S.I. No. 140/1973 - Imposition of Duties (No. 206) (Stamp Duty on Certain Instruments) Order, 1973.

S.I. No. 140 of 1973.

IMPOSITION OF DUTIES (NO. 206) (STAMP DUTY ON CERTAIN INSTRUMENTS) ORDER, 1973.

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. 206) (Stamp Duty on Certain Instruments) Order, 1973.

2. This Order shall come into operation on the 1^st day of June, 1973, and shall not have effect in relation to any instrument executed before such coming into operation.

3. The Heading set out in Part I of the Schedule to this Order is hereby substituted for the Heading "CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities" in the First Schedule (as amended by the Finance Act, 1970 (No. 14 of 1970)), to the Stamp Act, 1891.

4. The Heading set out in Part II of the Schedule to this Order is hereby substituted for the Heading "BOND, COVENANT, or INSTRUMENT of any kind whatsoever" in the First Schedule (as amended by the Finance Act, 1970 ), to the Stamp Act, 1891.

5. The paragraph set out in Part III of the Schedule to this Order is hereby substituted for paragraph (3) of the Heading "LEASE" in the First Schedule (as amended by the Finance Act, 1970 ), to the Stamp Act, 1891.

6. The Heading set out in Part IV of the Schedule to this Order is hereby substituted for the Heading "MORTGAGE, BOND, DEBENTURE, COVENANT (except a marketable security otherwise specially charged with duty) and WARRANT OF ATTORNEY to confess and enter up judgment" in the First Schedule (as amended by the Finance Act, 1970 ), to the Stamp Act, 1891.

7. The Heading in the Schedule to the Stamp Act, 1891, inserted by Article 3 of this Order shall, subject to the provisions of that Heading, be deemed to include any conveyance or transfer of any property other than stocks or marketable securities operating as a voluntary disposition inter vivos and any reference in that Heading to the amount or value of any consideration shall be construed in relation to duty chargeable on such conveyance or transfer as a reference to the value of the property.

8. Section 50 (2) (which section imposed a stamp duty on contracts for the construction of office buildings) of the Finance Act, 1969 (No. 21 of 1969), is hereby varied by the substitution of "fifteen per cent" for "ten per cent".

Article 3

SCHEDULE

PART I

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

(1) Where the amount or value of the consideration for the sale does not exceed one thousand pounds and the instrument contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions, in respect of which the amount or value, or the aggregate amount or value, of the consideration exceeds one thousand pounds .. ..				Exempt
(2) Where the amount or value of the consideration for the sale exceeds one thousand pounds but does not exceed two thousand pounds and the instrument contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration exceeds two thousand pounds:—
For every £50 or fractional part of £50 of the consideration				25p
(3) Where the amount or value of the consideration for the sale exceeds two thousand pounds but does not exceed six thousand pounds and the instrument contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration exceeds six thousand pounds:—
For every £50, or fractional part of £50, of the consideration				50p
(4) Where in the case of a conveyance or transfer on sale or in the case of a conveyance or transfer operating as a voluntary disposition inter vivos the consideration for the sale or the value of the property exceeds six thousand pounds and the instrument contains a certificate by the party to whom the property is being conveyed or transferred to the effect that the person becoming entitled to the entire beneficial interest in the property (or, where more than one person becomes entitled to a beneficial interest therein, each of them) is related to the person or each of the persons immediately theretofore entitled to the entire beneficial interest in the property in one or other of the following ways, that is to say, as a lineal descendant, parent, grandparent, step-parent, husband or wife, brother or sister of a parent or brother or sister, or lineal descendant of a parent, husband or wife or brother or sister:—
For every £50, or fractional part of £50, of the consideration or of the value				50p
(5) Where the amount or value of the consideration for the sale exceeds six thousand pounds but does not exceed seven thousand five hundred pounds and the instrument contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration exceeds seven thousand five hundred pounds:—
If the amount or value of the consideration—
Exceeds	£6,000	and does not exceed	£6,250	£70
,,	£6,250	,, ,, ,, ,,	£6,500	£80
,,	£6,500	,, ,, ,, ,,	£6,750	£90
,,	£6,750	,, ,, ,, ,,	£7,000	£100
,,	£7,000	,, ,, ,, ,,	£7,250	£110
,,	£7,250	,, ,, ,, ,,	£7,500	£120
(6) Where the amount or value of the consideration for the sale exceeds seven thousand five hundred pounds but does not exceed ten thousand pounds and the instrument contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration exceeds ten thousand pounds:—
For every £50, or fractional part of £50, of the consideration				£1·00
(7) Where the amount or value of the consideration for the sale exceeds ten thousand pounds but does not exceed fifty thousand pounds and the instrument contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration exceeds fifty thousand pounds:—
For every £50, or fractional part of £50, of the consideration				£1·50
(8) Of any other kind whatsoever not hereinbefore described:—
For every £50, or fractional part of £50, of the amount or value of the consideration for the sale, or, in the case of a conveyance or transfer operating as a voluntary disposition inter vivos, of the value of the property conveyed or transferred				£2·50

Article 4

PART II

BOND, COVENANT or INSTRUMENT of any kind whatsoever.

(1) Being the only or principal or primary security for any annuity (except upon the original creation thereof by way of sale or security, and except a superannuation annuity), or for any sum or sums of money at stated periods, not being interest for any principal sum secured by a duly stamped instrument, nor rent reserved by a lease.
For a definite and certain period, so that the total amount to be ultimately payable can be ascertained.
Where the total amount does not exceed ten thousand pounds	Exempt
Where the total amount exceeds ten thousand pounds.
For every £200 or any fractional part of £200 of the amount secured	25p
For the term of life or any other indefinite period.
For every £10, and also for any fractional part of £10, of the annuity or sum periodically payable	25p
(2) Being a collateral or auxiliary or additional or substituted security for any of the above-mentioned purposes where the principal or primary instrument is duly stamped.
Where the amount secured does not exceed ten thousand pounds	Exempt
Where the total amount to be ultimately payable can be ascertained and exceeds ten thousand pounds	50p
In any other case:
For every £10, and also for any fractional part of £10, of the annuity or sum periodically payable	5p
(3) Being a grant or contract for payment of a superannuation annuity, that is to say a deferred life annuity granted or secured to any person in consideration of annual premiums payable until he attains a specified age and so as to commence on his attaining that age.
For every £10, and also for fractional part of £10, of the annuity	5p

Article 5

PART III

(3) For any other definite term or for any indefinite term of any lands, tenements, or heritable subjects—
Where the consideration, or any part of the consideration (other than rent), moving either to the lessor or to any other person, consists of any money, stock, or security, and—
(a) The amount or value of such consideration does not exceed one thousand pounds and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds one thousand pounds				Exempt
(b) The amount or value of such consideration exceeds one thousand pounds but does not exceed two thousand pounds, and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds two thousand pounds:—
For every £50, or fractional part of £50, of the amount or value				25p
(c) The amount or value of such consideration exceeds two thousand pounds but does not exceed six thousand pounds, and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds six thousand pounds:—
For every £50, or fractional part of £50, of the amount or value				50p
(d) The amount or value of such consideration exceeds six thousand pounds but does not exceed seven thousand five hundred pounds, and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds seven thousand five hundred pounds:—
If the amount or value of the consideration—
Exceeds	£6,000	and does not exceed	£6,250	£70
,,	£6,250	,, ,, ,, ,,	£6,500	£80
,,	£6,500	,, ,, ,, ,,	£6,750	£90
,,	£6,750	,, ,, ,, ,,	£7,000	£100
,,	£7,000	,, ,, ,, ,,	£7,250	£110
,,	£7,250	,, ,, ,, ,,	£7,500	£120
(e) The amount or value of such consideration exceeds seven thousand five hundred pounds but does not exceed ten thousand pounds and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds ten thousand pounds:—
For every £50, or fractional part of £50, of the amount or value				£1·00
(f) The amount or value of such consideration exceeds ten thousand pounds but does not exceed fifty thousand pounds and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds fifty thousand pounds:—
For every £50, or fractional part of £50, of the amount or value				£1·50
(g) The case is of any other kind whatsoever not hereinbefore described:—
For every £50, or fractional part of £50, of the amount or value				£2·50
Where the consideration or any part of the consideration is any rent:
In respect of such consideration:
If the rent, whether reserved as a yearly rent or otherwise, is at a rate or average rate:

						If the term does not exceed 35 years, or is indefinite	If the term exceeds 35 years, but does not exceed 100 years	If the term exceeds 100 years
Not exceeding £5 per annum						5p	30p	60p
Exceeding—
£5	and		not	exceeding	£10	10p	60p	£1·20
£10	,,	,,		,,	£15	15p	90p	£1·80
£15	,,	,,		,,	£20	20p	£1·20	£2·40
£20	,,	,,		,,	£25	25p	£1·50	£3·00
£25	,,	,,		,,	£50	50p	£3·00	£6·00
£50	,,	,,		,,	£75	75p	£4·50	£9·00
£75	,,	,,		,,	£100	£1·00	£6·00	£12·00
£100		,
For every full sum of £50, and also for any fraction part of £50 thereof						50p	£3·00	£6·00

Article 6

PART IV

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

(1) Being the only or principal or primary security (other than an equitable mortgage) for the payment or repayment of money—
Not exceeding ten thousand pounds	Exempt
Exceeding ten thousand pounds—
For every two hundred pounds, or any fractional part of two hundred pounds, of the amount secured	25p
(2) Being a collateral, or auxiliary, or additional, or substituted security (other than an equitable mortgage), or by way of further assurance for the above-mentioned purpose where the principal or primary security is duly stamped—
Where the amount secured does not exceed ten thousand pounds	Exempt
Where the amount secured exceeds ten thousand pounds	50p
(3) Being an equitable mortgage:
Where the amount secured does not exceed ten thousand pounds	Exempt
Where the amount secured exceeds ten thousand pounds:
For every one hundred pounds, and also for any fractional part of one hundred pounds	5p
(4) TRANSFER, ASSIGNMENT, or DISPOSITION of any mortgage, bond, debenture, or covenant (except a marketable security) or of any money or stock secured by any such instrument, or by any warrant of attorney to enter up judgement, or by any judgement.
Where the amount secured does not exceed ten thousand pounds	Exempt
Where the amount secured exceeds ten thousand pounds:
For every two hundred pounds, and also for any fractional part of two hundred pounds, of the amount transferred, assigned, or disposed, exclusive of interest which is not in arrear	5p
And also where any further money is added to the money already secured	The same duty as a principal security for such further money.
(5) RECONVEYANCE, RELEASE, DISCHARGE, SURRENDER, RESURRENDER, or RENUNCIATION of any such security as aforesaid, or of the benefit thereof, or of the money thereby secured:
Where the amount secured does not exceed ten thousand pounds	Exempt
Where the amount secured exceeds ten thousand pounds:
For every two hundred pounds, and also for any fractional part of two hundred pounds of the total amount or value of the money at any time secured	5p

GIVEN under the Official Seal of the Government, this 29th day of May, 1973.

LIAM MAC COSGAIR,

Taoiseach.

EXPLANATORY NOTE.

This Order provides for exemption from, and reduction of the rates of, stamp duty chargeable on transferes of houses and lands.It also provides for exemption from stamp duty on mortgages up to £10,000 and for the increase from ten to fifteen per cent of the rate of stamp duty chargeable on contracts for the construction of office buildings.

The Order comes into operation on 1 June 1973.