S.I. No. 123/1980 - Imposition of Duties (No. 247) (Stamp Duty on Conveyances To Sub-Purchasers) Order, 1980.

S.I. No. 123 of 1980.

IMPOSITION OF DUTIES (NO. 247) (STAMP DUTY ON CONVEYANCES TO SUB-PURCHASERS) ORDER, 1980.

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. 247) (Stamp Duty on Conveyances to Sub-Purchasers) Order, 1980.

2. This Order shall come into operation on the 30th day of April, 1980, and shall not have effect in relation to any conveyance executed before such coming into operation.

3. Section 58 of the Stamp Act, 1891, is hereby amended by the insertion after subsection (6) of the following subsections:

"(7) ( a ) The consideration moving from the sub-purchaser shall, in a case to which subsection (4), (5) or (6) applies, be ascertained without regard to the value of any covenant, power, condition or arrangement relating to the subject matter of the conveyance which was not in the contract for sale entered into by the original seller and also without regard to any consideration the duty on any part of which would be charged in accordance with subsection (2) or (3) of section 56.

( b ) In paragraph (a) 'the original seller' means, in relation to a case to which subsection (4) applies, the person from whom the property is conveyed to the sub-purchaser and, in relation to a case to which subsection (5) or (6) applies, the original seller referred to in the said subsection (5) or (6), as the case may be.

(8) Paragraph 4 of the Heading 'Conveyance or Transfer on Sale of any property other than stocks or marketable securities' (inserted by the Finance Act, 1975 ) in the First Schedule to this Act shall not apply to determine the stamp duty to be charged on any conveyance referred to in subsection (4), (5) or (6).

(9) A conveyance in respect of which subsection (7) has effect shall be deemed to be a conveyance operating as a voluntary disposition inter vivos for the purposes of section 74 of the Finance (1909-10) Act, 1910.".

4. 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 29th day of April, 1980.

CHARLES J. HAUGHEY,

Taoiseach.

EXPLANATORY NOTE.

This Order amends the provisions of section 58 of the Stamp Act, 1891, relating to the stamp duty chargeable on conveyances of property to sub-purchasers and, in addition, applies the provisions of section 74 of the Finance (1909-10) Act, 1910, relating to stamp duty on voluntary dispositions to certain such conveyances.