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S.I. No. 88/1987 - Imposition of Duties (No. 286) (Levy on Certain Premiums of Insurance) Order, 1987.

S.I. No. 88 of 1987.

IMPOSITION OF DUTIES (No. 286) (LEVY ON CERTAIN PREMIUMS OF INSURANCE) ORDER, 1987.

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 ordered as follows:

1. This Order may be cited as the Imposition of Duties (Levy on Certain Premiums of Insurance) Order, 1987.

2. This Order shall come into operation on the 1st day of May, 1987.

3. (1) Section 92 of the Finance Act, 1982 (No. 14 of 1982), is hereby amended by the substitution in subsection (8) (inserted by the Finance Act, 1984 (No. 9 of 1984)) of "three per cent." for "one and two-thirds per cent.".

(2) Paragraph (1) of this Article shall have effect as respects a relevant premium received by an insurer on or after the 1st day of May, 1987.

(3) In this Article, the expressions "relevant premium" and "insurer" have the same meanings as they have in Section 92 of the Finance Act, 1982 (as amended by Section 98 of the Finance Act, 1984 ).

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

GIVEN under the Official Seal of the Government, this 27th day of March, 1987.

CHARLES J. HAUGHEY,

Taoiseach.

EXPLANATORY NOTE.

This Order gives effect to the decision announced in the Budget Statement to increase the levy charged, by way of a stamp duty, on life assurance premiums from 12/3 per cent to 3 per cent with effect from the 1st May, 1987.