act, 1927 1927, No. 27 Exchange Control Act, 1954 1954, No. 30 Family Law Act, 1995 1995, No. 26 Family Law (Divorce) Act, 1996 1996, No. 33 Finance Act, 1894 57 & 58 Vict., c.30 Finance Act, 1895 58 Vict., c.16 Finance Act, 1897 60 & 61 Vict., c.24 Finance Act, 1898 61 & 62 Vict., c.10 Finance Act, 1899 62 & 63 Vict., c.9 Finance Act, 1900 63 Vict., c.7 Finance (1909-10) Act, 1910 10 Edw. 7, c.8 Finance Act, 1920 10 & 11 Geo. 5, c.18 Finance Act, 1922 12 & 13 Geo. 5, c.17 Finance Act, 1924 1924, No. 27 Finance Act, 1926 1926, No. 35 Finance (Customs and Stamp Duties) Act, 1929 1929, No. 5 Finance Act, 1929 1929, No. 32 Finance Act, 1931 1931, No. 31 Finance Act, 1932 1932, No. 20 Finance Act, 1933 1933, No. 15 Finance Act, 1934 1934, No. 31 Finance (Miscellaneous Provisions) Act, 1935 1935, No. 7 Finance Act, 1936 1936, No. 31 Finance Act, 1942 1942, No. 14 Finance Act, 1943 1943, No. 16 Finance Act, 1949 1949, No. 13 Finance Act, 1952 1952, No. 14 Finance Act, 1954 1954, No. 22 Finance Act, 1955 1955, No. 13 Finance Act, 1958 1958, No. 25 Finance Act, 1959 1959, No. 18 Finance Act, 1960 1960, No. 19 Finance Act, 1961 1961, No. 23 Finance Act, 1962 1962, No. 15 Finance Act, 1963 1963, No. 23 Finance Act, 1965 1965, No. 22 Finance Act, 1967 1967, No. 17 Finance Act, 1969 1969, No. 21 Finance Act, 1970 1970, No. 14 Finance Act, 1971 1971, No. 23 Finance Act, 1972 1972, No. 19 Finance Act, 1973 1973, No. 19 Finance Act, 1974 1974, No. 27 Finance Act, 1975 1975, No. 6 Finance Act, 1976 1976, No. 16 Finance Act, 1977 1977, No. 18 Finance Act, 1978 1978, No. 21 Finance Act, 1979 1979, No. 11 Finance Act, 1980 1980, No. 14 Finance Act, 1981 1981, No. 16 Finance (No. 2) Act, 1981 1981, No. 28 Finance Act, 1982 1982, No. 14 Finance Act, 1983 1983, No. 15 Finance Act, 1984 1984, No. 9 Finance Act, 1985 1985, No. 10 Finance Act, 1986 1986, No. 13 Finance Act, 1987 1987, No. 10 Finance Act, 1988 1988, No. 12

Finance Act, 1989 1989, No. 10 Finance Act, 1990 1990, No. 10 Finance Act, 1991 1991, No. 13 Finance Act, 1992 1992, No. 9 Finance (No. 2) Act, 1992 1992, No. 28 Finance Act, 1993 1993, No. 13 Finance Act, 1994 1994, No. 13 Finance Act, 1995 1995, No. 8 Finance Act, 1996 1996, No. 9 Finance Act, 1997 1997, No. 22 Finance Act, 1998 1998, No. 3 Finance (No. 2) Act, 1998 1998, No. 15 Finance Act, 1999 1999, No. 2 Forgery Act, 1913 3 & 4 Geo. 5, c.27 Health Insurance Act, 1994 1994, No. 16 Housing Act, 1966 1966, No. 21 Housing Finance Agency Act, 1981 1981, No. 37 Housing (Miscellaneous Provisions) Act, 1979 1979, No. 27 Housing (Miscellaneous Provisions) Act, 1992 1992, No. 18 ICC Bank Act, 1992 1992, No. 21 Industrial and Provident Societies Acts, 1893 to 1978 Inland Revenue Regulation Act, 1890 53 & 54 Vict., c.21 Insurance Act, 1936 1936, No. 45 Investment Limited Partnerships Act, 1994 1994, No. 24 Land Act, 1965 1965, No. 2 Limited Partnerships Act, 1907 7 Edw. 7, c.24 Local Government (Financial Provisions) Act, 1978 1978, No. 35 National Treasury Management Agency Act, 1990 1990, No. 18 Petroleum and Other Minerals Development Act, 1960 1960, No. 7 Postal and Telecommunications Services Act, 1983 1983, No. 24 Property Values (Arbitrations and Appeals) Act, 1960 1960, No. 45 Revenue Act, 1898 61 & 62 Vict., c.46 Revenue Act, 1903 3 Edw. 7, c.46 Revenue Act, 1909 9 Edw. 7, c.43 Securitisation (Proceeds of Certain Mortgages) Act, 1995 1995, No. 30 Solicitors Act, 1954 1954, No. 36 Solicitors (Amendment) Act, 1994 1994, No. 27 Stamp Act, 1891 54 & 55 Vict., c.39 Stamp Duties Management Act, 1891 54 & 55 Vict., c.38 Statute of Limitations, 1957 1957, No. 6 Stock Transfer Act, 1963 1963, No. 34 Succession Duty Act, 1853 16 & 17 Vict., c.51 Taxes Consolidation Act, 1997 1997, No. 39 Temple Bar Area Renewal and Development Act, 1991 1991, No. 19 Trade Marks Act, 1996 1996, No. 6 Trustee Savings Banks Act, 1989 1989, No. 21 Value-Added Tax Act, 1972 1972, No. 22 Number 31 of 1999 STAMP DUTIES CONSOLIDATION ACT, 1999 AN ACT TO CONSOLIDATE CERTAIN ENACTMENTS RELATING TO STAMP DUTIES AND THE MANAGEMENT OF THOSE DUTIES. [15th December, 1999] BE IT ENACTED BY THE OIREACHTAS AS FOLLOWS:

PART I

Interpretation Interpretation. [SDMA1891 s27 (part); SA1891 s32, s33(1); s54, s86, s91, s98(1); s108 and s122(1); FA1898 s6 (part); FA1997 s115 and s118] 1.—(1) In this Act, unless the context otherwise requires— “accountable person” means— (a) the person referred to in column (2) of the Table to this definition in respect of the corresponding instruments set out in column (1) of that Table by reference to the appropriate heading in Schedule 1 , (b) in the case of an instrument which operates, or is deemed to operate, as a voluntary disposition inter vivos under section 30 or 54 , the parties to such instrument, (c) in the case of any other instrument, the parties to that instrument, (d) notwithstanding paragraphs (a), (b) and (c), in the case of any person who would be an accountable person if alive, the accountable person shall be the personal representative of such person:

TABLE Instrument Heading specified in Accountable person Schedule 1

(1)

The purchaser or transferee.

CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance.

The purchaser or transferee.

DUPLICATE or COUNTERPART of any instrument chargeable with any duty.

Any of the persons specified in this column, as appropriate.

LEASE.

The lessee.

MORTGAGE, BOND, DEBENTURE, COVENANT (except a marketable security) which is a security for the payment or repayment of money which is a charge or incumbrance on property situated in the State other than shares in stocks or funds of the Government or the Oireachtas.

The mortgagee or obligee; in the case of a transfer, the transferee. “bill of exchange” includes draft, order, cheque, and letter of credit, and any document or writing (except a bank note) entitling or purporting to entitle any person, whether named in the bill or not, to payment by any other person of, or to draw on any other person for, any sum of money; “Commissioners” means Revenue Commissioners; “conveyance on sale” includes every instrument, and every decree or order (including a decree or order for, or having the effect of an order for, foreclosure) of any court or of any commissioners, whereby any property, or any estate or interest in any property, on the sale or compulsory acquisition of that property or that estate or that interest is transferred to or vested in a purchaser, or any other person on such purchaser's behalf or by such purchaser's direction; “die” includes any plate, type, tool, implement, apparatus, appliance, device, process and any other means, used by or under the direction of the Commissioners for expressing or denoting any duty, or rate of duty or the fact that any duty or rate of duty or penalty has been paid or that an instrument is duly stamped or is not chargeable with any duty or for denoting any fee, and also any part or combination of any such plate, type, tool, implement, apparatus, appliance, device, process and any such other means; “equitable mortgage” means an agreement or memorandum, under hand only, relating to the deposit of any title deeds or instruments constituting or being evidence of the title to any property (other than stock or marketable security), or creating a charge on such property; “executed” and “execution”, in relation to instruments not under seal, mean signed and signature; “forge” includes counterfeit and “forged” shall be construed accordingly; “impressed” includes any method of applying, producing or indicating a stamp on instruments or material by means of a die; “instrument” includes every written document; “marketable security” means a security of such a description as to be capable of being sold in any stock market in the State; “material” includes every sort of material on which words or figures can be expressed; “Minister” means the Minister for Finance; “money” includes all sums expressed in the currency of the State or in any foreign currency; “mortgage” means a security by means of mortgage for the payment of any definite and certain sum of money advanced or lent at the time, or previously due and owing, or forborne to be paid, being payable, or for the repayment of money to be thereafter lent, advanced, or paid, or which may become due on an account current, together with any sum already advanced or due, or without, as the case may be, and includes—

(a) further charge, and heritable bond, disposition, assignation, or tack in security, of or affecting any lands, estate, or property, real or personal, heritable or movable, (b) any conveyance of any lands, estate, or property in trust to be sold or otherwise converted into money, intended only as a security, and redeemable before the sale or other disposal of the lands, estate or property, either by express stipulation or otherwise, except where the conveyance is made for the benefit of creditors generally, or for the benefit of creditors specified who accept the provision made for payment of their debts, in full satisfaction of those debts, or who exceed 5 in number, (c) any defeazance, letter of reversion, declaration, or other deed or writing for defeating or making redeemable or explaining or qualifying any conveyance, transfer, disposition or assignation of any lands, estate, or property, apparently absolute, but intended only as a security, (d) any agreement (other than an agreement chargeable with duty as an equitable mortgage), contract, or bond accompanied with a deposit of title deeds for making a mortgage, or any other security or conveyance already referred to of any lands, estate, or property comprised in the title deeds, or for pledging or charging the same as a security, and (e) any deed operating as a mortgage of any stock or marketable security; “policy of insurance” includes every writing whereby any contract of insurance is made or agreed to be made, or is evidenced, and “insurance” includes assurance; “policy of life insurance” means a policy of insurance on any life or lives or on any event or contingency relating to or depending on any life or lives except a policy of insurance for any payment agreed to be made on the death of any person only from accident or violence or otherwise than from a natural cause; “promissory note” includes any document or writing (except a bank note) containing a promise to pay any sum of money; “residential property”, in relation to a sale or lease, means— (a) a building or part of a building which, at the date of the instrument of conveyance or lease— (i) was used or was suitable for use as a dwelling, (ii) was in the course of being constructed or adapted for use as a dwelling, or (iii) had been constructed or adapted for use as a dwelling and had not since such construction or adaptation been adapted for any other use. and (b) the curtilage of the residential property up to an area (exclusive of the site of the residential property) of one acre;

but where— (I) in the year ending on the 31st day of December immediately prior to the date of that instrument of conveyance or lease— (A) a rate was made by a rating authority as regards any hereditament to which section 3 of the Local Government (Financial Provisions) Act, 1978 , did not apply, (B) a rate was made by a rating authority, and an allowance made under that section of that Act, as regards any hereditament which was at the time the rate was made a mixed hereditament, secondary school or community hall (each within the meaning assigned by section 1 of the Local Government (Financial Provisions) Act, 1978 ), or (C) a hereditament was described as exempt, or partially exempt, from rating in the valuation lists (being the valuation lists referred to in the Valuation Acts), then the whole or an appropriate part of that hereditament as is referable to ordinary use other than as a dwelling at the date of that instrument of conveyance or lease or, where appropriate, when last ordinarily used, shall not be residential property, in relation to that sale or lease, or (II) the area of the curtilage (exclusive of the site of the residential property) exceeds one acre, then the part which shall be residential property shall be taken to be the part which, if the remainder were separately occupied, would be the most suitable for occupation and enjoyment with the residential property; “stamp” means— (a) any stamp, image, type, mark, seal, impression, imprint or perforation impressed by means of a die, (b) any receipt in whatever form issued by or under the direction of the Commissioners, or (c) an adhesive stamp issued by or under the direction of the Commissioners, for denoting any duty or fee; “stamped”, in relation to instruments and material, applies as well to instruments and material impressed with stamps by means of a die as to instruments and material having adhesive stamps affixed to them; “stock” includes any share in any stocks or funds transferable at the Bank of England or at the Bank of Ireland and any share in the stocks or funds of any foreign state or government, or in the capital stock or funded debt of any county council, corporation, company, or society in the State, or of any foreign corporation, company, or society; “stock certificate to bearer” includes every stock certificate to bearer issued under any Act authorising the creation of debenture stock, county stock, corporation stock, municipal stock, or funded debt, by whatever name known.

PART 2

Charging and Stamping of Instruments Charging of, liability for, and recovery of stamp duty. [SA1891 s1(1) to (4)] 2.—(1) Any instrument which— (a) is specified in Schedule 1, and (b) is executed in the State or, wherever executed, relates to any property situated in the State or any matter or thing done or to be done in the State, shall be chargeable with stamp duty.

Variation of certain rates of duty by order. [FA1991 s95] 3.—(1) Subject to this section, the Minister may— (a) by order vary the rate of duty chargeable on any instrument specified in Schedule 1 or may exempt such instrument from duty, and (b) make such order in respect of any particular class of instrument, but no order shall be made under this section for the purpose of increasing any of the rates of duty.

How duties are to be paid. [SA1891 s2] 4.— All stamp duties for the time being chargeable by law on any instruments are to be paid and denoted according to this Act and except where express provision is made to the contrary are to be denoted by impressed stamps only.

Agreement as to payment of stamp duty on instruments. [FA1990 s113(1) to (4)] 5.—(1) Where in the opinion of the Commissioners it is inexpedient or impractical for any person carrying on a business and who— (a) in the course of that business, is a party to instruments liable to stamp duty under Schedule 1, or (b) acts as agent for any such party, to pay stamp duty in respect of each such instrument, then the Commissioners may enter into an agreement with that person for the delivery to them of accounts for specified periods giving such particulars as may be required of such instruments.

How instruments are to be written and stamped. [SA1891 s3] 6.—(1) Every instrument— (a) written on stamped material shall be written in such manner, and (b) partly or wholly written before being stamped shall be so stamped, so as to have the stamp appear on the face of the instrument, and to prevent it being used for or applied to any other instrument written on the same piece of material.

Instruments to be separately charged with duty in certain cases. [SA1891 s4] 7.— Except where express provision to the contrary is made by this or any other Act— (a) an instrument containing or relating to several distinct matters shall be separately and distinctly charged, as if it were a separate instrument, with duty in respect of each of the matters; (b) an instrument made for any consideration in respect of which it is chargeable with ad valorem duty, and also for any further or other valuable consideration or considerations, shall be separately and distinctly charged, as if it were a separate instrument, with duty in respect of each of the considerations; (c) without prejudice to the generality of paragraphs (a) and (b), where the consideration (other than rent) for the sale or lease of any property is partly attributable to residential property and partly attributable to property which is not residential property the instrument of conveyance or transfer or lease shall be chargeable to ad valorem stamp duty on the basis that it is a separate conveyance or transfer or lease of residential property to the extent that that consideration is attributable to residential property and also a separate conveyance or transfer or lease of property which is not residential property to the extent that that consideration is attributable to property which is not residential property.

Facts and circumstances affecting duty to be set forth in instruments, etc. [SA1891 s5] 8.— (1) Except as provided for in this section, all the facts and circumstances affecting the liability of any instrument to duty, or the amount of the duty with which any instrument is chargeable, are to be fully and truly set forth in the instrument.

Mode of calculating ad valorem duty in certain cases. [FA1933 s40] 9.— Where an instrument is chargeable with ad valorem duty in respect of money in any currency other than the currency of the State, such duty shall be calculated on the value of that money in the currency of the State according to the rate of exchange current at the date of execution of such instrument.

Adhesive stamps. [SA1891 s7, s8 and s9(1)] 10.—(1) Any stamp duties on instruments which are permitted by law to be denoted by adhesive stamps shall, if denoted by adhesive stamps, be denoted by adhesive stamps issued by the Commissioners.

Denoting stamps. [SA1891 s11] 11.— Where the duty with which an instrument is chargeable depends in any manner on the duty paid on another instrument, the payment of the last-mentioned duty shall, on application to the Commissioners and production of both the instruments, be denoted on the first-mentioned instrument in such manner as the Commissioners think fit.

Particulars delivered stamps. [FA1994 s107(1) to (3) and (6)] 12.—(1) In this section “fee simple”, “interest”, “land” and “lease” have the same meanings, respectively, as in section 41 of the Finance (1909-10) Act, 1910 , and references to a “transferee” or a “lessee” include the personal representatives of any transferee or lessee.

Duplicates and counterparts. [SA1891 s72] 13.— The duplicate or counterpart of an instrument chargeable with duty (except the counterpart of an instrument chargeable as a lease, such counterpart not being executed by or on behalf of any lessor or grantor,) shall not be deemed duly stamped unless— (a) it is stamped as an original instrument, or (b) it appears by some stamp impressed on it that the full and proper duty has been paid on the original instrument of which it is the duplicate or counterpart.

Penalty on stamping instruments after execution. [SA1891 s15(1) to (5)] 14.—(1) Except where express provision is in this Act made, any instrument which is unstamped or insufficiently stamped may be stamped after the expiration of the time for stamping provided for in subsection (3) of section 2 , on payment of the unpaid duty and on payment of a penalty of £20 and also by means of further penalty, where the unpaid duty exceeds £20, of interest on such duty, at the rate of 1 per cent per month or part of a month from the day on which that instrument was first executed to the day of payment of the unpaid duty.

Surcharges for undervaluation in case of voluntary dispositions inter vivos. [FA1991 s103(1) to (3)] 15.—(1) Where an instrument operates or is deemed to operate as a voluntary disposition inter vivos by operation of section 30 or 54 and the statement of value of such property, or in the case of a lease the minimum amount or value referred to in section 54 , provided to the Commissioners under subsection (5) of section 8 (in this section referred to as the “submitted value”) is less than the value of the property as agreed with, or ascertained by, the Commissioners, subject to the right of appeal under section 21 , (in this section referred to as the “ascertained value”) then, as a penalty, the duty chargeable on the conveyance or transfer, or lease, shall be increased by an amount (in this section referred to as the “surcharge”) calculated according to the following provisions: (a) subject to subsection (2), where the submitted value is less than the ascertained value by an amount which is greater than 15 per cent of the ascertained value but not greater than 30 per cent of the ascertained value, a surcharge equal to 25 per cent of the total duty chargeable on the instrument; (b) where the submitted value is less than the ascertained value by an amount which is greater than 30 per cent of the ascertained value but not greater than 50 per cent of the ascertained value, a surcharge equal to 50 per cent of the total duty chargeable on the instrument; (c) where the submitted value is less than the ascertained value by an amount which is greater than 50 per cent of the ascertained value, a surcharge equal to the total duty chargeable on the instrument.

Surcharges to apply when apportionment is not just and reasonable. [FA1997 s121] 16.—(1) In this section “residential consideration” means— (a) in the case of a sale to which section 45

Furnishing of an incorrect certificate. [FA1997 s122] 17.— The furnishing of an incorrect certificate for the purpose of Schedule 1 shall be deemed to constitute the delivery of an incorrect statement for the purposes of section 1078 of the Taxes Consolidation Act, 1997 .

PART 3

Valuation Mode of valuing property. [FA1978 s34(5)] 18.— For the purposes of sections 30 and 33(1), the value of property conveyed or transferred by an instrument chargeable with duty in accordance with either of those sections shall be determined without regard to— (a) any power (whether or not contained in the instrument) on the exercise of which the property, or any part of or any interest in, the property, may be revested in the person from whom it was conveyed or transferred or in any person on his or her behalf, (b) any annuity or other periodic payment reserved out of the property or any part of it, or any life or other interest so reserved, being an interest which is subject to forfeiture, or (c) any right of residence, support, maintenance, or other right of a similar nature which the property is subject to or charged with, except where such rights are reserved in favour of the transferor or the spouse of the transferor and in any such case regard shall be had to such rights only to the extent that their value does not exceed 10 per cent of the unencumbered value of the property, but if on a claim made to the Commissioners not later than 6 years after the making or execution of the instrument it is shown to their satisfaction that any such power as is mentioned in paragraph (a) has been exercised in relation to the property and the property or any property representing it has been reconveyed or retransferred in the whole or in part in consequence of that exercise, the Commissioners shall repay the stamp duty paid by virtue of this section, in a case where the whole of such property has been so reconveyed or retransferred, so far as it exceeds the stamp duty which would have been payable apart from this section and, in any other case, so far as it exceeds the stamp duty which would have been payable if the instrument had operated to convey or transfer only such property as is not so reconveyed or retransferred.

Valuation of property chargeable with stamp duty. [FA1991 s105(1)] 19.— The Commissioners shall ascertain the value of property the subject of an instrument chargeable with stamp duty in the same manner, subject to any necessary modification, as is provided for in section 15 of the Capital Acquisitions Tax Act, 1976 .

PART 4

Adjudication and Appeals Assessment of duty by the Commissioners. [SA1891 s12] 20.—(1) Subject to such regulations as the Commissioners may think fit to make, the Commissioners may be required by any person to express their opinion, or may express their opinion, with reference to any executed instrument on the following questions: (a) whether it is chargeable with any duty; (b) with what amount of duty it is chargeable.

Right of appeal of persons dissatisfied with assessment. [SA1891 s13] 21.—(1) In this section— “Appeal Commissioners” has the meaning assigned to it by section 850 of the Taxes Consolidation Act, 1997 ; “appellant” means a person who appeals to the Appeal Commissioners under subsection (2).

PART 5

Provisions Applicable to Particular Instruments

Chapter 1

Bills of Exchange and Promissory Notes Bills and notes purporting to be drawn outside the State. [SA1891 s36] 22.— A bill of exchange or promissory note which purports to be drawn or made outside the State shall, for the purpose of the stamp duty on such bill of exchange or promissory note, be deemed to have been so drawn or made, although it may in fact have been drawn or made in the State.

Restriction on stamping after execution [SA1891 s37(2)] 23.— No bill of exchange or promissory note shall be stamped with an impressed stamp after its execution.

One bill only of a set need be stamped. [SA1891 s39] 24.—(1) When a bill of exchange is drawn in a set according to the custom of merchants, and one of the set is duly stamped, the other or others of the set shall, unless issued or in some manner negotiated apart from the stamped bill, be exempt from duty.

Denotion of duty by adhesive stamps. [FA1970 s41(2) and (3)] 25.—(1) The duty on a bill of exchange or a promissory note may be denoted by an adhesive stamp which shall be cancelled by the person by whom the bill or note is signed before such person delivers it out of his or her hands, custody or power.

Certain bills issued by local authorities to be chargeable as promissory notes. [FA1897 s8] 26.— Where under the power conferred by any Act any county council or municipal corporation issue bills repayable not later than 12 months from their date, those bills shall, notwithstanding that by the same or any other Act they are charged or secured on any property, fund, or rate, and that the statutory charge is referred to in the bills, be treated for the purpose of this Act, and any Act amending this Act, as promissory notes and not as marketable securities.

Stamping of certain foreign bills of exchange. [FA1936 s25] 27.— Notwithstanding any enactment to the contrary, a bill of exchange which is presented for acceptance or is accepted or payable outside the State shall not be invalid in the State by reason only that it is not stamped in accordance with the law for the time being in force in the State in relation to stamp duties, and sections 14

Notes promising the payment of sum of money out of a particular fund, etc. [SA1891 s33(2)] 28.— A note promising the payment of any sum of money out of any particular fund which may or may not be available, or on any condition or contingency which may or may not be performed or happen, shall be deemed a promissory note for that sum of money.

Chapter 2

Conveyances on Sale Conveyance on sale combined with building agreement for dwellinghouse or apartment. [FA1990 s112(1) to (8) (part)] 29.—(1) (a) In this section— “building” includes any improvement of any land, and any alteration to the character of any land, preliminary to the erection on that land of a dwellinghouse or apartment; “land” includes any interest in any land but does not include the result of any act of building. (b) For the purposes of this section, references to the repayment of stamp duty to a person who paid it include reference to any other person who satisfies the Commissioners that he or she is entitled to recover moneys owing to the person.

Voluntary dispositions inter vivos chargeable as conveyances or transfers on sale. [F(1909-10) A 1910 s74(1), (2), (5) and (6)] 30.—(1) Any conveyance or transfer operating as a voluntary disposition inter vivos shall be chargeable with the same stamp duty as if it were a conveyance or transfer on sale, with the substitution in each case of the value of the property conveyed or transferred for the amount or value of the consideration for the sale.

Certain contracts to be chargeable as conveyances on sale. [SA1891 s59(1) to (3), (6) and (7)] 31.—(1) Any contract or agreement— (a) for the sale of any equitable estate or interest in any property, or (b) for the sale of any estate or interest in any property except lands, tenements, hereditaments, or heritages, or property locally situated outside the State, or goods, wares or merchandise, or stock or marketable securities (being stock or marketable securities other than any share warrant issued in accordance with section 88 of the Companies Act, 1963 ), or any ship or vessel or aircraft, or part interest, share, or property of or in any ship or vessel or aircraft, shall be charged with the same ad valorem duty, to be paid by the purchaser, as if it were an actual conveyance on sale of the estate, interest, or property contracted or agreed to be sold.

As to sale of an annuity or right not before in existence. [SA1891 s60] 32.— Where on the sale of any annuity or other right not previously in existence such annuity or other right is not created by actual grant or conveyance, but is only secured by bond, warrant of attorney, covenant, contract, or otherwise, the bond or other instrument, or some one of such instruments, if there be more than one, is to be charged with the same duty as an actual grant or conveyance, and is for the purposes of this Act to be deemed an instrument of conveyance on sale.

Conveyance or transfer in contemplation of sale. [FA1978 s34(1) to (4)] 33.—(1) Subject to this section, any instrument whereby property is conveyed or transferred to any person in contemplation of a sale of that property shall be treated for the purposes of this Act as a conveyance or transfer on sale of that property for a consideration equal to the value of that property.

Agreements in connection with, or in contemplation of, sale. [FA1986 s96(1)] 34.— Where, in connection with, or in contemplation of, a sale of property, the vendor enters into— (a) an agreement for the grant of a lease of the property for a term exceeding 35 years, or (b) an agreement (other than a contract for the sale of the property) under which the vendor grants any other rights in relation to the property, any conveyance or transfer, subject to the agreement, of the property by the vendor shall be charged to stamp duty as a conveyance or transfer on sale of the property for a consideration equal to the value of the property and the value shall be determined without regard to the agreement.

Deeds of enlargement. [FA1986 s96(2) and (3)] 35.—(1) A declaration by deed under section 65

(2)

Section 82

shall not apply to a deed which is chargeable to stamp duty under subsection (1).

Certain contracts for sale of leasehold interests to be chargeable as conveyances on sale. [FA1978 s31(1) and (1A)] 36.—(1) For the purposes of this section “transfer”, other than the last-mentioned reference in paragraph (ii) of subsection (2), means a transfer which would but for this section be chargeable with stamp duty.

Exchanges. [FA1993 s104(2)] 37.— Any instrument effecting a conveyance or transfer of any immovable property in exchange for any other property, wherever situated, whether movable or immovable and with or without the payment of any consideration, shall be chargeable in respect of such conveyance or transfer under the heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance” in Schedule 1 , with the substitution of the value of immovable property situated in the State thereby conveyed or transferred for the amount or value of the consideration for the sale.

Partitions or divisions. [SA1891 s73] 38.—(1) Where on the partition or division of any real or heritable property any consideration exceeding in amount or value £100 is paid or given, or agreed to be paid or given, for equality, the principal or only instrument whereby the partition or division is effected shall be charged with the same ad valorem duty as a conveyance on sale for the consideration, and with that duty only.

Decree or order for foreclosure, etc., and stamp duty. [FA1898 s6 (part)] 39.—(1) In relation to a conveyance on sale, as valorem stamp duty on a decree or order for, or having the effect of an order for, foreclosure, shall not exceed the duty on a sum equal to the value of the property to which the decree or order relates, and where the decree or order states that value that statement shall be conclusive for the purpose of determining the amount of the duty.

Calculation of ad valorem duty on stock and securities. [SA1891 s55] 40.—(1) Where the consideration, or any part of the consideration, for a conveyance on sale consists of any stock or marketable security, the conveyance shall be charged with ad valorem duty in respect of the value of that stock or security.

How conveyance in consideration of debt, etc., to be charged. [SA1891 s57] 41.— Where any property is conveyed to any person in consideration, wholly or in part, of any debt due to such person, or subject either certainly or contingently to the payment or transfer of any money or stock, whether being or constituting a charge or incumbrance on the property or not, the debt, money, or stock shall be deemed the whole or part, as the case may be, of the consideration in respect of which the conveyance is chargeable with ad valorem duty.

Charging of consideration consisting of periodical payments. [SA1891 s56] 42.—(1) Where the consideration, or any part of the consideration, for a conveyance on sale consists of money payable periodically for a definite period not exceeding 20 years, so that the total amount to be paid can be previously ascertained, the conveyance shall be charged in respect of that consideration with ad valorem duty on such total amount.

Further consideration in respect of substantial improvements not chargeable. [FA1900 s10] 43.— A conveyance on sale made for any consideration in respect of which it is chargeable with ad valorem duty and in further consideration of a convenant— (a) by the purchaser to make, or of the purchaser's having previously made, any substantial improvement of or addition to the property conveyed to such purchaser, or (b) relating to the subject matter of the conveyance, shall not be chargeable with any duty in respect of such further consideration.

Procedure to apply where consideration, etc., cannot be ascertained. [FA1991 s104 (part)] 44.—(1) Where the consideration for a sale cannot be ascertained at the date of execution of a conveyance and such consideration would, if ascertainable, be chargeable with ad valorem duty in respect of such sale, then stamp duty shall be charged on such sale based on the amount or value of the consideration that could be obtained from a purchaser paying full consideration for such sale.

Directions as to apportionment of consideration. [SA1891 s58(1) to (3)] 45.—(1) Where property contracted to be sold for one consideration for the whole of it is conveyed to the purchaser in separate parts or parcels by different instruments, then the consideration shall be apportioned in such manner, as the parties think fit, so that a distinct consideration for each separate part or parcel is set forth in the conveyance relating to such separate part or parcel, and such conveyance shall be charged with ad valorem duty in respect of such distinct consideration.

Directions as to sub-sales. [SA1891 s58(4) to (9)] 46.—(1) Where— (a) a person having contracted for the purchase of any property, but not having obtained a conveyance of that property, contracts to sell the same to any other person, and (b) the property is in consequence conveyed immediately to the sub-purchaser, then the conveyance shall be charged with ad valorem duty in respect of the consideration moving from the sub-purchaser.

Principal instrument, how to be ascertained. [SA1891 s61(2)] 47.— The parties may determine for the themselves which of several instruments is to be deemed the principal instrument, and may pay the ad valorem duty on the principal instrument accordingly.

Stamp duty and value-added tax. [FA1994 s108(1) (part)] 48.— The consideration chargeable under the heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance” in Schedule 1 shall exclude any value-added tax chargeable under section 2 of the Value-Added Tax Act, 1972 , on such sale.

Chapter 3

Conveyances on any occasion except sale or mortgage Certain transfers, etc., not sales or mortgages, deemed to be conveyances. [SA1891 s62] 49.— Every instrument, and every decree or order of any court or of any commissioners, whereby any property on any occasion, except a sale or mortgage, is transferred to or vested in any person, shall be charged with duty as a conveyance or transfer of property.

Chapter 4

Leases Agreements for not more than 35 years charged as leases. [SA1891 s75(1)] 50.— An agreement for a lease or with respect to the letting of any lands, tenements, or heritable subjects for any term not exceeding 35 years, or for any indefinite term, shall be charged with the same duty as if it were an actual lease made for the term and consideration mentioned in the agreement.

Leases how to be charged in respect of produce, etc. [SA1891 s76] 51.—(1) Where the consideration, or any part of the consideration, for which a lease is granted or agreed to be granted, consists of any produce or other goods, the value of the produce or goods shall be deemed a consideration in respect of which the lease or agreement is chargeable with ad valorem duty.

Charging of duty on leases, etc. [SA1891 s77(1), (2), (5) and (6); RA1909 s8] 52.—(1) A lease, or agreement for a lease, or with respect to any letting, shall not be charged with any duty in respect of any penal rent, or increased rent in the nature of a penal rent, thereby reserved or agreed to be reserved or made payable, or by reason of being made in consideration of the surrender or abandonment of any existing lease, or agreement, of or relating to the same subject matter.

Lease combined with building agreement for dwellinghouse or apartment. [FA1990 s112(1) to (8) (part)] 53.—(1) (a) In this section— “building” includes any improvement of any land, and any alteration to the character of any land, preliminary to the erection on that land of a dwellinghouse or apartment; “land” includes any interest in any land but does not include the result of any act of building. (b) For the purposes of this section, references to the repayment of stamp duty to a person who paid it include reference to any other person who satisfies the Commissioners that such person is entitled to recover moneys owing to the person.

Leases deemed to operate as voluntary dispositions inter vivos. [FA1949 s24] 54.—(1) Any lease, not being executed in good faith and for valuable consideration, shall for the purposes of this section, be deemed to be a lease operating as a voluntary disposition inter vivos, and the consideration for any lease shall not, for this purpose, be deemed to be valuable consideration where the Commissioners are of opinion that, by reason of the inadequacy of consideration or other circumstances, the lease confers a substantial benefit on the lessee.

Procedure to apply where consideration, etc., cannot be ascertained. [FA1991 s104 (part)] 55.—(1) Where the average annual rent or consideration other than rent for a lease cannot be ascertained at the date of execution of a lease and such consideration or rent would, if ascertainable, be chargeable with ad valorem duty in respect of such lease, then stamp duty shall be charged on such lease based on the amount or value of the consideration or rent that could be obtained from a tenant paying full consideration or rent for such lease.

Stamp duty and value-added tax. [FA1994 s108(1) (part)] 56.— The consideration or rent chargeable under the heading “LEASE” in Schedule 1 shall exclude any value-added tax chargeable under section 2 of the Value-Added Tax Act, 1972 , on such lease.

Chapter 5

Mortgages, etc.

Charging of duty on mortgages, etc. [SA1891 s87(1) to (3) and (6)] 57.—(1) A security for the transfer or retransfer of any stock shall be charged with the same duty as a similar security for a sum of money equal in amount to the value of the stock, and a transfer, assignment, disposition, or assignation of any such security shall be charged with the same duty as an instrument of the same description relating to a sum of money equal in amount to the value of the stock.

Security for future advances, how to be charged. [SA1891 s88] 58.—(1) A security for the payment or repayment of money to be lent, advanced, or paid, or which may become due on an account current, either with or without money previously due, shall be charged, where the total amount secured or to be ultimately recoverable is in any way limited, with the same duty as a security for the amount so limited.

Chapter 6

Policies of Insurance Penalty for policy of insurance not duly stamped. [SA1891 s100; FA1959 s75(4)] 59.—(1) Every person who— (a) receives, or takes credit for, any premium or consideration for any insurance, and does not, within one month after receiving, or taking credit for, the premium or consideration, make out and execute a duly stamped policy of insurance, or (b) makes, executes, or delivers out, or pays or allows in account, or agrees to pay or allow in account, any money on or in respect of any policy which is not duly stamped, shall incur a penalty of £500.

Short-term life insurance policies. [FA1970 s43(1) and (2)] 60.—(1) For the purpose of the charge to stamp duty a policy of life insurance shall be treated as made for a period exceeding 2 years if it contains any provision whereby it may become available for a period exceeding 2 years in all.

Location of insurance risk for stamp duty purposes. [FA1992 s208] 61.—(1) In paragraph (d) of subsection (2) “branch” means an agency or branch of a policyholder or any permanent presence of a policyholder in the State even if that presence does not take the form of an agency or branch but consists merely of an office managed by the policyholder's own staff or by a person who is independent but has permanent authority to act for the policyholder in the same way as an agency.

Limitation of stamp duty on certain instruments relating to 2 or more distinct matters. [FA1982 s94(4)(b)(ii)] 62.— An instrument shall not be charged with duty exceeding £1 by reason only that it contains or relates to 2 or more distinct matters each falling within the heading “POLICY OF INSURANCE other than Life Insurance where the risk to which the policy relates is located in the State” in Schedule 1.

Chapter 7

Releases or Renunciations of any property, or of any right or interest in any property Letters of renunciation. [FA1986 s95(1) and (2)] 63.—(1) In this section— “share” includes stock; “unquoted company” means a company none of whose shares, stocks or debentures are listed in the official list of a recognised stock exchange or dealt in on an unlisted securities market recognised by such a stock exchange.

Chapter 8

Share Warrants and Stock Certificates to Bearer, etc.

Instruments passing by delivery in pursuance of usage. [FA1899 s6] 64.— For the purposes of this Chapter, an instrument used for the purpose of assigning, transferring, or in any manner negotiating the right to any share or stock shall, if delivery of such share or stock is by usage treated as sufficient for the purpose of a sale on the market, whether that delivery constitutes a legal assignment, transfer, or negotiation or not, be deemed an instrument to bearer and the delivery of such share or stock an assignment, transfer, or negotiation.

Penalty for issuing share warrant not duly stamped. [SA1891 s107; FA1899 s5(2) (part)] 65.— If a share warrant which is chargeable to stamp duty, or any instrument to bearer having a like effect as such a share warrant, is issued without being duly stamped, the company issuing the same, and also every person who, at the time when it is issued, is the managing director or secretary or other principal officer of the company, shall incur a penalty of £500.

Penalty for issuing stock certificate not duly stamped, etc. [SA1891 s109; FA1899 s5(2) (part)] 66.—(1) Where the holder of a stock certificate to bearer, or any instrument to bearer having a like effect as such stock certificate to bearer, has been entered on the register of the local authority, or company or body of persons, as the case may be, as the owner of the share of stock described in the certificate, the certificate shall be forthwith cancelled so as to be incapable of being re-issued to any person.

Chapter 9

Surrenders of any property, or of any right or interest in any property Surrender and merger of leasehold interests. [FA1986 s99(2)] 67.— An instrument bearing witness to, or acknowledging— (a) the surrender, by parol or otherwise, of a leasehold interest in immovable property, or (b) the merger of such an interest in a superior interest, shall be charged to the same stamp duty as if it were a surrender of that leasehold interest.

PART 6

Special Provisions Relating to Uncertificated Securities Interpretation (Part 6). [FA1996 s101(1)] 68.—(1) In this Part— “certificated securities” means securities other than uncertificated securities; “market maker” means a person who— (a) holds himself or herself out at all normal times in compliance with the rules of the Irish Stock Exchange Limited, or the London Stock Exchange Limited, as willing to buy and sell securities at a price specified by him or her, and (b) is recognised as doing so by the Irish Stock Exchange Limited or the London Stock Exchange Limited; “member firm” means a member firm of the Irish Stock Exchange Limited, or of the London Stock Exchange Limited, which is not acting in the ordinary course of business as a market maker in securities of the kind concerned; “relevant period” means any period of 6 months ending on the 30th day of September or the 31st day of March; “securities” means any stocks or marketable securities;