PART V.

Stamp Duties.

24. —(1) The stamp duties chargeable under paragraph (3) of the heading “Lease or Tack” in the First Schedule to the Stamp Act, 1891, as amended by subsequent enactments, in respect of any consideration which consists of any money, stock or security (other than rent) for a lease shall, notwithstanding any other Act, be at the rate of two pounds ten shillings for every fifty pounds or fractional part of fifty pounds of the amount or value of such consideration.

(2) Where—

(a) the consideration, or any part of the consideration, for a lease consists of any money, stock or security (other than rent) the amount or value of which does not exceed five hundred pounds, and

(b) the lease contains a statement that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value or the aggregate amount or value of the consideration other than rent exceeds five hundred pounds, and

(c) the lease is not a lease as respects which part of the consideration therefor consists of a rent exceeding twenty pounds a year,

subsection (1) of this section shall not apply to the duty chargeable in respect of the consideration, or part thereof, which consists of any money, stock or security.

(3) Where—

(a) the consideration, or any part of the consideration, for a lease consists of any money, stock or security (other than rent) the amount or value of which exceeds five hundred pounds but does not exceed one thousand pounds, and

(b) the lease contains a statement that the transaction effected thereby does not form part of a larger transaction or a series of transactions, and

(c) the lease is not a lease as respects which part of the consideration therefor consists of a rent exceeding twenty pounds a year,

subsection (1) of this section shall not apply to the duty chargeable in respect of the consideration, or part thereof, which consists of any money, stock or security, but duty shall, notwithstanding any other Act, be chargeable in respect thereof as follows:

Where the amount or value of the consideration, or part thereof—

(4) The foregoing provisions of this section shall have effect if, but only if, the lease contains a statement by the lesse certifyingthat the person who becomes entitled to the entire beneficial interest in the lessee's interest under the lease (or, where more than one person becomes entitled to a beneficial interest therein, each of them) is some specified one of the following:

(a) an Irish citizen,

(b) a person who is for the time being ordinarily resident in the State and who was ordinarily resident in the State continuously during the three years immediately preceding the 15th day of October, 1947,

(c) a body corporate incorporated in the State on or before the 15th day of October, 1947,

(d) a body corporate incorporated outside the State which, on or before the 15th day of October, 1947, has filed with the registrar of companies the documents and particulars mentioned in subsection (1) of section 274 of the Companies (Consolidation) Act, 1908,

(e) a person lawfully carrying on a business which comes within the provisions of any paragraph of subsection (1) of section 9 of the Control of Manufactures Act, 1934 (No. 36 of 1934), or

(f) a body corporate incorporated in the State after the 15th day of October, 1947, where the issued shares of each class are, to an extent exceeding one-half (in nominal value) thereof, in the beneficial ownership of persons each of whom is within one of paragraphs (a) to (e) of this subsection.

(5) In the case of a lease as respects which, by virtue of subsection (4) of this section, the provisions of subsections (1), (2) and (3) of this section have no effect, the stamp duties chargeable under paragraph (3) of the heading “Lease or Tack” in the First Schedule to the Stamp Act, 1891, as amended by subsequent enactments, in respect of any consideration which consists of any money, stock or security (other than rent) for the lease shall, notwithstanding any other Act, be at the rate (in this section referred to as the higher rate) of twenty-five pounds per cent. of the amount or value of such consideration.

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

(b) This section shall apply to any lease operating as a voluntary disposition inter vivos, and any reference in this section to the amount or value of any consideration shall be construed in relation to duty chargeable on such lease as a reference to the minimum amount or value that would be necessary in order that the lease, any rent thereunder remaining unchanged, would not be a lease operating as a voluntary disposition inter vivos.

(7) (a) This subsection applies to every lease such as is referred to in the foregoing subsections of this section, whether it is or is not a lease operating as a voluntary disposition inter vivos, unless the person becoming entitled to the entire beneficial interest in the lessee's interest under the lease (or, where more than one person becomes entitled to a beneficial interest therein, each of them) is within one of paragraphs (a) to (f) of subsection (4) of this section.

(b) If, at the expiration of thirty days after the execution thereof, a lease to which this subsection applies is not stamped or is not stamped at the higher rate, a sum equal to twice the amount of the duty at the higher rate shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by the lessee, or in a case of lessees, by such lessees jointly and severally, and shall be payable to the Revenue Commissioners and the said sum shall be recoverable at the suit of the Attorney General in any court of competent jurisdiction.

(c) The Revenue Commissioners may, if they think fit, at any time after the first execution of a lease to which this subsection applies, mitigate or remit any sum recoverable under paragraph (b) of this subsection.

25. —(1) Where—

(a) stamp duty was, on the 4th day of May, 1949, or a day thereafter and before the passing of this Act, chargeable under paragraph (3) of the heading “Lease or Tack” in the First Schedule to the Stamp Act, 1891, as amended by subsequent enactments, in respect of any consideration which consists of any money, stock or security (other than rent) for a lease first executed on or after the 4th day of May, 1949, and

(b) such duty was chargeable as of an amount (in this subsection referred to as the lesser amount) less than the amount (in this subsection referred to as the greater amount) which would have been appropriate if section 24 of this Act had been enacted on the 1st day of December, 1947,

then—

(I) the following provisions shall have effect if the lease was stamped in respect of the lesser amount before the passing of this Act, whether or not the lease has been stamped with a particular stamp denoting that it is duly stamped:

(i) stamp duty shall be chargeable again in respect of such consideration (in this paragraph referred to as the additional stamp duty) and shall be chargeable notwithstanding the said stamping in respect of the lesser amount,

(ii) the additional stamp duty shall be chargeable as of an amount equal to the amount by which the lesser amount is less than the greater amount,

(iii) in determining the greater amount for the purposes of subparagraph (ii) of this paragraph, if it has been shown to the satisfaction of the Revenue Commissioners that any such statement as is referred to in section 24 of this Act could, although not in fact contained in the lease, have properly been contained therein, that statement shall be deemed to be contained in the lease,

(iv) for the purposes of stamping the lease in respect of the additional stamp duty, the lease shall be deemed to have been first executed on the passing of this Act,

(v) if, at the expiration of thirty days after the passing of this Act, the lease is not stamped in respect of the additional stamp duty, a sum equal to twice the additional stamp duty shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by the lessee, or in a case of lessees, by the lessees jointly and severally, and shall be payable to the Revenue Commissioners and the said sum shall be recoverable at the suit of the Attorney General in any court of competent jurisdiction,

(vi) the Revenue Commissioners may, if they think fit, mitigate or remit any sum recoverable under subparagraph (v) of this paragraph; and

(II) the following provisions shall have effect if the lease was stamped in respect of the greater amount before the passing of this Act:

(i) the stamp duty charged as of the greater amount shall be deemed to have been properly so charged and is hereby confirmed,

(ii) in determining the greater amount for the purposes of this paragraph, if the Revenue Commissioners were satisfied when the lease was stamped that any such statement as is referred to in section 24 of this Act could, although not in fact contained in the lease, have properly been contained therein, that statement shall be deemed to be contained in the lease; and

(III) the following provisions shall have effect if the lease was not stamped before the passing of this Act:

(i) stamp duty shall be chargeable in respect of such consideration as of an amount equal to the greater amount (in this paragraph referred to as the increased stamp duty),

(ii) in determining the greater amount for the purposes of subparagraph (i) of this paragraph, if it has been shown to the satisfaction of the Revenue Commissioners that any such statement as is referred to in section 24 of this Actcould, although not in fact contained in the lease, have properly been contained therein, that statement shall be deemed to be contained in the lease,

(iii) for the purposes of stamping the lease in respect of the increased stamp duty, the lease shall be deemed to have been first executed on the passing of this Act,

(iv) if, at the expiration of thirty days after the passing of this Act, the lease is not stamped in respect of the increased stamp duty, a sum equal to twice the increased stamp duty shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by the lessee, or in a case of lessees, by the lessees jointly and severally, and shall be payable to the Revenue Commissioners and the said sum shall be recoverable at the suit of the Attorney General in any court of competent jurisdiction,

(v) the Revenue Commissioners may, if they think fit, mitigate or remit any sum recoverable under the provisions contained in subparagraph (iv) of this paragraph.

(2) Where—

(a) stamp duty was, on the 1st day of December, 1947, or a day thereafter and before the 28th day of April, 1949, chargeable under paragraph (3) of the heading “Lease or Tack” in the First Schedule to the Stamp Act, 1891, as amended by subsequent enactments, in respect of any consideration which consists of any money, stock or security (other than rent) for a lease, and

(b) such duty was charged, on a day before the 28th day of April, 1949, as of an amount equal to the amount that would have been appropriate if section 24 of this Act had been enacted on the 1st day of December, 1947,

such duty as charged as aforesaid shall be deemed to have been properly so charged and is hereby confirmed.

(3) Nothing contained in subsection (2) of this section shall affect—

(a) any case in which an assessment of stamp duty was made by any court before the 28th day of April, 1949, or

(b) any case in which an assessment under section 12 of the Stamp Act, 1891, was made by the Revenue Commissioners before the 28th day of April, 1949, and an appeal therefrom under section 13 of that Act was duly initiated.

26. —(1) In this section—

the word “property” means lands, tenements or hereditaments which stand conveyed or transferred (whether the conveyance or transfer was effected before or after the passing of this Act) to a body corporate by means of an instrument chargeable with stamp duty under the heading “Conveyance or Transfer on sale of any property” in the First Schedule to the Stamp Act, 1891, as amended by subsequent enactments, and stamped at the rate mentioned in subsection (1) of section 13 of the Finance (No. 2) Act, 1947 (No. 33 of 1947);

the expression “Irish body corporate” means a body corporate within paragraph (f) of subsection (4) of section 13 of the Finance (No. 2) Act, 1947 ;

the expression “unqualified person” means any person who, at the date of the execution of the relevant instrument by means of which property was conveyed or transferred to a body corporate, was not within one of the paragraphs (a) to (e) of subsection (4) of section 13 of the Finance (No. 2) Act, 1947 ;

the word “shares” means issued shares of each class.

(2) (a) Where, in a case in which property stands conveyed or transferred to an Irish body corporate, any mortgage or equitable mortgage, or any charge, of or on the property, or any debenture, or any bond, covenant or warrant of attorney to confess and enter up judgment, is given by the body corporate to an unqualified person who is beneficially entitled to any of the shares of the body corporate or who under the memorandum or articles of association of the body corporate or otherwise exercises or may exercise control or management thereof or is given by the body corporate to two or more persons any of whom is such an unqualified person—

(i) the mortgage, equitable mortgage, charge, debenture, bond, covenant or warrant of attorney shall,notwithstanding any other Act, be chargeable with stamp duty at the rate of twenty-five pounds per cent. of the value of the property, and

(ii) if, at the expiration of thirty days after the execution of the mortgage, equitable mortgage, charge, debenture, bond, covenant or warrant of attorney, it is not stamped or is not stamped at the said rate, a sum equal to twice the amount of duty at the said rate shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by such person, or by such persons jointly and severally.

(b) Where, in a case in which property stands conveyed or transferred to an Irish body corporate—

(i) any mortgage or equitable mortgage, or any charge, of or on the property, or any debenture, or any bond or covenant, is given by the body corporate to any person (not being an unqualified person such as is mentioned in paragraph (a) of this subsection) or to two or more persons (none of them being an unqualified person such as is mentioned in paragraph (a) of this subsection), and

(ii) any transfer, assignment or disposition is subsequently executed in consequence of which such mortgage, equitable mortgage, charge, debenture, bond or covenant stands transferred to or in favour of an unqualified person such as is mentioned in paragraph (a) of this subsection or two or more persons any of whom is such an unqualified person,

the following provisions shall have effect:

(I) the transfer, assignment or disposition shall, notwithstanding any other Act, be chargeable with stamp duty at the rate of twenty-five pounds per cent. of the value of the property, and

(II) if, at the expiration of thirty days after the execution of the transfer, assignment or disposition, it is not stamped or is not stamped at the said rate, a sum equal to twice the amount of the duty at the said rate shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by the last-mentioned person, or by the last-mentioned persons jointly and severally.

(c) Where, in the case of property which stands conveyed or transferred to an Irish body corporate, a deposit of title deeds, or of any document of title, to the property is made by the body corporate as security and the deposit is made with such an unqualified person as is mentioned in paragraph (a) of this subsection or with two or more persons any of whom is such an unqualified person—

(i) the body corporate shall deliver to the Revenue Commissioners within thirty days after the deposit is made a statement containing particulars of the property, the value thereof and the names and descriptions of the parties to the transaction,

(ii) the statement shall be chargeable with stamp duty payable by the body corporate at the rate of twenty-five pounds per cent. of the value of the property, and

(iii) if the statement is not delivered within the said thirty days or if, at the expiration of thirty days after delivery thereof, it is not stamped or is not stamped at the said rate, a sum equal to twice the amount of the duty at the said rate shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by the body corporate and its directors jointly and severally.

(d) Where, in the case of property which stands conveyed or transferred to an Irish body corporate—

(i) a deposit of title deeds, or of any document of title, to the property is made by the body corporate as security and the deposit is made with any person (not being an unqualified person such as is mentioned in paragraph (a) of this subsection) or withtwo or more persons (none of them being an unqualified person such as is mentioned in paragraph (a) of this subsection), and

(ii) any transfer or transfers is or are subsequently effected in consequence of which such title deeds or document of title cease or ceases to be deposited as aforesaid and stand deposited as security with a person who is an unqualified person such as is mentioned in paragraph (a) of this subsection or two or more persons any of whom is such an unqualified person,

the following provisions shall have effect:

(I) the last-mentioned person or two or more persons shall, within thirty days after such title deeds or document of title become or becomes deposited with such person or persons, deliver to the Revenue Commissioners a statement containing particulars of the property, the value thereof and the name or names and description or descriptions of such person or persons,

(II) the statement shall be chargeable with stamp duty payable by such person or persons at the rate of twenty-five pounds per cent. of the value of the property, and

(III) if the statement is not delivered within the said thirty days or if, at the expiration of thirty days after delivery thereof, it is not stamped or is not stamped at the said rate, a sum equal to twice the amount of the duty at the said rate shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by such person, or by such persons jointly and severally.

(3) Where, in the case of property which stands conveyed or transferred to an Irish body corporate, an unqualified person or two or more persons any of whom is an unqualified person becomes or become entitled to any beneficial interest in the whole or part of the property, the following provisions shall have effect unless the principal or only instrument under which such person or persons becomes or become so entitled is an instrument chargeable with stamp duty under subsection (2) of this section or unless stamp duty determined by reference to the value of the property has already been paid under that subsection by such person or any of such persons—

(i) the principal or only instrument under which such person or persons becomes or become so entitled shall, notwithstanding any other Act, be chargeable with stamp duty at the rate of twenty-five pounds per cent. of the amount or value of the consideration, or in the case of a voluntary disposition inter vivos, on the value of the property (or the part thereof to which such person or persons becomes or become entitled), and

(ii) if, at the expiration of thirty days after such person or persons becomes or become so entitled, the said instrument is not stamped or is not stamped at the said rate a sum equal to twice the amount of the duty at the said rate shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by such person, or by such persons jointly and severally.

(4) (a) In a case in which property stands conveyed or transferred to a body corporate which has ceased to be an Irish body corporate because of the shares having ceased to be, to an extent exceeding one-half (in nominal value) thereof, in the beneficial ownership of persons each of whom is within one of paragraphs (a) to (e) of subsection (4) of section 13 of the Finance (No. 2) Act, 1947 , the following provisions shall have effect:

(i) the principal or only instrument by which the property was conveyed or transferred to the body corporate shall, notwithstanding that it has been stamped already, and irrespective of whether or not it has been stamped with a particular stamp denoting that it is duly stamped, again be chargeable with stamp duty,

(ii) such duty shall be chargeable at the rate of twenty-five pounds per cent. on the amount by reference to which the stamp duty already paid was determined, and

(iii) if, at the expiration of thirty days after the bodycorporate has ceased to be an Irish body corporate, such instrument is not stamped or is not stamped at the said rate, a sum equal to twice the duty at the said rate shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by the body corporate and its directors jointly and severally.

(b) This subsection shall not apply in any case in which stamp duty determined by reference to the value of the property has already been paid under subsection (2) of this section or in any case in which the shares have ceased to be held as aforesaid merely by operation of law or by reason of any transfer from the personal representative of a deceased holder or any order of a Court.

(5) (a) Any sum being a debt due to the Minister for Finance in accordance with this section shall be payable to the Revenue Commissioners and shall be recoverable at the suit of the Attorney General in any court of competent jurisdiction.

(b) The Revenue Commissioners may, if they think fit, mitigate or remit any sum recoverable under paragraph(a) of this subsection.

27. —(1) In this section—

the word “property” means lands, tenements or hereditaments which stood conveyed or transferred to a body corporate by means of an instrument chargeable with stamp duty under the heading “Conveyance or Transfer on sale of any property” in the First Schedule to the Stamp Act, 1891, as amended by subsequent enactments, and stamped at the rate mentioned in subsection (1) of section 13 of the Finance (No. 2) Act, 1947 (No. 33 of 1947);

the expression “Irish body corporate” means a body corporate within paragraph (f) of subsection (4) of section 13 of the Finance (No.2) Act, 1947;

the expression “unqualified person” means any person who, at the date of the execution of the relevant instrument by means of which property was conveyed or transferred to a body corporate, was not within one of the paragraphs (a) to (e) of subsection (4) of section 13 of the Finance (No. 2) Act, 1947 ;

the word “shares” means issued shares of each class;

the expression “the relevant period” means the period which began on the 4th day of May, 1949, and ended on the day before the passing of this Act.

(2) (a) Where, in a case in which property stood conveyed or transferred on a date during the relevant period to an Irish body corporate, any mortgage or equitable mortgage, or any charge, of or on the property, or any debenture, or any bond, covenant or warrant of attorney to confess and enter up judgement, was given on that date by the body corporate to a person who on that date was an unqualified person who is beneficially entitled to any of the shares of the body corporate or who under the memorandum or articles of association of the body corporate or otherwise exercises or may exercise control or management thereof or was given on that date by the body corporate to two or more perons any of whom was on that date such an unqualified person,

then—

(I) the following provisions shall have effect if the mortgage, equitable mortgage, charge, debenture, bond, covenant or warrant of attorney was not stamped before the passing of this Act:

(i) it shall, notwithstanding any other Act, be chargeable with stamp duty at the rate of twenty-five pounds per cent. of the value of the property, and

(ii) if, at the expiration of thirty days after the passing of this Act, it is not stamped or is not stamped at the said rate, a sum equal to twice the amount of duty at the said rate shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by such person, or by such person, or by such persons jointly and severally; and

(II) the following provisions shall have effect if the mortgage, equitable mortgage, charge, debenture, bond, covenant or warrant of attorney was stamped before the passing of this Act:

(i) stamp duty shall again be chargeable on it not withstanding that it has been stamped already, and irrespective of whether or not it has been stamped with a particular stamp denoting that it is duly stamped, and shall be chargeable as of an amount equal to the difference between stamp duty determined at the rate of twenty-five pounds per cent. of the value of the property and the stamp duty already paid, and

(ii) if, at the expiration of thirty days after the passing of this Act, it is not stamped in respect of such additional stamp duty, a sum equal to twice the amount of that duty shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by such person, or by such persons jointly and severally.

(b) Where, in a case in which property stood conveyed or transferred on a date during the relevant period to an Irish body corporate—

(I) any mortgage or equitable mortgage, or any charge, of or on the property, or any debenture, or any bond or covenant, was given on that date by the body corporate to any person (not being on that date an unqualified person such as is mentioned in paragraph (a) of this subsection) or to two or more persons (none of them being on that date an unqualified person such as is mentioned in paragraph (a) of this subsection), and

(II) any transfer, assignment or disposition was subsequently executed on a date during the relevant period, or is executed on a date after the passing of this Act, in consequence of which such mortgage, equitable mortgage, charge, debenture, bond or covenant stood or stands transferred to or in favour of a person who on that date was or is an unqualified person such as is mentioned in paragraph (a)of this subsection or two or more persons any of whom on that date was or is such an unqualified person,

then—

(A) the following provisions shall have effect if the transfer, assignment or disposition was not stamped before the passing of this Act or if it is executed after such passing:

(i) it shall, notwithstanding any other Act, be chargeable with stamp duty at the rate of twenty-five pounds per cent. of the value of the property, and

(ii) if, at the expiration of thirty days after (as may be appropriate) the passing of this Act or the execution thereof, it is not stamped or is not stamped at the said rate, a sum equal to twice the amount of the duty at the said rate shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by the last-mentioned person, or by the last-mentioned persons jointly and severally; and

(B) the following provisions shall have effect if the transfer, assignment or disposition was stamped before the passing of this Act:

(i) stamp duty shall again be chargeable on it not withstanding that it has been stamped already, and irrespective of whether or not it has been stamped with a particular stamp denoting that it is duly stamped, and shall be chargeable as of an amount equal to the difference between stamp duty determined at the rate of twenty-five pounds per cent. of the value of the property and the stamp duty already paid, and

(ii) if, at the expiration of thirty days after the passing of this Act, it is not stamped in respect of such additional duty, a sum equal to twice the amount of that duty shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by such person, or by such persons jointly and severally.

(c) Where, in the case of property which stood conveyed or transferred on a date during the relevant period to an Irish body corporate, a deposit of title deeds, or of any document of title, to the property was made on that date by the body corporate as security and the deposit was made with a person who on that date was such an unqualified person as is mentioned in paragraph (a) of this subsection or with two or more persons any of whom was on that date such an unqualified person—

(i) the body corporate shall deliver to the Revenue Commissioners within thirty days after the passing of this Act a statement containing particulars of the property, the value thereof and the names and descriptions of the parties to the transaction,

(ii) the statement shall be chargeable with stamp duty payable by the body corporate at the rate of twenty-five pounds per cent. of the value of the property, and

(iii) if the statement is not delivered within the said thirty days or if, at the expiration of thirty days after delivery thereof, it is not stamped or is not stamped at the said rate, a sum equal to twice the amount of the duty at the said rate shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by the body corporate and its directors jointly and severally.

(d) Where, in the case of property which stood conveyed or transferred on a date during the relevant period to an Irish body corporate—

(i) a deposit of title deeds, or of any document of title, to the property was made on that date by the body corporate as security and the deposit was made with any person (not being on that date an unqualified person such as is mentioned in paragraph (a) of this subsection) or with two or more persons (none of them being on that date an unqualified person such as is mentioned in paragraph (a) of this subsection), and

(ii) any transfer or transfers was or were subsequently effected during the relevant period, or is or are effected after the passing of this Act, in consequence of which such title deeds or document of title ceased or cease or ceases to be deposited as aforesaid and stood or stand on any date deposited as security with a person who on that date was or is an unqualified person such as is mentioned in paragraph (a) of this subsection or two or more persons any of whom on that date was or is such an unqualified person,

the following provisions shall have effect:

(I) the last-mentioned person or two or more persons shall, within thirty days after (as may be appropriate) the passing of this Act or such title deeds or document of title become or becomes deposited with such person or persons, deliver to the Revenue Commissioners a statement containing particulars of the property, the value thereof and the name or names and description or descriptions of such person or persons,

(II) the statement shall be chargeable with stamp duty payable by such person or persons at the rate of twenty-five pounds per cent. of the value of the property, and

(III) if the statement is not delivered within the said thirty days or if, at the expiration of thirty days after delivery thereof, it is not stamped or is not stamped at the said rate, a sum equal to twice the amount of the duty at the said rateshall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by such person, or by such persons jointly and severally.

(3) Where, in the case of property which stood conveyed or transferred on a date during the relevant period to an Irish body corporate, an unqualified person or two or more persons any of whom was an unqualified person became entitled on that date to any beneficial interest in the whole or part of the property, the following provisions shall have effect unless the principal or only instrument under which such person or persons became so entitled is an instrument chargeable with stamp duty under subsection (2) of this section or unless stamp duty determined by reference to the value of the property has already been paid under that subsection by such person or any of such persons—

(I) if the principal or only instrument under which such person or persons became so entitled was not stamped before the passing of this Act—

(i) such instrument shall, notwithstanding any other Act, be chargeable with stamp duty at the rate of twenty-five pounds per cent. of the amount or value of the consideration, or in the case of a voluntary disposition inter vivos, on the value of the property (or the part thereof to which such person or persons became entitled), and

(ii) if, at the expiration of thirty days after the passing of this Act, such instrument is not stamped or is not stamped at the said rate, a sum equal to twice the amount of the duty at the said rate shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by such person, or by such persons jointly and severally; and

(II) if the principal or only instrument under which such person or persons became so entitled was stamped before the passing of this Act—

(i) stamp duty shall again be chargeable on it notwithstanding that it has been stamped already,and irrespective of whether or not it has been stamped with a particular stamp denoting that it is duly stamped, and shall be chargeable as of an amount equal to the difference between stamp duty determined at the rate of twenty-five pounds per cent. of the amount or value of the consideration, or in the case of a voluntary disposition inter vivos, on the value of the property (or the part thereof to which such person or persons became entitled), and the stamp duty already paid, and

(ii) if, at the expiration of thirty days after the passing of this Act, such instrument is not stamped in respect of such additional stamp duty, a sum equal to twice the amount of that duty shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by such person, or by such persons jointly and severally.

(4) (a) In a case in which property stood conveyed or transferred on a date during the relevant period to a body corporate which ceased on that date to be an Irish body corporate because of the shares having ceased to be, to an extent exceeding one-half (in nominal value) thereof, in the beneficial ownership of persons each of whom was within one of paragraphs (a) to (e) of subsection (4) of section 13 of the Finance (No. 2) Act, 1947 , the following provisions shall have effect:

(i) the principal or only instrument by which the property was conveyed or transferred to the body corporate shall, notwithstanding that it has been stamped already, and irrespective of whether or not it has been stamped with a particular stamp denoting that it is duly stamped, again be chargeable with stamp duty,

(ii) such duty shall be chargeable at the rate of twenty-five pounds per cent. on the amount by reference to which the stamp duty already paid was determined, and

(iii) if, at the expiration of thirty days after the passing of this Act, such instrument is not stamped or is not stamped at the said rate, a sum equal to twice the duty at the said rate shall thereupon be a debtdue to the Minister for Finance for the benefit of the Central Fund by the body corporate and its directors jointly and severally.

(b) This subsection shall not apply in any case in which stamp duty determined by reference to the value of the property has already been paid under subsection (2) of this section or in any case in which the shares ceased to be held as aforesaid merely by operation of law or by reason of any transfer from the personal representative of a deceased holder or any order of a Court.

(5) (a) Any sum being a debt due to the Minister for Finance in accordance with this section shall be payable to the Revenue Commissioners and shall be recoverable at the suit of the Attorney General in any court of competent jurisdiction.

(b) The Revenue Commissioners may, if they think fit, mitigate or remit any sum recoverable under paragraph (a) of this subsection.