S.I. No. 121/1979 - Imposition of Duties (No. 238) (Exemption From and Agreement As To Stamp Duty on Certain Transfers) Order, 1979.

S.I. No. 121 of 1979.

IMPOSITION OF DUTIES (No. 238) (EXEMPTION FROM AND AGREEMENT AS TO STAMP DUTY ON CERTAIN TRANSFERS) ORDER, 1979.

The Government, in exercise of the powers conferred on them by section 1 of the Imposition of Duties Act, 1957 (No. 7 of 1957), and section 22 of the Finance Act, 1962 (No. 15 of 1962), hereby order as follows:

1. This Order may be cited as the Imposition of Duties (No. 238) (Exemption from and Agreement as to Stamp Duty on Certain Transfers) Order, 1979.

2. This Order shall come into operation on the 9th day of April, 1979.

3. (1) Stamp duty shall not be chargeable on any transfer to a stock exchange nominee which is executed for the purposes of a stock exchange transaction.

(2) In this Article—

"stock exchange nominee" means a person designated by regulations made by the Minister for Industry, Commerce and Energy, as a nominee of a recognised stock exchange for the purposes of the Companies (Amendment) Act, 1977 ;

"stock exchange transaction" means a sale and purchase of securities in which each of the parties is a member of a recognised stock exchange acting in the ordinary course of his business as such or is acting through the agency of such a member.

4. The Revenue Commissioners may, if they in their discretion so think proper, enter into an agreement with, or with persons acting on behalf of, the Stock Exchange—Irish (hereinafter in this Order referred to as "the other parties to the agreement") for the composition, in accordance with the provisions of this Order, of the stamp duty chargeable under the heading "CONVEYANCE or TRANSFER on sale of any stocks or marketable securities" in the First Schedule to the Finance Act, 1970 , on such instruments as may be specified in the agreement.

5. Any such agreement shall be in such form and on such terms and shall contain such conditions as the Revenue Commissioners think proper and, in particular, the agreement shall require the other parties to the agreement to deliver to the Revenue Commissioners periodical accounts in respect of the instruments to which it relates giving particulars of those instruments.

6. While any such agreement remains in force, any instrument 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 other parties to the agreement shall pay to the Revenue Commissioners on the delivery of any account under the agreement, such sums as would, but for the provisions of this Order, have been chargeable by way of stamp duty on instruments to which the agreement relates during the period to which the account relates.

7. An instrument to which such an agreement applies and which, pursuant to the provisions of this Order, bears an indication of the amount of stamp duty payable thereon shall be treated for all purposes of stamp duty as stamped with the amount of stamp duty so indicated thereon.

8. This Order shall be construed together as one with the Stamp Act, 1891, and the enactments amending or extending that Act.

GIVEN under the Official Seal of the Government, this 6th day of April, 1979.

SEÁN Ó LOINSIGH,

Taoiseach.

EXPLANATORY NOTE.

This Order provides for—

(1) the exemption from stamp duty of certain transfers made to a nominee of a stock exchange designated by the Minister for Industry, Commerce and Energy for the purposes of the Companies (Amendment) Act, 1977 , and

(2) the making by the Revenue Commissioners, at their discretion, of an agreement for the payment, by way of periodic composite sums, of stamp duty chargeable on the transfer of certain securities.

This Order comes into operation on 9th April, 1979.