“uncertificated securities” means any securities, title to which is, by virtue of the Companies Act, 1990 (Uncertificated Securities) Regulations, 1996 ( S.I. No. 68 of 1996 ), transferable by means of a relevant system.
\n
(2)In this Part, “generate”, “instruction”, “operator”, “operator-instruction”, “relevant system” and “system-member” have the same meanings, respectively, as in the Companies Act, 1990 (Uncertificated Securities) Regulations, 1996.
\n
(3)In this Part, references to title to securities include any legal or equitable interest in securities.
\n
Operator-instruction deemed to be an instrument of conveyance or transfer. [FA1996 s102] 69.—(1) Where a transfer of title to securities through a relevant system is effected by an operator-instruction, that operator-instruction shall, for all purposes of this Act, be deemed to be an executed instrument of conveyance or transfer of such securities and the date of execution shall be taken to be the date the operator-instruction is generated.
\n
(2)Where an operator-instruction is generated in connection with the transfer through a relevant system of an equitable interest in securities, that transfer shall be deemed for the purposes of subsection (1) to have been effected by that operator-instruction.
\n
(3)Where no operator-instruction is generated in connection with the transfer through a relevant system of an equitable interest in securities, that transfer shall, for the purposes of this Part, be deemed to have been effected by an operator-instruction generated on the date of the transfer.
\n
Rate of duty. [FA1996 s103] 70.—(1) Where an operator-instruction is, by virtue of section 69 , chargeable with stamp duty under or by reference to the heading “CONVEYANCE or TRANSFER on sale of any stocks or marketable securities” in Schedule 1, the rate at which the duty is charged under that heading shall be the rate of 1 per cent of the consideration for the sale to which that operator-instruction gives effect.
\n
(2)Notwithstanding subsection (1)— (a) where the transfer operates as a voluntary disposition inter vivos, the reference in subsection (1) to the amount or value of the consideration for the sale shall, in relation to the duty so chargeable, be construed as a reference to the value of the securities transferred, (b) where the calculation results in an amount which is not a multiple of one penny, the amount so calculated shall be rounded to the nearest penny, and any half of a penny shall be rounded up to the next whole penny.
\n
Application and adaptation of other Parts of this Act. [FA1996 s104] 71.— In relation to a charge for stamp duty arising by virtue of section 69 — (a) the definition of “accountable person” in subsection (1) of section 1 shall be construed as if the reference, in the Table to that definition, to the purchaser or transferee were a reference to the transferee, (b) notwithstanding section 2
\n
(3), the operator-instruction which is charged to stamp duty by virtue of section 69 shall not be required to be stamped and, accordingly— (i) any duty so charged shall be due and payable and shall be paid to the Commissioners on the date on which that operator-instruction is generated, and (ii) that operator-instruction shall for the purposes of section 2
\n
(4)and notwithstanding section 30
\n
(3)be deemed to be duly stamped with the proper stamp duty when such duty and any penalty relating to such duty has been paid to the Commissioners, (c) notwithstanding paragraph (b), where an agreement referred to in section 72 is in force between the Commissioners and an operator, any duty paid in respect of that operator-instruction in accordance with such agreement shall be deemed to have been paid to the Commissioners on the date on which it became due and payable, (d) subject to paragraph (e), section 14 shall apply with the modification that the penalties imposed for not duly stamping the operator-instruction, which is charged to stamp duty by virtue of section 69 within a particular period of the date of first execution, shall be imposed for non-payment of the stamp duty within that period, and with any other necessary modifications, (e) sections 4 , 6 , 8 , 11 , 14
\n
(4), 20 , 127 and 129
\n
(1)shall not apply, (f) (i) if at any time it appears that for any reason no duty, or insufficient duty, has been paid to the Commissioners, they shall make an assessment of such amount of duty or additional duty as, to the best of their knowledge, information and belief, ought to be charged, levied and paid and the accountable person shall be liable for the payment of the duty so assessed, (ii) if at any time it appears that for any reason an assessment is incorrect, the Commissioners shall make such other assessment as they consider appropriate, which assessment shall be substituted for the first-mentioned assessment, (iii) section 21 shall apply to an assessment under this paragraph as if it were an assessment mentioned in that section, (g) any reliefs or exemptions from stamp duty which are conditional on an instrument being stamped in accordance with section 20 with a particular stamp denoting either that it is not chargeable with any duty or that it is duly stamped shall apply notwithstanding such condition not having been complied with.
\n
Collection and payment of duty. [FA1996 s105] 72.— The Commissioners may enter into an agreement with an operator, in such form and on such terms and conditions as they think fit, in relation to the collection of stamp duty and the payment of such duty to the Commissioners.
\n
Exemptions. [FA1996 s106](1) and (2)] 73.—(1)
\n
Section 69
\n
shall not apply— (a) to the extent that it would give rise to a charge to stamp duty under the heading “CONVEYANCE or TRANSFER of any kind not already described in this Schedule” in Schedule 1 , (b) in respect of a transfer of title to securities to a purchaser in completion of a contract for sale to the extent to which the interest transferred has, following that transfer, been retransferred in completion of a separate contract for sale made by that purchaser prior to that transfer to that purchaser provided that both contracts were due for completion on the same day and are in fact completed within 25 days after the making of whichever of those contracts was earlier in priority.
\n
(2)Stamp duty shall not be chargeable under or by reference to any heading in Schedule 1 other than the heading “CONVEYANCE or TRANSFER on sale of any stocks or marketable securities” on an instrument effecting a transfer of securities if the transferee is a system-member and the instrument is in a form which will, in accordance with the rules of the system, enable certificated securities to be converted into uncertificated securities so that title to them may become transferable by means of the relevant system.
\n
Exemption for market makers. [FA1996 s106(3)] 74.— Stamp duty shall not be chargeable on any instrument of transfer whereby any securities are on the sale of such securities transferred to a market maker acting in the ordinary course of business as a market maker in securities of the kind concerned or to a person acting as nominee of such market maker.
\n
Relief for member firms. [FA1996 s107(1) to (4)] 75.—(1) Stamp duty shall not be chargeable on any instrument of transfer whereby any securities are on the sale of such securities transferred to a member firm acting on its own behalf in the ordinary course of that member firm's business or to a nominee of such member firm.
\n
(2)Notwithstanding subsection (1)— (a) if and to the extent that the member firm does not transfer the securities referred to in subsection (1) to a bona fide purchaser before the expiration of the period of one month from the date of transfer, in this section referred to as “the specified period”, the member firm shall pay to the Commissioners within 14 days after the expiration of the specified period the amount of ad valorem duty which would have been chargeable on the transfer if this section had not been enacted; (b) the member firm may, in relation to any such sale with a completion date not later than 30 days from the date of the contract for sale and prior to the date of the contract, elect to have such completion date treated as the date of the second-mentioned transfer referred to in paragraph (a) and, in that event, that completion date shall be deemed, for the purposes of paragraph (a), to be the date of that second-mentioned transfer.
\n
(3)If any member firm fails to pay any sum due to the Commissioners under subsection (2), that sum, together with interest on that sum at the rate of 1 per cent per month or part of a month from the first day after the expiration of the specified period to the date of payment of that sum and, by means of further penalty, a sum equal to 1 per cent of the duty for each day the duty remains unpaid, shall be recoverable from the member firm as a debt due to the Minister for the benefit of the Central Fund.
\n
(4)Where subsection (1) applies in relation to a transfer of securities to a member firm, the member firm shall within 30 days of the end of the relevant period within which the transfer is made deliver to the Commissioners a statement in writing or in such other manner as the Commissioners may agree to in writing— (a) showing in respect of each such transfer— (i) full details in relation to the type, nominal value, description and amount of the securities comprised in the transfer; (ii) what part (if any) of the securities comprised in the transfer has been transferred by the member firm to a bona fide purchaser within the specified period and what part of the securities has not been so transferred; (iii) the date of the transfer and, if any part of the securities has been transferred to a bona fide purchaser within the specified period, the date on which that part was so transferred; (iv) the amount of stamp duty (if any) payable by virtue of subsection (2) and the date of payment; (b) certifying in respect of each such transfer that— (i) the member firm was acting on its own behalf in the ordinary course of its business, and (ii) any securities transferred in respect of which the stamp duty has not been paid were transferred on sale to a bona fide purchaser within the period of one month after the date of the transfer, and shall produce such further evidence by means of statutory declaration or otherwise in relation to the matters set out in paragraphs (a) and (b) as the Commissioners require.
\n
(5)A member firm which fails to deliver a statement within the period specified in subsection (4) shall be liable to a penalty of £1,000.
\n
Obligations of system-members. [FA1996 s108] 76.—(1) Where an instruction is entered or is caused to be entered in a relevant system by a system-member, and the effect of that instruction is that no stamp duty is calculated by the relevant system, that system-member shall retain evidence in legible written form, or readily convertible into such a form, for a period of 3 years from the date of such instruction, in sufficient detail to establish that the related operator-instruction is not chargeable with stamp duty, and the system-member shall make any such evidence available to the Commissioners on request.
\n
(2)A system-member who fails to comply with subsection (1) shall be liable to a penalty of £1,000.
\n
(3)Where a system-member fraudulently or negligently enters or causes to be entered an incorrect instruction in a relevant system and such incorrect instruction gives rise to an underpayment of stamp duty, or results in a claim for exemption from duty to which there is no entitlement, that system-member shall incur a penalty of £1,000 together with the amount, or twice the amount in the case of fraud, of the difference between the duty so paid (if any) and the duty which would have been payable if the instruction had been entered correctly.
\n
(4)A system-member shall be deemed to have acted negligently for the purposes of subsection (3) if it comes to the system-member's notice, or it would have come to the system-member's notice if the system-member had taken reasonable care, that an incorrect instruction has resulted in an underpayment of stamp duty, unless the system-member notifies the Commissioners accordingly, in writing, without unreasonable delay.
\n
(5)An incorrect instruction to which subsection (3) applies shall be deemed to be the production of an incorrect document for the purposes of section 1078
\n
(2)(d) of the Taxes Consolidation Act, 1997 .
\n
Overpayment of duty. [FA1996 s109] 77.—(1) Where on a claim it is proved to the satisfaction of the Commissioners that there has been an overpayment of duty in relation to a charge to duty by virtue of section 69 , the overpayment shall be repaid.
\n
(2)A claim under this section shall— (a) be made within a period of 6 years beginning on the date on which the payment was made, (b) set out the grounds on which the repayment is claimed, (c) contain a computation of the amount of the repayment claimed, (d) if so required by the Commissioners, be supported by such documentation as may be necessary to prove the entitlement to a repayment of the amount claimed, and (e) if the claim arises by virtue of the operation of section 73
\n
(1)(b)— (i) it shall be made on a form prescribed by the Commissioners, and (ii) it shall not be made to the Commissioners before the 21st day of the month following the month in which the overpayment of duty arose.
\n
(3)Where the claimant is not resident in the State and has no branch or agency in the State the Commissioners may require the claimant, as a condition for obtaining a repayment, to appoint and maintain a tax representative in the State who shall be personally liable to the Commissioners for any loss of duty arising out of an incorrect claim.
\n
(4)A person shall not be a tax representative under this section unless that person— (a) has a business establishment in the State, and (b) is approved by the Commissioners.
\n
Regulations. [FA1996 s110] 78.—(1) The Commissioners may make such regulations as seem to them to be necessary for the purpose of giving effect to this Part and of enabling them to discharge their functions in relation to administration, assessment, collection, recovery and repayment under this Part.
\n
(2)Every regulation made under this section shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done under the regulation.
\n
PART 7
\n
Exemptions AND Reliefs FROM Stamp Duty
\n
Chapter 1
\n
Instruments which must be presented to the Commissioners for adjudication in order to obtain exemption or relief Conveyances and transfers of property between certain bodies corporate. [FA1952 s19] 79.—(1) Stamp duty shall not be chargeable under or by reference to the following headings in Schedule 1— (a) “CONVEYANCE or TRANSFER on sale of any stocks or marketable securities”, (b) “CONVEYANCE or TRANSFER on sale of a policy of insurance or a policy of life insurance where the risk to which the policy relates is located in the State”, or (c) “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”, on any instrument to which this section applies.
\n
(2)Subsection (1) shall not apply to an instrument unless it has, in accordance with section 20 , been stamped with a particular stamp denoting that it is not chargeable with any duty or that it is duly stamped.
\n
(3)This section applies to any instrument as respects which it is shown to the satisfaction of the Commissioners that the effect of the instrument was to convey or transfer a beneficial interest in property from one body corporate to another, and that at the time of the execution of the instrument the bodies in question were associated, that is, one was the beneficial owner of not less than 90 per cent of the issued share capital of the other, or a third such body was the beneficial owner of not less than 90 per cent of the issued share capital of each and that this ownership was ownership either directly or through another body corporate or other bodies corporate, or partly directly and partly through another body corporate or other bodies corporate, and subsections (5) to (10) of section 9 of the Taxes Consolidation Act, 1997 , shall apply for the purposes of this section as if— (a) references to body corporate were references to company, (b) references to bodies corporate were references to companies, and (c) references to issued share capital were references to ordinary share capital.
\n
(4)Notwithstanding that at the time of execution of any instrument the bodies corporate between which the beneficial interest in the property was conveyed or transferred were associated within the meaning of subsection (3), they shall not be treated as having been so associated unless, additionally, at that time— (a) one such body was beneficially entitled to not less than 90 per cent of any profits available for distribution to the shareholders of the other such body or a third such body was beneficially entitled to not less than 90 per cent of any profits available for distribution to the shareholders of each, and (b) one such body would be beneficially entitled to not less than 90 per cent of any assets of the other such body available for distribution to its shareholders on a winding-up or a third such body would be beneficially entitled to not less than 90 per cent of any assets available for distribution to the shareholders of each on a winding-up, and, for the purposes of this section— (i) the percentage to which one body corporate is beneficially entitled of any profits available for distribution to the shareholders of another body corporate, and (ii) the percentage to which one body corporate would be beneficially entitled of any assets of another body corporate on a winding-up, means the percentage to which the first body corporate is, or would be, so entitled either directly or through another body corporate or other bodies corporate or partly directly and partly through another body corporate or other bodies corporate.
\n
(5)This section shall not apply to an instrument unless it is also shown to the satisfaction of the Commissioners that the instrument was not executed in pursuance of or in connection with an arrangement under which— (a) the consideration, or any part of the consideration, for the conveyance or transfer was to be provided or received, directly or indirectly by a person, other than a body corporate which at the time of the execution of the instrument was associated within the meaning of subsection (3) with either the transferor or the transferee (being, respectively, the body from whom and the body to whom the beneficial interest was conveyed or transferred), (b) that interest was previously conveyed or transferred, directly or indirectly, by such a person, or (c) the transferor and the transferee were to cease to be associated within the meaning of subsections (3) and (4), and, without prejudice to the generality of paragraph (a), an arrangement shall be treated as within that paragraph if it is one under which the transferor or the transferee, or a body corporate associated with either as there mentioned, was to be enabled to provide any of the consideration, or was to part with any of it, by or in consequence of the carrying out of a transaction or transactions involving, or any of them involving, a payment or other disposition by a person other than a body corporate so associated.
\n
(6)(a) The Commissioners may, for the purposes of this section, require the delivery to them of a statutory declaration in such form as they may direct made, as they may direct, by a responsible officer of a body corporate or by a solicitor of the Courts of Justice or by both and of such further evidence (if any) as they may require. (b) The powers conferred on the Commissioners by paragraph (a) shall be in addition to and not in substitution for the powers conferred on them by section 20 .
\n
(7)If— (a) where any claim for exemption from duty under this section has been allowed, it is subsequently found that any declaration or other evidence furnished in support of the claim was untrue in any material particular, or (b) the transferor and transferee cease to be associated within the meaning of subsection (3) within a period of 2 years from the date of the conveyance or transfer, then the exemption shall cease to be applicable and stamp duty shall be chargeable in respect of the conveyance or transfer as if subsection (1) had not been enacted together with interest on the duty, by means of penalty, at the rate of 1 per cent per month or part of a month to the day on which the duty is paid, in a case to which paragraph (a) applies, from the date of the conveyance or transfer or, in a case to which paragraph (b) applies, from the date the transferor and transferee ceased to be so associated.
\n
(8)For the purposes of subsection (4)— (a) the percentage to which one body is beneficially entitled of any profits available for distribution to shareholders of another company has, subject to any necessary modifications, the meaning assigned to it by section 414 of the Taxes Consolidation Act, 1997 , and (b) the percentage to which one body is beneficially entitled of any assets of another body available for distribution on a winding-up has, subject to any necessary modifications, the meaning assigned to it by section 415 of the Taxes Consolidation Act, 1997 .
\n
Reconstructions or amalgamations of companies. [FA1965 s31(1) to (3) and (5) to (8); FA1995 s144(2)] 80.—(1) (a) In this section, unless the context otherwise requires, “shares” includes stock and references to the undertaking of a target company include references to a part of the undertaking of a target company; (b) In this section references to “acquiring company” are references only to a company with limited liability.
\n
(2)Where it is shown to the satisfaction of the Commissioners that there exists a scheme for the bona fide reconstruction of any company or companies or the amalgamation of any companies and that, in connection with the scheme, there exist the following conditions, that is— (a) a company with limited liability is to be registered, or a company has been established by Act of the Oireachtas, or the nominal share capital of a company has been increased; (b) the company (in this section referred to as the “acquiring company”) is to be registered or has been established or has increased its capital with a view to the acquisition of either— (i) the undertaking of a particular existing company (in this section referred to as the “target company”), or (ii) not less than 90 per cent of the issued share capital of a target company; (c) the consideration for the acquisition (except such part of that consideration as consists in the transfer to or discharge by the acquiring company of liabilities of the target company) consists as to not less than 90 per cent of that consideration— (i) where an undertaking is to be acquired, in the issue of shares in the acquiring company to the target company or to holders of shares in the target company, or (ii) where shares are to be acquired, in the issue of shares in the acquiring company to the holders of shares in the target company in exchange for the shares held by them in the target company, then, subject to this section, stamp duty under the following headings in Schedule 1— (I) “CONVEYANCE or TRANSFER on sale of any stocks or marketable securities”, (II) “CONVEYANCE or TRANSFER on sale of a policy of insurance or a policy of life insurance where the risk to which the policy relates is located in the State”, or (III) “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”, shall not be chargeable on any instrument made for the purposes of or in connection with the transfer of the undertaking or shares, or on any instrument made for the purposes of or in connection with the assignment to the acquiring company of any debts, secured or unsecured, of the target company.
\n
(3)(a) This section shall not apply to an instrument unless it has, in accordance with section 20 , been stamped with a particular stamp denoting either that it is not chargeable with any duty or that it is duly stamped. (b) In the case of an instrument made for the purposes of or in connection with a transfer to a company within the meaning of the Companies Act, 1963 , subsection (2) shall not apply unless the instrument is either— (i) executed within a period of 12 months from the date of the registration of the acquiring company or the date of the resolution for the increase of the nominal share capital of the acquiring company, as the case may be, or (ii) made for the purpose of effecting a conveyance or transfer in pursuance of an agreement which has been filed, or particulars of which have been filed, with the registrar of companies within that period of 12 months.
\n
(4)This section shall not apply unless the scheme of reconstruction or amalgamation is effected for bona fide commercial reasons and does not form part of a scheme or arrangement of which the main purpose, or one of the main purposes, is avoidance of liability to stamp duty, income tax, corporation tax, capital gains tax or capital acquisitions tax.
\n
(5)For the purposes of a claim for exemption under subsection (2), a company which has, in connection with a scheme of reconstruction or amalgamation, issued any unissued share capital shall be treated as if it had increased its nominal share capital.
\n
(6)A company shall not be deemed to be a target company within the meaning of this section unless it is provided by the memorandum of association of, or Act establishing, the acquiring company that one of the objects for which the company is formed is the acquisition of the undertaking of, or shares in, the target company, or unless it appears from the resolution, Act or other authority for the increase of the capital of the acquiring company that the increase is authorised for the purpose of acquiring the undertaking of, or shares in, the target company.
\n
(7)(a) Where a claim is made for exemption under this section, the Commissioners may require the delivery to them of a statutory declaration in such form as they may direct, made by a solicitor of the Courts of Justice, and of such further evidence (if any) as they may require. (b) The powers conferred on the Commissioners by paragraph (a) shall be in addition to and not in substitution for the powers conferred on them by section 20 .
\n
(8)If— (a) in respect of any claim for exemption from duty under this section which has been allowed, it is subsequently found that any declaration or other evidence furnished in support of the claim was untrue in any material particular, or that the conditions specified in subsection (2) are not fulfilled in the reconstruction or amalgamation as actually carried out, (b) in respect of shares in the acquiring company which have been issued to the target company in consideration of the acquisition, the target company within a period of 2 years from the date, as the case may be, of the registration or establishment, or of the authority for the increase of the capital, of the acquiring company ceases, otherwise than in consequence of reconstruction, amalgamation or liquidation, to be the beneficial owner of the shares so issued to it, or (c) in respect of any such exemption which has been allowed in connection with the acquisition by the acquiring company of shares in the target company, the acquiring company within a period of 2 years from the date of its registration or establishment or of the authority for the increase of its capital, as the case may be, ceases, otherwise than in consequence of reconstruction, amalgamation or liquidation, to be the beneficial owner of the shares so acquired, then the exemption shall cease to be applicable and stamp duty shall be chargeable in respect of the conveyance or transfer as if subsection (2) had not been enacted together with interest on the duty, by means of penalty, at the rate of 1 per cent per month or part of a month to the day on which the duty is paid, in a case to which paragraph (a) applies, from the date of the conveyance or transfer or, in a case to which paragraph (b) applies, from the date the target company ceased to be the beneficial owner of the shares so issued to it or, in a case to which paragraph (c) applies, from the date the acquiring company ceased to be the beneficial owner of the shares so acquired.
\n
(9)If in the case of any scheme of reconstruction or amalgamation the Commissioners are satisfied that at the proper time for making a claim for exemption from duty under subsection (2) there were in existence all the necessary conditions for such exemption other than the condition that not less than 90 per cent of the issued share capital of the target company would be acquired by the acquiring company, the Commissioners may— (a) if it is proved to their satisfaction that not less than 90 per cent of the issued capital of the target company has under the scheme been acquired within a period of 6 months from— (i) the last day of the period of one month after the first allotment of shares made for the purposes of the acquisition, or (ii) the date on which an invitation was issued to the shareholders of the target company to accept shares in the acquiring company, whichever first occurs, and (b) on production of the instruments on which the duty paid has been impressed, repay such an amount of duty as would have been remitted if that condition had been originally fulfilled.
\n
(10)This section shall apply notwithstanding— (a) that the acquiring company referred to in this section is incorporated in another Member State of the European Union, or (b) that the target company referred to in this section is incorporated outside the State, but only where such acquiring company or target company incorporated outside the State corresponds, under the law of the place where it is incorporated, to an acquiring company or target company, as the case may be, within the meaning of this section and subject to any necessary modifications for the purpose of so corresponding, all the other provisions of this section are met.
\n
Young trained farmers. [FA1994 s112] 81.—(1) In this section and Schedule 2 — “an interest in land” means an interest which is not subject to any power (whether or not contained in the instrument) on the exercise of which the land, or any part of or any interest in the land, may be revested in the person from whom it was conveyed or transferred or in any person on behalf of such person; “land” means agricultural land and includes such farm buildings, farm houses and mansion houses (together with the lands occupied with such farm buildings, farm houses and mansion houses) as are of a character appropriate to the land; “young trained farmer” means a person in respect of whom it is shown to the satisfaction of the Commissioners— (a) that such person had not attained the age of 35 years on the date on which the instrument, as respect which relief is being claimed under this section, was executed, and (b) (i) that such person is the holder of a qualification set out in Schedule 2 and, in the case of a qualification set out in subparagraph (c), (d), (e), (f) or (g) of paragraph 3 or paragraph 4 of that Schedule, is also the holder of a certificate issued by Teagasc certifying that such person has satisfactorily attended a course of training in farm management, the aggregate duration of which exceeded 80 hours, or (ii) (I) that such person has satisfactorily attended full-time a course at a third-level institution in any discipline for a period of not less than 2 years duration, and (II) is the holder of a certificate issued by Teagasc certifying satisfactory attendance at a course of training in either or both agriculture and horticulture, the aggregate duration of which exceeded 180 hours, or (iii) if born before 1 January 1968 that such person is the holder of a certificate issued by Teagasc certifying that such person— (I) has had farming as the principal occupation for a period of not less than 3 years, and (II) has satisfactorily attended a course of training in either or both agriculture and horticulture, the aggregate duration of which exceeded 180 hours, and notwithstanding paragraphs (a) and (b), where Teagasc certifies that any other qualification corresponds to a qualification which is set out in Schedule 2 , the Commissioners shall, for the purposes of this section, treat that other qualification as if it were the corresponding qualification so set out.
\n
(2)The amount of stamp duty chargeable under or by reference to 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 on any instrument to which this section applies shall be reduced by an amount equal to two-thirds of the amount which would otherwise have been chargeable but where the amount so obtained is a fraction of £1 that amount shall be rounded up to the next £.
\n
(3)This section applies to any instrument which operates as a conveyance or transfer (whether on sale or as a voluntary disposition inter vivos) of an interest in land to a young trained farmer where— (a) the instrument contains a certificate that this section applies, (b) a declaration made in writing by the young trained farmer, or each of them if there is more than one, is furnished to the Commissioners when the instrument is presented for stamping, confirming, to the satisfaction of the Commissioners, that it is the intention of such person, or each such person, for a period of not less than 5 years from the date of execution of the instrument to— (i) spend not less than 50 per cent of that person's normal working time farming the land, and (ii) retain ownership of the land, and (c) the identifying reference number, known as the Revenue and Social Insurance (RSI) Number, of the young trained farmer, or each of them if there is more than one, is furnished to the Commissioners when the instrument is presented for stamping.
\n
(4)Notwithstanding subsection (3), this section shall apply where the property is conveyed or transferred into joint ownership where all the joint owners are young trained farmers or where any of the joint owners is a spouse of another joint owner who is a young trained farmer.
\n
(5)Where this section would have applied to the instrument, except for the fact that a person to whom the land is being conveyed or transferred is not a young trained farmer on the date when the instrument was executed, by reason of not being the holder of one of the qualifications, or an equivalent qualification, specified in Schedule 2 or, in the case of the requirement in paragraph (b)(ii)(I) of the definition of “young trained farmer” in subsection (1), not having attended full-time for the required 2 years' duration, but that such person had completed on that date at least one academic year of the prescribed course leading to an award of such qualification, or the course prescribed in paragraph (b)(ii)(I) of that definition, then— (a) if such person becomes a holder of such qualification, or satisfactorily attends such course full-time for a period of 2 years, within a period of 3 years from the date of execution of the instrument, the Commissioners shall, on production of the stamped instrument to them within 6 months after the date when such person became the holder of such qualification, or completed the required 2 years' attendance on such course, and on furnishing satisfactory evidence of compliance with this subsection, the declaration and the Revenue and Social Insurance (RSI) Number, as provided for in subsection (3), cancel and refund, without payment of interest on the duty, such duty as would not have been chargeable had this section applied to the instrument when it was first presented for stamping, and (b) the period of 5 years provided for in subsection (3) in relation to the declaration to be made by such person, as it applies to normal working time, shall be reduced by the period of time that elapsed between the date of the instrument and the date on which such person became the holder of such qualification or completed the required 2 years' attendance on such course.
\n
(6)An instrument to which this section applies and which is stamped with an amount of duty less than the amount which, but for this section, would be chargeable on the instrument shall be deemed not to be duly stamped unless the Commissioners have expressed their opinion on the instrument in accordance with section 20 .
\n
(7)(a) If and to the extent that any person to whom land was conveyed or transferred by any instrument in respect of which relief from duty under this section was allowed— (i) disposes of such land, or part of such land, within a period of 5 years from the date of execution of the instrument, and (ii) does not replace such land with other land within a period of one year from the date of such disposal, then such person or, where there is more than one such person, each such person, jointly and severally, shall become liable to pay to the Commissioners a penalty equal to the difference between the amount of the duty which would have been charged in the first instance if the land disposed of had been conveyed or transferred by an instrument to which this section had not applied and the amount of duty which was actually charged, together with interest on the amount of such difference as may so become payable charged at a rate of 1 per cent per month or part of a month from the date of disposal of the land to the date the penalty is remitted. (b) Where any claim for relief from duty under this section has been allowed and it is subsequently found that a declaration made, or a certificate contained in the instrument, in accordance with subsection (3) was— (i) untrue in any material particular which would have resulted in the relief afforded by this section not being granted, and (ii) was made, or was included, knowing same to be untrue or in reckless disregard as to whether it was true or not, then any person who made such a declaration, or where a false certificate has been included, the person or persons to whom the land is conveyed or transferred by the instrument, jointly and severally, shall be liable to pay to the Commissioners as a penalty an amount equal to the difference between 125 per cent of the duty which would have been charged on the instrument in the first instance had all the facts been truthfully declared and certified and the amount of duty which was actually charged, together with interest on the amount of such difference as may so become payable charged at a rate of 1 per cent per month or part of a month from the date when the instrument was executed to the date the penalty is remitted.
\n
(8)Notwithstanding subsection (7)— (a) where relief under this section was allowed in respect of any instrument, a disposal by a young trained farmer of part of the land to a spouse for the purpose of creating a joint tenancy in the land, or where the instrument conveyed or transferred the land to joint owners, a disposal by one joint owner to another of any part of the land, shall not be regarded as a disposal to which subsection (7) applies, but on such disposal, such part of the land shall be treated for the purposes of subsection (7) as if it had been conveyed or transferred immediately to the spouse or other joint owner by the instrument in respect of which relief from duty under this section was allowed in the first instance; (b) a person shall not be liable to more than one penalty under paragraph (b) of subsection (7); (c) a person shall not be liable to a penalty under paragraph (a) of subsection (7) if and to the extent that such person has paid a penalty under paragraph (b) of subsection (7), and (d) a person shall not be liable to a penalty under paragraph (b) of subsection (7), if and to the extent that such person has paid a penalty under paragraph (a) of subsection (7).
\n
(9)This section shall apply as respects instruments executed on or before 31 December 1999.
\n
Charities. [FA 1979 s50] 82.—(1) Stamp duty shall not be chargeable on any conveyance, transfer or lease of land made, or agreed to be made, for charitable purposes in the State or Northern Ireland to a body of persons established for charitable purposes only or to the trustees of a trust so established.
\n
(2)Subsection (1) shall not apply to a conveyance, transfer or lease unless that conveyance, transfer or lease has, in accordance with section 20 , been stamped with a particular stamp denoting that it is not chargeable with stamp duty.
\n
Instruments given by means of security to company by subsidiary. [FA 1961 s30] 83.—(1) The whole amount of duty payable under or by reference to the heading “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” in Schedule 1 on any instrument given by means of security to a company by a subsidiary of that company shall not exceed £10.
\n
(2)For the purposes of this section a company is a subsidiary of another company only if not less than 90 per cent of its issued share capital is in the beneficial ownership of the other company.
\n
(3)An instrument to which this section applies and which is stamped with an amount of duty less than the amount which, but for this section, would be chargeable shall not be deemed to be duly stamped unless the Commissioners have expressed their opinion on that instrument in accordance with section 20 and the instrument is stamped with a particular stamp denoting that it is duly stamped.
\n
Chapter 2
\n
Other instruments Repayment of stamp duty on certain transfers of shares. [FA 1986 s98(1)(b) and (2)] 84.—(1) In this section “approved scheme”, “participant”, “the release date” and “shares” have the same meanings, respectively, as in section 509 of the Taxes Consolidation Act, 1997 .
\n
(2)Where, in relation to an instrument, it is shown to the satisfaction of the Commissioners that the instrument gives effect, on or after the release date, to the transfer of shares by, or on behalf of, a person who is, or had become, entitled to those shares as a participant in an approved scheme, the Commissioners shall repay such an amount of the stamp duty as was paid, by reference to the heading “CONVEYANCE or TRANSFER on sale of any stocks or marketable securities” in Schedule 1 , on the instrument in respect of those shares.
\n
Certain loan capital and securities. [FA 1993 s106] 85.—(1) In this section “loan capital” means any debenture stock, bonds or funded debt, by whatever name known, or any capital raised which is borrowed or has the character of borrowed money, whether in the form of stock or in any other form.
\n
(2)Stamp duty shall not be chargeable on— (a) the issue, whether in bearer form or otherwise, of— (i) any Government loan within the meaning assigned by section 134
\n
(10)of the Finance Act, 1990 , or (ii) any other loan capital but where the instrument is chargeable to stamp duty under the heading “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” in Schedule 1 the instrument shall be chargeable with that duty; (b) the transfer of loan capital of a company or other body corporate which— (i) does not carry a right of conversion into stocks or marketable securities (other than loan capital) of a company having a register in the State or into loan capital having such a right, (ii) does not carry rights of the same kind as shares in the capital of a company, including rights such as voting rights, a share in the profits or a share in the surplus on liquidation, (iii) is redeemable within 30 years of the date of issue and not thereafter, (iv) is issued for a price which is not less than 90 per cent of its nominal value, and (v) does not carry a right to a sum in respect of repayment or interest which is related to certain movements in an index or indices specified in any instrument or other document relating to the loan capital, and (c) the issue or transfer of securities issued by a qualifying company within the meaning of section 110 of the Taxes Consolidation Act, 1997 , where the money raised by such securities is used in the course of its business.
\n
Certain loan stock. [FA 1970 s44(1) and (2)] 86.— Stamp duty shall not be chargeable on transfers of any loan stock— (a) of a company registered or established in the State or a Board established by or under an Act of the Oireachtas or the Oireachtas of Saorstát Éireann the payment of the interest on which is guaranteed by the Minister, or (b) of the Electricity Supply Board, Radio Telefís Éireann, Industrial Credit Corporation p.l.c., Bord Telecom Éireann, Bord Gáis Éireann or Irish Telecommunications Investments p.l.c. to which paragraph (a) does not apply.
\n
Stock borrowing. [FA 1995 s150] 87.—(1) In this section— “collateral stock”, in relation to a stock borrowing, means stock which is transferred to the lender by means of security for the performance of the undertaking referred to in paragraph (b) of the definition of “stock borrowing”; “equivalent stock” means stock of an identical type, nominal value, description and amount as was so obtained from the lender or where, since the date of the stock borrowing, such stock has been paid or has been converted, subdivided, consolidated, redeemed, made the subject of a takeover, call on partly paid stock, capitalisation issue, rights issue, distribution or other similar event, then “equivalent stock” means— (a) in the case of conversion, subdivision or consolidation, the stock into which the borrowed stock has been converted, subdivided or consolidated, (b) in the case of redemption, a sum of money equivalent to the proceeds of the redemption, (c) in the case of takeover, a sum of money or stock, being the consideration or alternative consideration which the lender has directed the stock borrower to accept, (d) in the case of a call on partly paid stock, the paid-up stock but only where the lender shall have paid to the stock borrower the sum due, (e) in the case of a capitalisation issue, the borrowed stock together with the stock allotted by means of a bonus on that borrowed stock, (f) in the case of a rights issue, the borrowed stock together with the stock allotted on that borrowed stock, which the lender has directed the borrower to take up but only where the lender shall have paid to the stock borrower all and any sum due in respect of the stock allotted, (g) in the event that a distribution is made in respect of the borrowed stock in the form of stock or a certificate which may at a future date be exchanged for stock or where an option is exercised to take a distribution in the form of stock or a certificate which may at a future date be exchanged for stock, the borrowed stock together with stock or a certificate equivalent to those allotted, and (h) in the case of any event similar to any of the foregoing, the borrowed stock together with or replaced by a sum of money or stock equivalent to that received in respect of such borrowed stock resulting from such events; “stock” means stock dealt in on a recognised stock exchange; “stock borrower” means a member firm within the meaning of section 68
\n
(1), or a market maker within the meaning of section 68
\n
(1), or a nominee of such member firm or market maker; “stock borrowing” means a transaction in which a stock borrower— (a) for the sole purpose of completing a contract for the sale of stock entered into by that stock borrower in the course of that borrower's business as a broker and dealer or market maker obtains from a person (in this section referred to as “the lender”) stock of the kind required for that purpose, and (b) gives an undertaking to provide to the lender, not later than 3 months after the date on which that stock borrower obtained the stock referred to in paragraph (a), equivalent stock; “stock return”, in relation to a stock borrowing, means a transaction or transactions in which, in respect of such stock borrowing, the undertaking referred to in paragraph (b) of the definition of “stock borrowing” is carried out within the period referred to in that paragraph.
\n
(2)Stamp duty shall not be chargeable— (a) on a stock borrowing or on a stock return, or (b) on the transfer of collateral stock to the lender.
\n
(3)If and to the extent that the stock borrower does not return or cause to be returned to the lender before the expiration of the period of 3 months from the date of the stock borrowing equivalent stock the stock borrower shall pay to the Commissioners within 14 days after the expiration of that period the amount of ad valorem duty which would have been chargeable on the stock so obtained if this section had not been enacted and if any stock borrower fails to duly pay any sum which that borrower is liable to pay under this subsection, that sum, together with interest on that sum at the rate of 1 per cent per month or part of a month from the first day after the expiration of that period of 3 months to the date of payment of that sum and, by means of further penalty, a sum equal to 1 per cent of the duty for each day the duty remains unpaid, shall be recoverable from the stock borrower as a debt due to the Minister for the benefit of the Central Fund.
\n
(4)Every stock borrower shall maintain separate records of each stock borrowing and any stock return made in respect of that stock borrowing and such records shall include, in respect of each stock borrowing, the following: (a) evidence that the stock borrower was obliged to supply stock to complete a trade; (b) the name and address of the lender; (c) the type, nominal value, description and amount of stock borrowed from the lender; (d) the date on which the stock was transferred from the lender to the stock borrower; (e) the date on which equivalent stock should be returned to the lender; (f) the type, nominal value, description and amount of the stock returned to the lender and the date of the stock return; (g) where paragraph (a), (b), (c), (d), (e), (f), (g) or (h) of the definition of “equivalent stock” in subsection (1) applies, full details of that equivalent stock.
\n
Certain stocks and marketable securities. [FA 1992 s206] 88.—(1) (a) In subparagraph (ii) of paragraph (b)— “collective investment scheme” means a scheme which is an arrangement made for the purpose, or having the effect, solely or mainly, of providing facilities for the participation by the public or other investors, as beneficiaries, in profits or income arising from the acquisition, holding, management or disposal of securities or any other property; “units” includes shares and any other instruments granting an entitlement to shares in the investments or income of, or receive a distribution from, a collective investment scheme. (b) Subject to subsection (2), stamp duty shall not be chargeable on any conveyance or transfer of— (i) units in a collective investment undertaking within the meaning of section 734 of the Taxes Consolidation Act, 1997 , (ii) units in a collective investment scheme which is incorporated or otherwise formed under the law of a territory outside the State, (iii) units of a unit trust to which subsection (6) of section 731 of the Taxes Consolidation Act, 1997 , relates, or (iv) stocks or marketable securities of a company which is not registered in the State.
\n
(2)Paragraph (b) of subsection (1) shall not apply where the conveyance or transfer of units (being units within the meaning of subparagraph (ii) of paragraph (b) of subsection (1)) or stocks or marketable securities (being stocks or marketable securities within the meaning of subparagraph (iv) of paragraph (b) of subsection (1)), as the case may be, relates to— (a) any immovable property situated in the State or any right over or interest in such property, or (b) any stocks or marketable securities of a company, other than a company which is a collective investment undertaking within the meaning of section 734 of the Taxes Consolidation Act, 1997 , which is registered in the State.
\n
Foreign Government securities. [FA 1994 s111] 89.— Stamp duty shall not be chargeable on any conveyance or transfer of stocks or other securities of the government of any territory outside the State.
\n
Certain financial services instruments. [FA 1992 s207] 90.—(1) In this section— “American depositary receipt” means an instrument— (a) which acknowledges— (i) that a depositary or a nominee acting on such depositary's behalf, holds stocks or marketable securities, and (ii) that the holder of the instrument has rights in or in relation to such stocks or marketable securities including the right to receive such stocks or marketable securities from the depositary or such depositary's nominee, and (b) which— (i) is dealt in on a recognised stock exchange which is situated in the United States of America or Canada, or (ii) represents stocks or marketable securities which are so dealt in; “commodities” means tangible assets (other than currency, securities, debts or other assets of a financial nature) which are dealt in on a recognised commodity exchange; “debt factoring agreement” means an agreement for the sale, or a transfer on sale, of a debt or part of a debt where such sale occurs in the ordinary course of the business of the vendor or the purchaser; “depositary” means a person who holds stocks or marketable securities in trust for or on behalf of holders of depositary receipts and who maintains a register of ownership of such depositary receipts; “financial futures agreement” means a forward agreement which is for the time being dealt in on a recognised futures exchange or a recognised stock exchange; “forward agreement” means— (a) an agreement under which a party to the agreement agrees— (i) to buy or sell commodities, currency, stocks or marketable securities, or (ii) to pay or receive a sum of money, whether or not such money is actually paid or received, at a specified date or within a specified or determinable period of time and pursuant to which the price or currency exchange rate concerned or, in the case of a sum of money, the interest (if any) payable, or expressed to be payable, on such sum of money is determined or determinable at the time of the execution of the agreement, or (b) an agreement conferring the right to receive certain payments and imposing the liability to make certain payments, the receipt and making of the payments being dependent on and related to certain movements in a specified stock exchange index or specified stock exchange indices; “option agreement” means an agreement under which a right is conferred on a party to the agreement to do, at the party's discretion, either or both of the following, that is— (a) to buy from or sell to or buy from and sell to another party to the agreement—
\n
(i) specified stocks, marketable securities, commodities or currency, (ii) an agreement conferring the right to receive certain payments and imposing the liability to make certain payments, the receipt and making of the payments being dependent on and related to certain movements in a specified stock exchange index or specified stock exchange indices, on or before a specified date at a price that is determined or determinable at the time of the execution of the agreement, (b) to borrow money from or lend money to another party to the agreement for or within a specified period in consideration of the payment of interest by the party by whom the money is borrowed or to whom it is lent to the other party concerned at a rate that is determined or determinable at the time of the execution of the agreement; “swap agreement” means an agreement under which the parties to the agreement exchange payments or repayments of money in respect of which such parties have obligations or rights and which are denominated in a specified currency or are subject to the payment of a specified rate of interest or relate to the price of specified commodities, stocks or marketable securities, for payments or repayments of the same kind which are denominated in another specified currency or are subject to the payment of a specified different rate of interest or relate to the price of other specified commodities, stocks or marketable securities.
\n
(2)Stamp duty shall not be chargeable on any of the following instruments: (a) a debt factoring agreement; (b) a swap agreement; (c) a forward agreement; (d) a financial futures agreement; (e) an option agreement; (f) a combination of any 2 or more of the instruments specified in paragraphs (a) to (e); (g) a transfer of, or an agreement to transfer— (i) any instrument specified in paragraphs (a) to (e), or a combination of any 2 or more such instruments, (ii) a lease, other than a lease to which any heading in Schedule 1 applies, or (iii) an American depositary receipt.
\n
(3)Subsection (2) shall not apply if the instrument, other than an instrument which is a transfer of, or an agreement to transfer, an American depositary receipt relates to— (a) immovable property situated in the State or any right over or interest in such property, or (b) the stocks or marketable securities of a company, other than a company which is a collective investment undertaking within the meaning of section 734 of the Taxes Consolidation Act, 1997 , which is registered in the State.
\n
(4)Notwithstanding that, in respect of any particular provision it contains, an instrument is exempt from stamp duty under this section, if the instrument is liable to stamp duty in respect of any other provision it contains under any heading in Schedule 1 , the instrument shall be chargeable with the latter stamp duty.
\n
New dwellinghouses and apartments with floor area certificate. [FA 1969 s49(1) and (2B)] 91.—(1) Subject to subsection (2), an instrument giving effect to the purchase of a dwellinghouse or apartment on the erection of that dwellinghouse or apartment shall be exempt from all stamp duties.
\n
(2)(a) In this subsection, “floor area certificate” means a certificate issued by the Minister for the Environment and Local Government certifying that that Minister is satisfied, on the basis of the information available to that Minister at the time of so certifying, that the total floor area of that dwellinghouse or apartment measured in the manner referred to in section 4
\n
(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 that section 4(2)(b) and is not or will not be less than the minimum total floor area standing so specified. (b) Subsection (1) shall have effect in relation to an instrument only if the instrument contains a statement, in such form as the Commissioners may specify, certifying that— (i) the instrument gives effect to the purchase of a dwellinghouse or apartment on the erection of that dwellinghouse or apartment, (ii) until the expiration of the period of 5 years commencing on the date of the execution of the instrument or the subsequent sale (other than a sale the contract for which, if it were a written conveyance, would not, apart from section 82 , be charged with full ad valorem duty or a sale to a company under the control of the vendor or of any person entitled to a beneficial interest in the dwellinghouse or apartment immediately prior to the sale or to a company which would, in relation to a notional gift of shares in that company taken, immediately prior to the sale, by any person so entitled, be under the control of the donee or successor within the meaning of section 16 of the Capital Acquisitions Tax Act, 1976 , irrespective of the shares the subject matter of the notional gift) of the dwellinghouse or apartment concerned, whichever event first occurs, that dwellinghouse or apartment will be occupied as the only or principal place of residence of the purchaser, or if there be more than one purchaser, of any one or more of the purchasers or of some other person in right of the purchaser or, if there be more than one purchaser, of some other person in right of any one or more of the purchasers and that no person, other than by virtue of a title prior to that of the purchaser, will derive any rent or payment in the nature of rent for the use of that dwellinghouse or apartment, or of any part of it, during that period, and (iii) on the date of execution of the instrument there exists a valid floor area certificate in respect of that dwellinghouse or apartment. (c) Where, in relation to an instrument which is exempted from stamp duty by virtue of subsection (1) and at any time during the period referred to in paragraph (b)(ii), some person, other than by virtue of a title prior to that of the purchaser, derives any rent or payment in the nature of rent for the use of the dwellinghouse or apartment concerned, or of any part of it, the purchaser, or where there be more than one purchaser, each such purchaser, shall—
\n
(i) jointly and severally become liable to pay to the Commissioners a penalty equal to the amount of the duty which would have been charged in the first instance if the dwellinghouse or apartment had been conveyed or transferred or leased by an instrument to which this section had not applied together with interest on that amount charged at a rate of 1 per cent per month or part of a month from the date when the rent or payment is first received to the date the penalty is remitted, and (ii) the person who receives the rent or payment shall, within 6 months after the date of the payment, notify the payment to the Commissioners on a form provided, or approved of, by them for the purposes of this section, unless that person is already aware that the Commissioners have already received such a notification from another source. (d) The furnishing of an incorrect statement within the meaning of paragraph (b) shall be deemed to constitute the delivery of an incorrect statement for the purposes of section 1078 of the Taxes Consolidation Act, 1997 .
\n
New dwellinghouses and apartments with no floor area certificate. [F(No. 2)A1998 s14; FA1997 s123 and s124] 92.—(1) (a) Where, in relation to an instrument to which this subsection applies— (i) the instrument is one to which section 29 applies, that section shall apply to that instrument as if— (I) the following subsection were substituted for subsection (2) of that section: “(2) Notwithstanding section 43 , where, in connection with, or as part of any arrangement involving, a sale of any land, a dwellinghouse or apartment has been built, or is in the course of being built, or is to be built, on that land, any instrument whereby such sale is effected shall be chargeable to stamp duty 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 , as if the property concerned were residential property on an amount which is the greater of— (a) any consideration paid in respect of the sale of that land, and (b) 25 per cent of the aggregate of the consideration at paragraph (a) and the consideration paid, or to be paid, in respect of the building of the dwellinghouse or apartment on that land.”; (II) the following paragraphs were inserted into subsection (3) of that section: “(b) This subsection does not apply 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 of the land. (c) The amount on which stamp duty is chargeable by virtue of this section shall be deemed to be the amount or value of the consideration for the sale in respect of which that duty is chargeable.”; and (III) “such aggregate consideration” were substituted for “the aggregate consideration which is chargeable under subsection (2)” in paragraph (a) of subsection (4) of that section; (ii) the instrument is one to which section 53 applies, that section shall apply to that instrument as if— (I) the following subsection were substituted for subsection (2) of that section: “(2) Notwithstanding subsection (2) of section 52 , where, in connection with, or as part of any arrangement involving, a lease of any land, a dwellinghouse or apartment has been built, or is in the course of being built, or is to be built, on that land, any instrument whereby such lease is effected shall be chargeable to stamp duty under subparagraph (a) of paragraph (3) of the heading “LEASE” in
\n
Schedule 1 , as if the property concerned were residential property on an amount which is the greater of— (a) any consideration (other than rent) paid in respect of the lease of that land, and (b) 25 per cent of the aggregate of the consideration at paragraph (a) and the consideration paid, or to be paid, in respect of the building of the dwellinghouse or apartment on that land.”; (II) the following paragraphs were inserted into subsection (3) of that section: “(b) This subsection does not apply 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 lease of the land. (c) The amount on which stamp duty is chargeable by virtue of this section shall be deemed to be the amount or value of the consideration for the lease in respect of which that duty is chargeable.”; and (III) “such aggregate consideration” were substituted for “the aggregate consideration which is chargeable under subsection (2)” in paragraph (a) of subsection (4) of that section; and (iii) the instrument gives effect to the purchase of a dwellinghouse or apartment on the erection of that dwellinghouse or apartment and sections 29 , 53 and 91 do not apply, the consideration (other than rent) for the sale shall for the purposes of ad valorem duty be treated as being reduced by 75 per cent. (b) This subsection applies to an instrument which contains a statement, in such form as the Commissioners may specify, certifying that— (i) the instrument— (I) is one to which section 29 or 53 , applies, or (II) gives effect to the purchase of a dwellinghouse or apartment on the erection of that dwellinghouse or apartment and that sections 29 , 53 and 91 do not apply, and (ii) until the expiration of the period of 5 years commencing on the date of the execution of the instrument or the subsequent sale (other than a sale the contract for which, if it were a written conveyance, would not, apart from section 82 , be charged with full ad valorem duty or a sale to a company under the control of the vendor or of any person entitled to a beneficial interest in the dwellinghouse or apartment immediately prior to the sale or to a company which would, in relation to a notional gift of shares in that company taken, immediately prior to the sale, by any person so entitled, be under the control of the donee or successor within the meaning of section 16 of the Capital Acquisitions Tax Act, 1976 , irrespective of the shares the subject matter of the notional gift) of the dwellinghouse or apartment concerned, whichever event first occurs, that dwellinghouse or apartment will be occupied as the only or principal place of residence of the purchaser, or if there be more than one purchaser, of any one or more of the purchasers or of some other person in right of the purchaser or, if there be more than one purchaser, of some other person in right of any one or more of the purchasers and that no person, other than by virtue of a title prior to that of the purchaser, will derive any rent or payment in the nature of rent for the use of that dwellinghouse or apartment, or of any part of it, during that period.
\n
(2)Where subsection (1) applies to an instrument and at any time during the period referred to in paragraph (b)(ii) of that subsection, some person, other than by virtue of a title prior to that of the purchaser, derives any rent or payment in the nature of rent for the use of the dwellinghouse or apartment concerned, or of any part of it, the purchaser, or where there be more than one purchaser, each such purchaser, shall— (a) jointly and severally become liable to pay to the Commissioners a penalty equal to the difference between the amount of the duty which would have been charged in the first instance if the dwellinghouse or apartment had been conveyed or transferred or leased by an instrument to which subsection (1) had not applied and the amount of duty which was actually charged together with interest on that amount charged at a rate of 1 per cent per month or part of a month from the date when the rent or payment is first received to the date the penalty is remitted, and (b) the person who receives the rent or payment shall, within 6 months after the date of the payment, notify the payment to the Commissioners on a form provided, or approved of, by them for the purposes of this section, unless that person is already aware that the Commissioners have already received such a notification from another source.
\n
Houses acquired from industrial and provident societies. [FA1969 s49(3)] 93.— Stamp duty shall not be chargeable on a conveyance, transfer or lease of a house by a society registered under the Industrial and Provident Societies Acts, 1893 to 1978, and made, in accordance with a scheme for the provision of houses for its members, to a member or to such member and the spouse of the member.
\n
Purchase of land from Land Commission. [FA1967 s20] 94.—(1) In this section “qualified person” has the same meaning as in section 5 of the Land Act, 1965 , and “advance” means an advance under that section.
\n
(2)Stamp duty shall not be chargeable on an instrument giving effect to the purchase of land by a qualified person, being an instrument either— (a) which contains a charge on the land in favour of the Irish Land Commission for repayment of an advance, or (b) on which there is endorsed an order made by the Irish Land Commission charging the land with an advance.
\n
Commercial woodlands. [FA1990 s120] 95.—(1) In this section “trees” means woodlands managed on a commercial basis and with a view to the realisation of profits.
\n
(2)This section applies to an instrument, being a conveyance or transfer on sale of land, or a lease of land, where the instrument contains a certificate to the effect that trees are growing on a substantial part of such land.
\n
(3)Stamp duty shall not be chargeable on any instrument to which this section applies, in respect of such part of the consideration for the sale or lease as represents the value of trees growing on the land.
\n
Transfers between spouses. [FA1990 s114] 96.—(1) Subject to subsection (2), stamp duty shall not be chargeable on any instrument, other than a conveyance or transfer referred to in subsection (1), (2), (3) or (4) of section 46 or subsection (1)(b) of section 73 whereby any property is transferred by a spouse or spouses of a marriage to either spouse or to both spouses of that marriage.
\n
(2)Subsection (1) shall not apply to an instrument whereby any property or any part of, or beneficial interest in, any property is transferred to a person other than a spouse referred to in that subsection.
\n
(3)
\n
Section 30
\n
(3)shall not apply to an instrument to which subsection (1) applies.
\n
Certain transfers following the dissolution of a marriage. [FA1997 s127(1) to (3)] 97.—(1) Subject to subsection (2), 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.
\n
(2)(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.
\n
(3)
\n
Section 30
\n
(3)shall not apply to a transfer to which subsection (1) applies.
\n
Foreign immovable property. [FA1992 s209] 98.—(1) Stamp duty shall not be chargeable on any instrument which is a conveyance, transfer, assignment, lease or licence of any immovable property situated outside the State.
\n
(2)Subsection (1) shall not apply if the instrument relates to— (a) any immovable property situated in the State, or any right over or interest in such property, or (b) any stocks or marketable securities of a company having a register in the State.
\n
Dublin Docklands Development Authority. [FA1997 s128(1)] 99.— Stamp duty shall not be chargeable on any instrument under which any land, easement, way-leave, water right or any right over or in respect of the land or water is acquired by the Dublin Docklands Development Authority.
\n
Temple Bar Properties Limited. [FA1992 s216(1) to (3)] 100.—(1) Stamp duty shall not be chargeable on any instrument under which any land, or any interest in land, easement, way-leave, water right or any other right is acquired in the Temple Bar area, that is, “the area” as described in the First Schedule in the Temple Bar Area Renewal and Development Act, 1991 , by Temple Bar Properties Limited, or any subsidiary of Temple Bar Properties Limited.
\n
(2)For the purposes of subsection (1), a company shall be deemed to be a subsidiary of Temple Bar Properties Limited if— (a) Temple Bar Properties Limited— (i) is a member of the company and controls the composition of at least half of the company's board of directors, (ii) holds at least half in nominal value of the company's equity share capital, or (iii) holds at least half in nominal value of the company's shares carrying voting rights (other than voting rights which arise only in specified circumstances), or (b) the company is a subsidiary of any company which is a subsidiary of Temple Bar Properties Limited.
\n
Community and international trade marks. [FA1996 s118] 101.—(1) In this section “Community trade mark” and “international trade mark” have the same meanings, respectively, as in section 56 and section 58 of the Trade Marks Act, 1996 .
\n
(2)Stamp duty shall not be chargeable on an instrument relating to a Community trade mark or an international trade mark, or an application for any such mark, by reason only of the fact that such a mark has legal effect in the State.
\n
The Alfred Beit Foundation. [FA1977 s48] 102.— Stamp duty shall not be chargeable or payable on any conveyance, transfer or letting made by Alfred Lane Beit and Clementine Mabel Beit, or either of them, to The Alfred Beit Foundation, which was incorporated under the Companies Act, 1963 , on 23 March 1976.
\n
Shared ownership leases. [FA1993 s101(1), (2) (b) and (3)] 103.—(1) In this section— “appropriate person” means any 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, (d) a building society which has been incorporated under the Building Societies Act, 1989 , or which is deemed by virtue of section 124(2) of that Act to be so incorporated, (e) the holder of an authorisation for the purposes of the European Communities (Non-Life Insurance) Regulations, 1976 ( S.I. No. 115 of 1976 ), as amended by the European Communities (Non-Life Insurance) (Amendment) Regulations, 1991 ( S.I. No. 142 of 1991 ), (f) the holder of an authorisation granted under the European Communities (Life Assurance) Regulations, 1984 ( S.I. No. 57 of 1984 ), (g) a body approved of by the Minister for the Environment and Local Government for the purposes of section 6 of the Housing (Miscellaneous Provisions) Act, 1992 , (h) the National Building Agency Limited, (i) a company within the meaning of section 2 of the Companies Act, 1963 , which the Minister for the Environment and Local Government has certified to the satisfaction of the Commissioners to be a company incorporated with the principal object of providing assistance on a non-profit making basis with a view to enabling persons to acquire housing for themselves, (j) a society registered under the Industrial and Provident Societies Acts, 1893 to 1978, in respect of which the Minister for the Environment and Local Government has certified to the satisfaction of the Commissioners to be a society established with the principal object of providing assistance on a non-profit making basis with a view to enabling persons to acquire housing for themselves; “shared ownership lease” has the same meaning as in section 2 of the Housing (Miscellaneous Provisions) Act, 1992 .
\n
(2)Subject to subsection (3), stamp duty shall not be chargeable on— (a) a shared ownership lease, or (b) an instrument whereby the lessee of a shared ownership lease exercises the right referred to in section 2
\n
(1)(c) of the Housing (Miscellaneous Provisions) Act, 1992 , other than such a lease or instrument where such lease was granted on the erection of a house which at that time exceeded the maximum floor area then standing specified in regulations made under section 4
\n
(2)(b) of the Housing (Miscellaneous Provisions) Act, 1979 .
\n
(3)Subsection (2) shall apply where the shared ownership lease concerned has been granted by an appropriate person.
\n
Licences and leases granted under Petroleum and Other Minerals Development Act, 1960, etc. [FA1991 s93] 104.— Stamp duty shall not be chargeable on— (a) a licence granted under section 8, 9 or 19 of the Petroleum and Other Minerals Development Act, 1960 , (b) a lease granted under section 13 of that Act, or (c) an instrument for the sale, assignment or transfer of any such licence or lease or any right or interest in any such licence or lease.
\n
Securitisation agreements. [FA1996 s117(1) and (2)] 105.—(1) In this section “designated body” and “housing authority” have the same meanings, respectively, as in section 1
\n
(1)of the Securitisation (Proceeds of Certain Mortgages) Act, 1995 .
\n
(2)Stamp duty shall not be chargeable on— (a) the transfer, sale, or assignment of mortgages by a housing authority to a designated body, or (b) the transfer of securities issued by a designated body.
\n
Housing Finance Agency. [FA1989 s65(1) and (2)] 106.— Stamp duty shall not be chargeable on any agreement or other instrument made for the purposes of, or in connection with, securing the advancement of moneys to housing authorities (within the meaning of the Housing Act, 1966 ) by the Housing Finance Agency p.l.c.
\n
Certain mortgages of stock. [SA1891 s23(1) and (2)] 107.—(1) Every instrument under hand only (not being a promissory note or bill of exchange) given on the occasion of the deposit of any share warrant or stock certificate to bearer, or foreign share certificate, or any security for money transferable by delivery, by means of security for any loan, shall not be chargeable with duty.
\n
(2)Every instrument under hand only (not being a promissory note or bill of exchange) making redeemable or qualifying a duly stamped transfer or a transfer which is not chargeable to duty, intended as security, of any registered stock or marketable security, shall not be chargeable with duty.
\n
National Treasury Management Agency, etc. [FA1992 s210] 108.— Stamp duty shall not be chargeable on any instrument executed by or on behalf of— (a) the National Treasury Management Agency, or (b) the Minister in relation to a function exercised by the Minister which is capable of being delegated to that Agency under section 5 of the National Treasury Management Agency Act, 1990 , or on any disposition of such an instrument or of any right or interest created by such an instrument.
\n
Certain instruments made in anticipation of a formal insurance policy. [FA1982 s94(4)(b)(i)] 109.— Stamp duty shall not be chargeable on— (a) cover notes, slips and other instruments usually made in anticipation of the issue of a formal policy, not being instruments relating to life insurance, (b) instruments embodying alterations of the terms or conditions of any policy of insurance other than life insurance, and an instrument exempted by virtue of paragraph (a) shall not be taken for the purposes of this Act to be a policy of insurance.
\n
Certain health insurance contracts. [FA1997 s129(1)] 110.— 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 ).
\n
Oireachtas funds. [FA1958 s59] 111.— Stamp duty shall not be chargeable on any instrument where the amount of such duty chargeable on the instrument, but for this section, would be payable solely out of moneys provided by the Oireachtas.
\n
Certificates of indebtedness, etc. [FA1943 s15] 112.—(1) In this section “certificate of indebtedness” means a document, whether sealed with the official seal of the Minister or signed by the Minister or by one of his or her officers authorised in that behalf by the Minister, whereby the Minister or any such officer so authorised certifies (either expressly or impliedly) the amount of the indebtedness of the State or of a public fund of the State in respect of moneys or securities or both moneys and securities borrowed from a particular person by the Minister in exercise of a power conferred on him or her by statute.
\n
(2)Neither a certificate of indebtedness nor any agreement, receipt, bill of exchange, promissory note, mortgage, bond, covenant, or other instrument embodied or contained in a certificate of indebtedness and relating to the transaction to which such certificate relates shall be liable to any stamp duty.
\n
Miscellaneous instruments. [SA1891 First Sch.] 113.— Stamp duty shall not be chargeable on any of the following instruments: (a) instruments transferring shares in— (i) stocks or funds of the Government or Oireachtas, (ii) any stock or other form of security to which section 39 of the Taxes Consolidation Act, 1997 , applies, (iii) any stock or other form of security to which section 40 of the Taxes Consolidation Act, 1997 , applies, (iv) stocks or funds of the Government or Parliament of the late United Kingdom of Great Britain and Ireland which are registered in the books of the Bank of Ireland in Dublin; (b) instruments for the sale, transfer, or other disposition, either absolutely or by means of mortgage, or otherwise, of any ship or vessel or aircraft, or any part, interest, share, or property of or in any ship or vessel or aircraft; (c) testaments and testamentary instruments; (d) bonds given to sheriffs or other persons on the replevy of any goods or chattels, and assignments of such bonds; (e) instruments made by, to, or with the Commissioners of Public Works in Ireland.
\n
PART 8
\n
Companies Capital Duty Interpretation (part 8). [FA1973 s67] 114.—(1) In this Part, except where the context otherwise requires— “capital company” means one of the following, namely— (a) a company incorporated with limited liability, or a limited partnership formed under the law of the State or a company or partnership which is incorporated or formed in any other Member State and which, under the law of that State, corresponds to any such company or partnership, (b) any other company, firm, association or legal person the shares in whose capital or assets can be dealt in on a stock exchange, (c) any other company, firm, association or legal person operating for profit whose members have the right to dispose of their shares to third parties without prior authorisation and are responsible for the debts of the company, firm, association or legal person only to the extent of their shares; “Member State” means a Member State of the European Community; “registrar” means the registrar of companies within the meaning of the Companies Act, 1963 ; “stamp duty” means the stamp duty imposed by section 116 ; “statement” means the statement required to be delivered under section 117
\n
(1); “third country” means a State which is not a Member State; “transaction” means a transaction to which section 116
\n
(1)applies.
\n
(2)In this Part, except where the context otherwise requires, reference to stamp duty paid means stamp duty paid to the Commissioners.
\n
Restriction of application (Part 8). [FA1973 s67A, s67B and s67C] 115.—This Part shall not apply to— (a) any undertaking for collective investment in transferable securities (UCITS) to which Council Directive 85/611/EEC of 20 December, 1985 (OJ No. L375, 31/12/85), and any Directive amending that Council Directive, relates, (b) any investment company to which Part XIII of the Companies Act, 1990 , relates, or (c) any investment limited partnership within the meaning of section 3 of the Investment Limited Partnerships Act, 1994 .
\n
Charge of stamp duty. [FA1973 s68] 116.—(1) This section applies to the following transactions: (a) the formation of a capital company; (b) the conversion into a capital company of a company, firm, association or legal person which is not a capital company; (c) an increase in the capital of a capital company by the contribution of assets of any kind other than an increase in capital through capitalisation of profits or of reserves, whether temporary or permanent reserves, but including the conversion of loan stock of a capital company into share capital; (d) an increase in the assets of a capital company by the contribution of assets of any kind in consideration, not of shares in the capital or assets of the company, but of rights of the same kind as those of members of the company such as voting rights, a share in the profits or a share in the surplus on liquidation; (e) the transfer from a third country to the State of the effective centre of management of a capital company whose registered office is in a third country; (f) the transfer from a third country to the State of the registered office of a capital company whose effective centre of management is in a third country; (g) the transfer from a Member State to the State of the effective centre of management of a capital company which is not considered to be a capital company in the other Member State; (h) the transfer from a Member State to the State of the registered office of a capital company whose effective centre of management is in a third country and which is not considered to be a capital company in the Member State from which the registered office is being transferred.
\n
(2)Stamp duty shall be charged on the statement required to be delivered under this Part where, at the date of a transaction, or as a result of the transaction— (a) the effective centre of management of the capital company is in the State, or (b) if the effective centre of management of the capital company is in a third country, the registered office of the capital company is in the State, and the provisions of this Act shall, subject to the provisions of this Part, apply in relation to this duty as if it were imposed by section 2 .
\n
Statement to be charged with stamp duty. [FA1973 s69] 117.—(1) Where any transaction takes place, a statement of the assets, liabilities and expenses referred to in section 118 shall be delivered to the registrar— (a) in the case of the formation of a capital company which is to be incorporated under the Companies Act, 1963 , or formed under the Limited Partnerships Act, 1907 , before the incorporation or registration of that capital company or partnership, and (b) in any other case, within 30 days after the date of the transaction, and the statement shall be charged with stamp duty at the rate of 1 per cent of the amount determined in accordance with section 118 but where the calculation results in an amount which is not a multiple of £1 the amount so calculated shall be rounded up to the nearest £.
\n
(2)Notwithstanding subsection (1), in the case referred to in paragraph (a) of subsection (1)— (a) the statement shall be charged with stamp duty of not less than £1; (b) if there is difficulty in ascertaining the exact amount in respect of which stamp duty is chargeable, the statement shall be charged in the first instance with stamp duty at the rate specified in subsection (1) in respect of such amount as the Commissioners consider appropriate and, if afterwards— (i) it is established that too little duty has been paid, the additional duty shall be payable and be treated as duty in arrear, and (ii) it is established that too much duty has been paid, the excess shall be repaid by the Commissioners with interest at the rate of 6 per cent per annum.
\n
(3)Simple interest shall be payable by means of penalty on so much of the stamp duty charged on the statement required to be delivered under subsection (1)(b) as remains unpaid after the expiration of one month from the date of the transaction which gave rise to the charge for duty, and such interest shall be payable at the rate of 1 per cent for each month or part of a month for which duty so remains unpaid and it shall be chargeable and recoverable in the same manner as if it were part of the duty.
\n
(4)Interest on the additional duty payable under subsection (2)(b)(i) shall be charged at the rate of 1 per cent per month or part of a month from the date of the transaction which gave rise to the charge for duty until the date of payment of the duty.
\n
(5)The registrar shall not incorporate a capital company which is to be incorporated under the Companies Act, 1963 , or register a capital company which is to be formed under the Limited Partnerships Act, 1907 , until the statement referred to in subsection (1) in relation to the company is duty stamped or in the case of a capital company specified in section 120 the statement has, in accordance with the provisions of section 20 , been stamped with a particular stamp denoting that it is not chargeable with stamp duty.
\n
Amount on which stamp duty chargeable. [FA1973 s70] 118.—(1) Stamp duty shall be charged— (a) in the case of a transaction specified in paragraph (a), (c) or (d) of section 116
\n
(1), in respect of the amount of the actual value, at the date of the transaction, of the assets of any kind contributed or to be contributed in connection with the transaction by the members of the capital company concerned after the deduction of the liabilities attaching to such assets and assumed by the capital company and of the expenses incurred by the capital company in connection with such contribution; (b) in the case of a transaction specified in paragraph (b), (e), (f), (g) or (h) of section 116
\n
(1), in respect of the amount of the actual value, at the date of the transaction, of the assets of any kind of the capital company concerned after the deduction of its liabilities on that date and of the expenses incurred by the company in connection with the transaction.
\n
(2)Notwithstanding subsection (1)— (a) the amount in respect of which stamp duty is charged shall not be less than the nominal value of the shares (if any) in the company concerned allotted to the members of the capital company in connection with the transaction or belonging to the members of the capital company immediately after the transaction; (b) in arriving at the amount of the actual value in respect of which the duty is charged, there shall be excluded the amount of any assets referred to in subsection (1) contributed in connection with the transaction by a member with unlimited liability or the share of such a member in the assets of the company.
\n
Reconstructions or amalgamations of capital companies. [FA1973 s72] 119.—(1) If, in the case of a transaction, a capital company or a capital company which is in the process of being formed (in this section referred to as the “acquiring company”) acquires either— (a) the undertaking or part of the undertaking of another capital company (in this section referred to as the “target company”), or (b) share capital of another capital company to an extent that, after that transaction, but not necessarily as a result of that transaction, the acquiring company owns at least 75 per cent of the issued share capital of that other company (in this section referred to as the “target company”), then, subject to this section, stamp duty on the statement delivered in accordance with section 117
\n
(1)shall be charged at the rate of zero per cent (in this section referred to as the “reduced rate”).
\n
(2)Notwithstanding subsection (1), where the percentage referred to in paragraph (b) of subsection (1) is reached by means of 2 or more transactions, the reduced rate shall apply only to the transaction whereby this percentage is achieved and to any transaction subsequent to the achievement and retention of that percentage.
\n
(3)Subsection (1) of this section shall apply only where the consideration for the acquisition (except such part of the consideration as consists of the transfer to or discharge by the acquiring company of liabilities of the target company) consists— (a) where the undertaking or part of the undertaking of the target company is acquired, of the issue of shares in the acquiring company to the target company or to holders of shares in the target company, or (b) where shares of the target company are acquired, of the issue of shares in the acquiring company to the holders of shares in the target company in exchange for shares held by them in the target company, with or without a payment in cash, but where there is a payment in cash that payment shall not exceed 10 per cent of the nominal value of the shares in the acquiring company which are comprised in the consideration.
\n
(4)The statement, which by virtue of this section is charged at the reduced rate, shall become chargeable with stamp duty at the rate specified in section 117 if the acquiring company does not retain, for a period of 5 years from the date of the transaction in respect of which stamp duty at the reduced rate was charged, at least 75 per cent of the issued share capital of the target company and all the shares which it held following that transaction, including the shares acquired whether by means of a transaction or otherwise before that transaction and held at the time of the transaction.
\n
(5)Notwithstanding subsection (4), the reduced rate shall continue to apply if the transfer, as a result of which the shares in question were not held for a period of 5 years, was either— (a) a transfer forming part of a transaction which would of itself qualify for the reduced rate pursuant to subsection (1), or (b) a transfer in the course of the liquidation of the acquiring company.
\n
(6)Where, by reason of subsection (4), stamp duty becomes chargeable at the rate specified in section 117 when the acquiring company concerned within a period of 5 years from the date of any transaction in respect of which stamp duty was charged at the reduced rate— (a) ceases to retain at least 75 per cent of the issued share capital of the target company concerned, or (b) disposes of any of the shares of the target company which it held after the transaction to which the reduced rate was applied, then the statement which was delivered to the registrar pursuant to section 117
\n
(1)in relation to the transaction in respect of which stamp duty was charged at the reduced rate shall be charged with stamp duty at the rate which would have been charged in the first instance if subsection (1) had not applied to the transaction and the statement thus charged shall have applied to it this Part except that, for the purposes of subsections (3) and (4) of section 117 , the date of the transaction shall be the date on which the event specified in paragraph (a) or (b), as the case may be, occurred.
\n
(7)This section shall apply only where the effective centre of management or the registered office of the target company concerned is in a Member State.
\n
(8)For the purposes of this section, a company, partnership, firm, association or legal person that is considered to be a capital company in another Member State shall be deemed to be a target company notwithstanding that it is not considered to be a capital company.
\n
Exemption for certain companies. [FA1973 s73] 120.—Stamp duty shall not be charged in the case of a transaction that is effected by— (a) a capital company which is formed for the purpose of and carries on exclusively the business of supplying a public service such as public transport or port facilities, or supplying water, gas or electricity, and not less than 50 per cent of the issued capital of which is owned by the State or a local authority, or (b) a capital company whose objects are exclusively cultural, charitable or educational.
\n
Appeals in certain cases. [FA1973 s74] 121.—A person who is dissatisfied with a decision of the Commissioners under this Part on the amount of the actual value of any assets referred to in section 118 may— (a) in the case of land, appeal against the decision in the manner prescribed by section 33 of the Finance (1909-10) Act, 1910 , and so much of Part I of that Act as relates to appeals shall, with any necessary modifications, apply to an appeal under this section as if the appeal were an appeal under that section, (b) in the case of assets other than land, appeal against the decision to the Appeal Commissioners (within the meaning of section 850 of the Taxes Consolidation Act, 1997 ) and the provisions of Chapter 1 of Part 40 (Appeals) of the Taxes Consolidation Act, 1997 , shall, with any necessary modifications, apply as they apply for the purpose of income tax.
\n
Recovery of stamp duty and furnishing of information. [FA1973 s75] 122.—(1) Stamp duty and the interest on such duty shall be recoverable from the capital company concerned and, in any case where the capital company is not a body corporate, shall be recoverable from the members of the capital company jointly and severally.
\n
(2)All statements used for the purpose of this Part shall be in such form and contain such particulars as may be required by the Commissioners and every person accountable for stamp duty shall, if so required by the Commissioners, verify such particulars and deliver to them such evidence as they may require relating to any transaction or to any company concerned in any such transaction.
\n
PART 9
\n
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
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
(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).
\n
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.
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
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.
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
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
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
(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.
\n
PART 10
\n
Enforcement Terms on which instruments not duly stamped may be received in evidence. [SA1891 s14] 127.—(1) On the production of an instrument chargeable with any duty as evidence in any court of civil judicature in any part of the State, or before any arbitrator or referee, notice shall be taken by the judge, arbitrator, or referee of any omission or insufficiency of the stamp on the instrument, and if the instrument is one which may legally be stamped after execution, it may, on payment to the officer of the court whose duty it is to read the instrument, or to the arbitrator or referee, of the amount of the unpaid duty, and the penalty payable on stamping the same, be received in evidence, saving all just exceptions on other grounds.