Finance Act, 1995
|
Amendment of section 19 (conveyance or transfer on sale— limit on stamp duty in the case of certain transactions between bodies corporate) of Finance Act, 1952. |
143.—(1) Section 19 of the Finance Act, 1952 , is hereby amended— | |
(a) by the substitution of the following subsection for subsection (1) (inserted by the Finance Act, 1982 ): | ||
“(1) Stamp duty shall not be chargeable under or by reference to the headings ‘CONVEYANCE or TRANSFER on sale of any stocks or marketable securities’ (inserted by the Finance Act, 1992 ) or ‘CONVEYANCE or TRANSFER on sale of a policy of insurance or a policy of life insurance where the risk to which the policy relates is located in the State’ (inserted by the Finance Act, 1992 ) or ‘CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance’ (as amended by the Finance Act, 1992 ) in the First Schedule to the Stamp Act, 1891, on any instrument to which this section applies: | ||
Provided that that instrument has, in accordance with the provisions of section 12 of the Stamp Act, 1891, been stamped with a particular stamp denoting that it is not chargeable with any duty or that it is duly stamped.”, | ||
(b) by the deletion of subsection (4), and | ||
(c) by the substitution of the following subsection for subsection (6): | ||
“(6) If— | ||
(a) where any claim for exemption from duty under this section has been allowed, it is subsequently found that any declaration or other evidence furnished in support of the claim was untrue in any material particular, or | ||
(b) the transferor and transferee cease to be associated within the meaning of subsection (2) of this section within a period of two years from the date of the conveyance or transfer, | ||
then the exemption shall be deemed not to have been allowed, and an amount equal to the duty remitted shall forthwith be a debt due from the transferor and transferee jointly and severally to the Minister for Finance for the benefit of the Central Fund and be payable to the Revenue Commissioners and the said amount shall be recoverable in any court of competent jurisdiction and subsection (2) (inserted by the Finance Act, 1979 ) of section 69 of the Finance Act, 1973 , shall apply as if the duty was the stamp duty referred to in that subsection and the date of the conveyance was a date one month after the date of the transaction referred to in that subsection, and with any other necessary modifications.”. | ||
(2) This section shall have effect with respect to instruments executed on or after the 8th day of February, 1995. |