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15 1983

FINANCE ACT, 1983

PART IV

Stamp Duties

Levy on banks.

90. —(1) In this section, except where the context otherwise requires—

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, 1983, 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, 1982, the 20th day of October, 1982, and the 17th day of November, 1982;

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)) 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 14th day of September, 1983, 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) by reference to which that specified amount was calculated.

(3) There shall be charged on every statement delivered pursuant to subsection (2) 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) 0.375 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) upon a statement delivered by a bank pursuant to subsection (2) 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) 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 14th day of September, 1983, 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) 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 under the care and management of the Revenue Commissioners payable by the bank.

Amendment of section 17 (stamp duty in respect of credit cards and charge cards) of Finance (No. 2) Act, 1981.

91. Section 17 (2) of the Finance (No. 2) Act, 1981 , is hereby amended by the insertion after paragraph (c) of the following paragraph:

“(d) (i) A promoter may, within three months of the 1st day of April in any year (being the year 1983 or a subsequent year), with the consent of the Revenue 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 the provisions of subparagraph (i) of this paragraph, and paid on the delivery of the statement, a stamp duty at the rate of £5 in respect of each charge card, company charge card and supple- mentary card included in the number of cards shown in the statement.

(iii) Notwithstanding paragraph (b) of this subsection, where a promoter delivers a statement in accordance with the provisions of this paragraph, the said 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.”.

Amendment of section 74 (stamp duty on gifts inter vivos) of Finance (1909-10) Act, 1910.

92. —(1) Section 74 of the Finance (1909-10) Act, 1910, is hereby amended by the substitution of the following subsection for subsection (5):

“(5) Any conveyance or transfer (not being a disposition made in favour of a purchaser or incumbrancer or other person in good faith and for valuable consideration) shall, for the purposes of this section, be deemed to be a conveyance or transfer operating as a voluntary disposition inter vivos, and the consideration for any conveyance or transfer shall not for this purpose be deemed to be valuable consideration where marriage is the consideration, or part of the consideration, or where the Commissioners are of opinion that by reason of the inadequacy of the sum paid as consideration or other circumstances the conveyance or transfer confers a substantial benefit on the person to whom the property is conveyed or transferred.”.

(2) This section shall have effect with respect to any instrument executed on or after the date of the passing of this Act.

Amendment of section 92 (levy on certain premiums of insurance) of Finance Act, 1982.

93. —(1) Section 92 of the Finance Act, 1982 is hereby amended—

(a) by the insertion in the definition of “assessable amount”, after “premiums”, of “(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 way of overall premiums (within the meaning aforesaid))”, and

(b) by the insertion in the definition of “excluded amount”, after “namely,” in paragraph (b), of “4,”.

(2) This section shall have effect in relation to amounts received on or after the date of the passing of this Act.