PART IV

Stamp Duties

91. —(1) In this section,

“assessable amount” means the amount arrived at by dividing the specified amount by three and deducting £5,000,000 from the quotient;

“bank” means a person who, on the 1st day of April, 1982, was the holder of a licence granted under section 9 of the Central Bank Act, 1971 ;

“returns”, in relation to a bank, means the monthly bank returns furnished to the Central Bank of Ireland by the bank in respect of the assets and liabilities of the bank as on the 30th day of September, 1981, the 21st day of October, 1981, and the 18th day of November, 1981;

“specified amount” means—

(a) in the case of an associated bank, the amount obtained by deducting the aggregate of the sums shown in the returns of that bank in respect of Item 7 in Appendix II of the returns as an adjustment of current accounts for cheques in transit from the aggregate of the sums shown in the returns in respect of current accounts and deposit accounts by whomsoever held at offices in the State of the bank and shown as liabilities of the bank in such returns;

(b) in the case of any other bank, the amount obtained by deducting the aggregate of the sums shown in the analysis of selected liabilities in the returns of that bank as due to banks (including banks that are not banks within the meaning of subsection (1) of this section) in respect of current accounts, deposit accounts, other accounts and secured loans from the aggregate of the sums shown in the returns in respect of current accounts, deposit accounts, other accounts and secured loans by whomsoever held at offices in the State of the bank and shown as liabilities of the bank in such returns.

(2) A bank shall, not later than the 15th day of September, 1982, deliver to the Revenue Commissioners a statement in writing showing the assessable amount for that bank, the specified amount for that bank and the sums referred to in the definition of “specified amount” in subsection (1) of this section by reference to which that specified amount was calculated.

(3) There shall be charged on every statement delivered in pursuance of subsection (2) of this section a stamp duty of an amount equal to the sum of the following:

(a) 0.2 per cent. of that part of the assessable amount shown therein that does not exceed £100,000,000, and

(b) 0.35 per cent. of that part of the assessable amount shown therein that exceeds £100,000,000:

Provided that in any case where the assessable amount shown in the statement does not exceed £100,000,000 stamp duty of an amount equal to 0.2 per cent. of the assessable amount shown therein shall be charged.

(4) The duty charged by subsection (3) of this section upon a statement delivered by a bank pursuant to subsection (2) of this section shall be paid by the bank upon delivery of the statement.

(5) There shall be furnished to the Revenue Commissioners by a bank such particulars as the Revenue Commissioners may deem necessary in relation to any statement required by this section to be delivered by the bank.

(6) In the case of failure by a bank to deliver any statement required by subsection (2) of this section within the time provided for in that subsection or of failure to pay the duty chargeable on any such statement on the delivery thereof, the bank shall, from the date of the passing of this Act until the day on which the duty is paid, be liable to pay, by way of penalty, in addition to the duty, interest thereon at the rate of 15 per cent. per annum and also from the 15th day of September, 1982, by way of further penalty, a sum equal to 1 per cent. of the duty for each day the duty remains unpaid and each penalty shall be recoverable in the same manner as if the penalty were part of the duty.

(7) The delivery of any statement required by subsection (2) of this section may be enforced by the Revenue 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.

(8) 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 payable by the bank.

92. —(1) In this section—

“assessable amount”, in relation to a quarter, means the gross amount received by an insurer by way of premiums in that quarter in respect of business carried on by the insurer in the State on or after the 1st day of August, 1982, but without having regard to an excluded amount;

“excluded amount” means—

(a) an amount received in the course or by way of re-insurance;

(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, 5, 6, 7, 11 and 12, in classes 1 and 10 insofar as they relate to the insurance of passengers in marine and aviation vehicles and carriers liability insurance, respectively, and in class 14 insofar as it relates to export credit;

(c) a premium received in respect of business in class VII of the Annex to First Council Directive 79/267/EEC of 5 March 1979 (OJ No. L 63,13/3/1979);

“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) Regulations, 1976 (S.I. No. 115 of 1976), or who carries on the business of insurance in compliance with the provisions of the Assurance Companies Act, 1909;

“premium” has the same meaning as in the Insurance Act, 1936 ;

“quarter” means a period of three months ending on the 31st day of March, the 30th day of June, the 30th day of September or the 31st day of December.

(2) An insurer shall, within 30 days from the end of the quarter ending on the 30th day of September, 1982, and within 30 days from the end of each quarter thereafter, deliver to the Revenue Commissioners a statement in writing showing the assessable amount for that insurer in respect of that quarter.

(3) There shall be charged on every statement delivered in pursuance of subsection (2) of this section a stamp duty of an amount equal to one per cent. of the assessable amount shown therein.

(4) The duty charged by subsection (3) of this section upon a statement delivered by an insurer pursuant to subsection (2) of this section shall be paid by the insurer upon delivery of the statement.

(5) There shall be furnished to the Revenue Commissioners by an insurer such particulars as the Revenue Commissioners may deem necessary in relation to any statement required by this section to be delivered by the insurer.

(6) In the case of failure by an insurer to deliver any statement required by subsection (2) of this section 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 thereof, the insurer shall be liable to pay, in addition to the duty, interest thereon at the rate of 15 per cent. per annum from the expiration of the quarter to which the statement relates until the day on which the duty is paid.

(7) The delivery of any statement required by subsection (2) of this section may be enforced by the Revenue 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.

93. —(1) In this section “property” means agricultural land and includes such farm buildings and farm houses as are of a character appropriate to the property.

(2) Stamp duty shall not, subject to section 4 of the Stamp Act, 1891, be charged on any instrument to which this section applies.

(3) This section applies to an instrument, being a conveyance or transfer operating as a voluntary disposition inter vivos, where the instrument contains a certificate by the party to whom the property is being conveyed or transferred to the effect that the person becoming entitled to the entire beneficial interest in the property (or, where more than one person becomes entitled to a beneficial interest therein, each of them) is a qualified person.

(4) In this section “qualified person” means a person in respect of whom it is shown to the satisfaction of the Revenue Commissioners—

(a) that he was under the age of 35 years on the date on which the relevant instrument was executed, and

(b) either—

(i) that he is the holder of a certificate issued by—

(I) An Chomhairle Oiliúna Talmhaíochta certifying that he has satisfactorily completed an agricultural training course of a duration of not less than 100 hours, or

(II) the Farm Apprenticeship Board certifying that he has satisfactorily completed the course under the Farmer Apprenticeship Scheme of the Board or the course under the Trainee Farmer Scheme of the Board, or

(III) the Minister for Agriculture or a committee of agriculture established under the Agriculture Act, 1931 , being a certificate issued before the 1st day of December, 1980, and certifying that he has satisfactorily completed a course equivalent to that referred to in paragraph (b) (i) (I) of this subsection,

or

(ii) that he is the holder of a university degree, or equivalent university qualification, in agriculture,

and

(c) that the property will be used for the purposes of agriculture.

(5) This section shall have effect with respect to any instrument executed after the date of the passing of this Act and before the expiration of two years after that date.

94. —(1) In this section “the First Schedule” means the First Schedule, as amended by the Finance Act, 1970 , and subsequent enactments, to the Stamp Act, 1891.

(2) The First Schedule (other than the Heading “CONVEYANCE or TRANSFER on sale, of any stocks or marketable securities.”, the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities.”, the Heading “LEASE” and the Heading “POLICY OF LIFE INSURANCE”), sections 56, 59, 62 and 106 of the Stamp Act, 1891, section 9 of the Finance Act, 1902, section 42 of the Finance Act, 1920, and section 30 of the Finance Act, 1961 , are hereby amended by the substitution of “£5” for “fifty pence” in each place where it occurs.

(3) The Heading set out in Part I of the Fourth Schedule to this Act is hereby substituted for the Heading “DUPLICATE or COUNTERPART of any instrument chargeable with any duty.” in the First Schedule.

(4) (a) The Headings set out in Part II of the Fourth Schedule to this Act are hereby substituted for the Headings “POLICY OF LIFE INSURANCE.” and “POLICY OF LIFE INSURANCE made for a period not exceeding two years” in the First Schedule.

(b) (i) The following shall be exempt from all stamp duties:

(I) cover notes, slips and other instruments usually made in anticipation of the issue of a formal policy, not being instruments relating to life insurance;

(II) instruments embodying alterations of the terms or conditions of any policy of insurance other than life insurance;

and an instrument exempted by virtue of subparagraph (i) (I) of this paragraph shall not be taken for the purposes of the Stamp Act, 1891, to be a policy of insurance.

(ii) An instrument shall not be charged with duty exceeding £1 by reason only that it contains or relates to two or more distinct matters each falling within the Heading “POLICY of INSURANCE other than Life Insurance” (inserted by this subsection).

(5) The paragraph set out in Part III of the Fourth Schedule to this Act is hereby substituted for paragraph (4) of the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities.” in the First Schedule.

(6) (a) Subject to paragraph (b) of this subsection, this section shall come into operation on the date of the passing of this Act.

(b) Subsection (4) of this section shall come into operation on the 1st day of August, 1982.

(c) The said subsection (4) shall not have effect with respect to any instrument referred to therein executed before the said 1st day of August, 1982, and the other provisions of this section shall not have effect with respect to any instrument executed before the date of the passing of this Act.

95. —(1) Section 41 of the Finance Act, 1970 , is hereby amended by the substitution of “5p” for “3p” (inserted by the Finance Act, 1981 ) in both places where it occurs.

(2) The Imposition of Duties (No. 252) (Stamp Duty on Bills of Exchange and Promissory Notes) Order, 1981 (S.I. No. 271 of 1981), is hereby revoked.

(3) This section shall have effect with respect to bills of exchange and promissory notes drawn on or after the date of the passing of this Act.

96. —(1) Section 19 (inserted by the Finance Act, 1980 ) of the Finance Act, 1952 , is hereby amended by the substitution of the following subsection for subsection (1):

“(1) Stamp duty chargeable under or by reference to the heading ‘Conveyance or Transfer on Sale of any property other than stocks or marketable securities’ in the First Schedule to the Stamp Act, 1891, on any instrument to which this section applies shall be charged at the rate of £1 for every £50 or fractional part of £50 of the amount or value of the consideration for the sale, or, in the case of a conveyance or transfer operating as a voluntary disposition inter vivos, of the value of the property conveyed or transferred.”.

(2) The Imposition of Duties (No. 253) (Limit on Stamp Duty in respect of Certain Transactions between Bodies Corporate) Order, 1981 (S.I. No. 272 of 1981), is hereby revoked.

(3) This section shall not have effect with respect to any instrument executed before the date of the passing of this Act.