Finance Act, 1982

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PART IV

Stamp Duties

Levy on banks.

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.