Finance Act, 1991

Amendment of section 122 of Act of 1891.

96.—Section 122 of the Act of 1891 is hereby amended as respects instruments executed on or after the 1st day of November, 1991, by the insertion of the following definition before the definition of “Commissioners”:

“the expression ‘accountable person’ means—

(a) the person referred to in column (2) of the Table to this definition in respect of the corresponding instruments set out in column (1) of that Table by reference to the appropriate Heading in the First Schedule to this Act,

(b) in the case of an instrument which operates, or is deemed to operate, as a voluntary disposition inter vivos under the provisions of section 74 of the Finance (1909-10) Act, 1910, or section 24 of the Finance Act, 1949 , the parties to such instrument,

(c) in the case of any other instrument, the parties to that instrument:

Provided that, in the case of any person who would be an accountable person if alive, the accountable person shall be the personal representative of such person:

TABLE

Instrument Heading specified in the First Schedule

Accountable Person

(1)

(2)

BOND, COVENANT or INSTRUMENT of any kind whatsoever.

The obligee, covenantee, or other person taking the security.

CONVEYANCE or TRANSFER on sale of any stocks or marketable securities.

The vendee or transferee.

CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities.

The vendee or transferee.

LEASE.

The lessee.

MORTGAGE, BOND, DEBENTURE, COVENANT (except a marketable security) and WARRANT OF ATTORNEY to confess and enter up judgement.

The mortgagee or obligee; in the case of a transfer, the transferee.

SETTLEMENT.

The settlor.

DUPLICATE or COUNTERPART of any instrument chargeable with any duty.

Any of the persons specified in this column, as appropriate.

”.