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20 1957



Stamp Duties.

Agreements as to stamp duty on certain receipts.

24. —(1) The Revenue Commissioners, if they in their discretion so think proper, may enter into an agreement with any body of persons for the composition, in accordance with the following provisions of this section, of the stamp duty chargeable under the heading “Receipt given for, or upon the payment of, money amounting to £2 or upwards” in the First Schedule to the Stamp Act, 1891, on such receipts issued by that body in the course of its business as may be specified in the agreement.

(2) Any such agreement shall be in such form and shall contain such terms and conditions as the Revenue Commissioners think proper, and in particular the agreement shall require the body of persons to deliver to the Revenue Commissioners periodical accounts and such other particulars as they may require in respect of the receipts to which the agreement relates, and shall specify the method of determining the number of receipts to be included in any such periodical account.

(3) While any such agreement remains in force, any receipt to which it relates, and which bears such indication of the payment of stamp duty as the Revenue Commissioners may require, shall not be chargeable with stamp duty, but, in lieu thereof and by way of composition, the body of persons with which the Revenue Commissioners have entered into the agreement shall pay to the Revenue Commissioners, upon the delivery of any account under the agreement, such sums as would, but for the provisions of this section, have been chargeable by way of stamp duty on receipts to which the agreement relates issued during the period to which the account relates, it being assumed for this purpose that the number of those receipts so issued is the number determined in accordance with the method specified in that behalf by the agreement.

(4) Where a body makes default in delivering any account required by any such agreement or in paying the duty payable on the delivery of any such account, the body shall be liable to a fine not exceeding fifty pounds for every day during which the default continues and shall also be liable to pay, in addition to the duty, interest thereon, which shall be recoverable in the same manner as if it were part thereof, at the rate of five per cent. per annum from the date when the default begins.