Finance Act 2012

SCHEDULE 3

Modernisation of Stamping of Instruments: Introduction of Self Assessment and Consequential Changes, etc.

Section 107 .

1. In this Schedule “Principal Act” means the Stamp Duties Consolidation Act 1999 .

2. Section 2 of the Principal Act is amended by substituting the following for subsection (3):

“(3) Any instrument chargeable with stamp duty shall, unless it is written on duty stamped material, be duly stamped with the proper stamp duty before the expiration of 30 days after it is first executed.”.

3. Section 8 of the Principal Act is amended—

(a) in subsection (2) by deleting “(other than where the Commissioners are required to express their opinion in relation to the chargeability of the instrument to duty in accordance with section 20)”,

(b) by substituting the following for subsection (5):

“(5) Where an instrument operates, or is deemed to operate, as a voluntary disposition inter vivos under section 30 or 54 such fact shall be brought to the attention of the Commissioners in the electronic return or the paper return to be delivered in relation to an instrument required to be stamped and where the requirement of this subsection is not complied with an accountable person shall, for the purposes of subsection (3) of this section or section 134A(2)(a), as the case may be, be presumed, until the contrary is proven, to have acted negligently or deliberately, as the case may be.”,

and

(c) by deleting subsections (6) and (7).

4. The Principal Act is amended by inserting the following after section 8A:

“Penalties: failure to deliver returns.

8B.— Where an accountable person fails to cause an electronic return or a paper return to be delivered in relation to an instrument within the time specified in section 2(3), the accountable person or, where there is more than one accountable person, each accountable person shall incur a penalty of €3,000.

Expression of doubt.

8C.— (1) In this section—

‘the law’ has the meaning assigned to it by subsection (2);

‘letter of expression of doubt’ means a communication received in legible form which—

(a) sets out full details of the facts and circumstances affecting the liability of an instrument to stamp duty, and makes reference to the provisions of the law giving rise to the doubt,

(b) identifies the amount of stamp duty in doubt in respect of the instrument to which the expression of doubt relates,

(c) is accompanied by supporting documentation as relevant, and

(d) is clearly identified as a letter of expression of doubt for the purposes of this section,

and reference to ‘an expression of doubt’ shall be construed accordingly.

(2) (a) Subject to paragraph (b), where, in relation to an instrument, an accountable person is in doubt as to the correct application of any enactment relating to stamp duty (in this section referred to as ‘the law’) to an instrument which could—

(i) give rise to a liability to stamp duty by that person, or

(ii) affects that person’s liability to stamp duty or entitlement to an exemption or a relief from stamp duty,

then the accountable person may lodge a letter of expression of doubt with the Commissioners in such manner as the Commissioners may require.

(b) This subsection shall apply only if both—

(i) the electronic return or the paper return, and

(ii) the expression of doubt referred to in paragraph (a),

are delivered to the Commissioners before the expiration of 30 days after the instrument is first executed.

(3) Subject to subsection (4), where an accountable person causes an electronic return or a paper return to be delivered to the Commissioners and lodges an expression of doubt relating to the instrument in accordance with this section, then interest calculated in accordance with section 159D shall not apply to any additional stamp duty arising where the Commissioners notify the person of the correct application of the law to that instrument and the return will not be deemed to be an incorrect return if an amended return, which includes an assessment to be substituted for an earlier assessment, is delivered and the additional duty is paid within 30 days of the date on which that notification is issued.

(4) Subsection (3) does not apply where the Commissioners do not accept as genuine an expression of doubt in relation to the correct application of the law to an instrument, and an expression of doubt shall not be accepted as genuine in particular where the Commissioners—

(a) have issued general guidelines concerning the application of the law in similar circumstances,

(b) are of the opinion that the matter is otherwise sufficiently free from doubt as not to warrant an expression of doubt, or

(c) are of the opinion that the accountable person was acting with a view to the evasion or avoidance of duty.

(5) Where the Commissioners do not accept an expression of doubt as genuine, they shall notify the accountable person accordingly and the accountable person shall, on receipt of the notification, cause an amended return that includes an assessment to be substituted for an earlier assessment to be delivered and the additional duty to be paid together with any interest payable calculated in accordance with section 159D.

(6) Where an accountable person is aggrieved by a decision of the Commissioners under subsection (5) he or she may appeal to the Appeal Commissioners in accordance with section 21(9).”.

5. Section 14 of the Principal Act is amended—

(a) by deleting subsections (2), (2A) and (3), and

(b) in subsection (4) by deleting “and penalty”.

6. The Principal Act is amended by inserting the following after section 14:

“Late filing of return.

14A.— (1) In this section ‘specified return date’ means the thirtieth day after the date of the first execution of an instrument chargeable with duty.

(2) For the purposes of this section—

(a) where an accountable person deliberately or carelessly causes the delivery of an incorrect electronic return or a paper return on or before the specified return date, that person shall be deemed to have failed to have delivered the return on or before that date unless the error in the return is remedied by the delivery of a correct return on or before that date,

(b) where an accountable person causes the delivery of an incorrect electronic return or a paper return on or before the specified return date, but does so neither deliberately nor carelessly and it comes to that person’s notice (or, if he or she has died, to the notice of his or her personal representative) that it is incorrect, the person shall be deemed to have failed to have delivered the return on or before the specified return date unless the error in the return is remedied by the delivery of a correct return without unreasonable delay, and

(c) where an accountable person causes the delivery of an electronic return or a paper return on or before the specified return date, but the Commissioners, by reason of being dissatisfied with any information contained in the return, require that person, by notice in writing served on him or her, to deliver a statement or evidence, or further statement or evidence, as may be required by them, the person shall be deemed not to have delivered the return on or before the specified return date unless the person delivers the statement or evidence, or further statement or evidence, within the time specified in any notice.

(3) Where an accountable person fails to cause the delivery of an electronic return or a paper return in relation to an instrument on or before the specified return date, the stamp duty chargeable on such instrument shall be increased by an amount (in this section referred to as a ‘surcharge’) equal to—

(a) 5 per cent of the amount of duty, subject to a maximum surcharge of €12,695, where the return is delivered before the expiry of 2 months from the specified return date, and

(b) 10 per cent of the amount of duty, subject to a maximum surcharge of €63,485, where the return is not delivered before the expiry of 2 months from the specified return date.”.

7. The Principal Act is amended by deleting sections 15, 16 and 17.

8. Section 17A of the Principal Act is amended in paragraph (f)—

(a) in subparagraph (i), by deleting “and penalty”, and

(b) by deleting subparagraph (ii).

9. Section 18 of the Principal Act is amended by substituting “4 years from the date the instrument was stamped by the Commissioners” for “6 years after the making or execution of the instrument”.

10. Section 20 of the Principal Act is amended by substituting the following for that section:

“Assessment of duty by Commiss-ioners.

20.— (1) Notwithstanding subsection (2), where an electronic return or a paper return is delivered in relation to an instrument required to be stamped by means of the e-stamping system, there shall be included on that return an assessment of such amount of stamp duty that, to the best of the accountable person’s knowledge, information and belief, ought to be charged, levied and paid on the instrument and the accountable person shall pay, or cause to be paid, the stamp duty so assessed together with interest calculated in accordance with section 159D unless the Commissioners make another assessment to be substituted for such assessment.

(2) Where an accountable person fails to cause an electronic return or a paper return to be delivered in relation to an instrument required to be stamped by means of the e-stamping system, the Commissioners shall make an assessment of such amount of stamp duty as, to the best of their knowledge, information (including information received from a member of the Garda Síochána) and belief, ought to be charged, levied and paid on the instrument and an accountable person shall be liable for the payment of the stamp duty so assessed together with interest calculated in accordance with section 159D unless the Commissioners make another assessment to be substituted for such assessment.

(3) Where the Commissioners make an assessment to be substituted for another assessment, an accountable person shall be liable for the payment of the stamp duty so assessed together with interest calculated in accordance with section 159D.

(4) The Commissioners may require to be furnished with a copy of the instrument, together with such evidence as they may deem necessary, in order to show to their satisfaction that the instrument has been or will be correctly stamped.

(5) Every instrument stamped in conformity with an assessment made under this section shall be admissible in evidence and available for all purposes notwithstanding any objection relating to duty.

(6) An instrument which is chargeable with duty shall not, if it is unstamped or insufficiently stamped, be stamped otherwise than in accordance with an assessment.

(7) Nothing in this section shall authorise the stamping after its execution of any instrument which by law cannot be stamped after execution.

(8) The Commissioners may make such enquiries or take such actions as they consider necessary to satisfy themselves as to the accuracy of an electronic return or a paper return delivered in relation to an instrument required to be stamped.

(9) Where an amended electronic return or an amended paper return is delivered in relation to an instrument required to be stamped by means of the e-stamping system, there shall be included on that amended return an assessment to be substituted for an earlier assessment.”.

11. Section 21 of the Principal Act is amended by substituting the following for that section:

“Right of appeal of persons dissatisfied with assessment or decision.

21.— (1) In this section—

‘Appeal Commissioners’ has the meaning assigned to it by section 850 of the Taxes Consolidation Act 1997 ;

‘time for bringing an appeal’ means 30 days.

(2) An accountable person who is dissatisfied with an assessment of the Commissioners in relation to an instrument may appeal to the Appeal Commissioners against the assessment and the appeal shall be heard and determined by the Appeal Commissioners whose determination shall be final and conclusive unless the appeal is required to be reheard by a judge of the Circuit Court or a case is required to be stated in relation to it for the opinion of the High Court on a point of law.

(3) No appeal may be made against an assessment made on an accountable person by the Commissioners, where the duty had been agreed between the Commissioners and the accountable person, or any person authorised by the accountable person in that behalf, before the making of the assessment.

(4) (a) Where—

(i) an accountable person fails to cause an electronic return or a paper return to be delivered in relation to an instrument, or

(ii) the Commissioners are not satisfied with the electronic return or the paper return which has been delivered, or has received any information as to its insufficiency,

and the Commissioners make an assessment in accordance with section 20, no appeal shall lie against that assessment until such time as—

(I) in a case to which subparagraph (i) applies, an electronic return or a paper return is delivered to the Commissioners, and

(II) in a case to which either subparagraph (i) or (ii) applies, the accountable person pays or has paid an amount of duty on foot of the assessment which is not less than the duty which would be payable on foot of the assessment if the assessment were made in all respects by reference to the return delivered to the Commissioners,

and the time for bringing an appeal against the assessment shall be treated as commencing at the earliest date on which both the return has been delivered and that amount of duty has been paid.

(b) References in this subsection to an amount of duty shall be construed as including a surcharge under section 14A(3) and any amount of interest which would be due and payable on that duty, calculated in accordance with section 159D, at the date of payment of the duty, together with any costs incurred or other amounts which may be charged or levied in pursuing the collection of the duty contained in the assessment.

(5) Where an appeal is brought against an assessment made on an accountable person in relation to an instrument required to be stamped by means of the e-stamping system, the accountable person shall specify in the notice of appeal—

(a) each amount or matter in the assessment with which the accountable person is aggrieved, and

(b) the grounds in detail of the accountable person’s appeal as respects each such amount or matter.

(6) Where, as respects an amount or matter to which a notice of appeal relates, the notice does not comply with subsection (5), the notice shall, in so far as it relates to that amount or matter, be invalid and the appeal concerned shall, in so far as it relates to that amount or matter, be deemed not to have been brought.

(7) The accountable person shall not be entitled to rely on any ground of appeal that is not specified in the notice of appeal unless the Appeal Commissioners, or the Judge of the Circuit Court, as the case may be, are or is satisfied that the ground could not reasonably have been stated in the notice.

(8) Notwithstanding subsection (2)—

(a) any person dissatisfied with any decision of the Commissioners as to the value of any land for the purpose of an assessment under this Act may appeal against such decision in the manner prescribed by section 33 (as amended by the Property Values (Arbitrations and Appeals) Act 1960 ) of the Finance (1909-10) Act 1910 , and so much of Part I of that Act as relates to appeals shall apply to an appeal under this subsection;

(b) an appeal shall not lie under subsection (2) on any question relating to the value of any land.

(9) An accountable person who is aggrieved by a decision of the Commissioners under section 8C(5) that an expression of doubt is not genuine may, by giving notice in writing to the Commissioners within the period of 30 days after the notification of the said decision, require the matter to be referred to the Appeal Commissioners and on the hearing of an appeal under this subsection, the Appeal Commissioners shall have regard only to whether the expression of doubt is genuine.

(10) Subject to this section, Chapter 1 of Part 40 (which relates to appeals) of the Taxes Consolidation Act 1997 shall, with any necessary modifications, apply as they apply for the purpose of income tax.”.

12. Section 29 of the Principal Act is amended—

(a) in subsection (4)(a) by deleting “, in the opinion of the Commissioners,” and “or to such lower multiple, not being less than 5, of the open market value of the land as the Commissioners consider appropriate having regard to the relevant information available to them”, and

(b) by deleting subsection (6).

13. Section 30 of the Principal Act is amended by deleting subsection (3).

14. Section 33 of the Principal Act is amended in subsection (2) by substituting “In relation to an instrument chargeable with duty in accordance with subsection (1), if on a claim made to the Commissioners not later than 4 years from the date the instrument was stamped by the Commissioners,” for “If on a claim made to the Commissioners not later than 6 years after the making or execution of an instrument chargeable with duty in accordance with subsection (1),”.

15. Section 33 of the Principal Act is amended by deleting subsection (4).

16. Section 53 of the Principal Act is amended—

(a) in subsection (4)(a) by deleting “, in the opinion of the Commissioners,” and “or to such lower multiple, not being less than 5, of the open market value of the land as the Commissioners consider appropriate having regard to the relevant information available to them”, and

(b) by deleting subsection (6).

17. Section 54 of the Principal Act is amended by deleting subsection (3).

18. Section 71 of the Principal Act is amended by deleting paragraph (g).

19. Section 77 of the Principal Act is amended in subsection (2) by substituting the following for paragraph (a):

“(a) was made within the period of 4 years from the date the operator-instruction referred to in section 69 was made,”.

20. Section 79 of the Principal Act is amended—

(a) by deleting subsection (2),

(b) in subsection (3) by deleting “it is shown to the satisfaction of the Commissioners that”,

(c) in subsection (5) by deleting “it is also shown to the satisfaction of the Commissioners that”,

(d) in subsection (6) by deleting paragraph (b), and

(e) in paragraph (a) of subsection (7) by substituting “the exemption was not properly due” for “any declaration or other evidence furnished in support of the claim was untrue in any material particular”.

21. Section 80 of the Principal Act is amended—

(a) in subsection (2) by deleting “it is shown to the satisfaction of the Commissioners that”,

(b) by deleting paragraph (a) of subsection (3),

(c) by deleting paragraph (b) of subsection (7), and

(d) in paragraph (a) of subsection (8) by substituting “the exemption was not properly due” for “any declaration or other evidence furnished in support of the claim was untrue in any material particular”.

22. Section 80A of the Principal Act is amended—

(a) by deleting subsection (5),

(b) by deleting paragraph (b) of subsection (7), and

(c) in subsection (8) by substituting “the exemption was not properly due” for “any declaration or other evidence furnished in support of the claim was untrue in any material particular”.

23. Section 81AA of the Principal Act is amended—

(a) by substituting the following for subsection (8):

“(8) This section applies to any instrument which operates as a conveyance or transfer (whether on sale or as a voluntary disposition inter vivos) of an interest in land to a young trained farmer where it is the intention of the young trained farmer, or each young trained farmer if there is more than one, for a period of 5 years from the date of execution of the instrument to—

(a) spend not less than 50 per cent of their normal working time farming the land, and

(b) retain ownership of the land.”,

(b) by deleting subsection (10), and

(c) in subsection (11) by substituting the following for paragraph (c):

“(c) Where within 4 years from the date of execution of an instrument to which this subsection applies, the transferee achieves the standard, the Commissioners shall, where a claim for repayment is made to them by the transferee, or each of them if there is more than one, and where it is the intention of such person, or each such person, for a period of 5 years from the date on which the claim for repayment is made to the Commissioners to—

(i) spend not less than 50 per cent of that person’s normal working time, farming the land, and

(ii) retain ownership of the land,

cancel and repay such duty as would have been chargeable had this section applied to the instrument when it was first presented for stamping.”.

24. Section 82 of the Principal Act is amended by deleting subsection (2).

25. Section 82A of the Principal Act is amended by deleting subsection (3).

26. Section 82B of the Principal Act is amended by deleting paragraph (b) of subsection (2).

27. Section 83B of the Principal Act is amended by deleting subsection (2).

28. Section 95 of the Principal Act is amended in subsection (2) by deleting “the instrument contains a certificate to the effect that”.

29. Section 96 of the Principal Act is amended by deleting subsection (3).

30. Section 97 of the Principal Act is amended by deleting subsection (3).

31. Section 97A of the Principal Act is amended by deleting subsection (3).

32. Section 127 of the Principal Act is amended—

(a) in subsection (1) by substituting “duty, including any surcharge incurred under section 14A(3), and interest” for “duty, interest and penalty”,

(b) in subsection (2) by substituting “duty, including any surcharge incurred under section 14A(3), and interest” for “duty, interest and penalty” in both places where it occurs and by deleting “, for the duty and penalty”,

(c) by substituting the following for subsection (3):

“(3) On production to the Commissioners of any instrument on which any duty, including any surcharge incurred under section 14A(3), and interest has been paid under subsection (1), together with the receipt, and an electronic return or a paper return has been delivered to the Commissioners, the Commissioners shall treat the duty, including any surcharge incurred under section 14A(3), and interest as paid in the e-stamping system.”,

and

(d) by inserting the following after subsection (4):

“(5) For the purposes of subsection (4), an instrument that has been stamped by means of the e-stamping system is deemed to have been duly stamped notwithstanding any objection relating to duty.”.

33. The Principal Act is amended by inserting the following after section 128:

“Obligation to retain records.

128A.— (1) In this section—

‘records’ includes books, accounts, documents and any other data maintained manually or by any electronic, photographic or other process, relating to—

(a) a liability to stamp duty, and

(b) a relief or any exemption claimed under any provision of this Act.

(2) Every accountable person shall retain, or cause to be retained on his or her behalf, records of the type referred to in subsection (1) as are required to enable—

(a) a true return or statement to be made for the purposes of this Act, and

(b) a claim to a relief or an exemption under any provision of this Act to be substantiated.

(3) Any records required to be retained by virtue of this section shall be retained—

(a) in its written form, or

(b) subject to section 887 (2) of the Taxes Consolidation Act 1997 , by means of any electronic, photographic or other process.

(4) Records retained for the purposes of subsections (2) and (3) shall be retained by the person required to retain the records for a period of 6 years commencing on the later of—

(a) the date an electronic return or a paper return was delivered to the Commissioners, or

(b) the date that the duty was paid to the Commissioners.

(5) Any person who fails to comply with subsection (2), (3) or (4) in respect of the retention of any records relating to a liability to stamp duty, or a relief or an exemption, is liable to a penalty of €3,000.

Power of inspection.

128B.— (1) In this section—

‘authorised officer’ means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section;

‘employee’ means an employee who by virtue of his or her employment is in a position to, or to procure—

(a) the production of the books, records or other documents,

(b) the furnishing of information, explanations and particulars, and

(c) the giving of all assistance, to an authorised officer, as may be required under subsection (3);

‘records’ has the same meaning as in section 128A;

‘relevant person’ means an accountable person and, where records are retained on his or her behalf, a person who retains the records;

‘return’ means an electronic return or a paper return.

(2) An authorised officer may at all reasonable times enter any premises or place of business of a relevant person for the purpose of auditing a return.

(3) An authorised officer may require a relevant person or an employee of the relevant person to produce records or other documents and to furnish information, explanations and particulars and to give all assistance, which the authorised officer reasonably requires for the purposes of his or her audit under subsection (2).

(4) An authorised officer may take extracts from or copies of all or any part of the records or other documents or other material made available to him or her or require that copies of records or other documents be made available to him or her, in exercising or performing his or her powers or duties under this section.

(5) An authorised officer when exercising or performing his or her powers or duties under this section shall, on request, produce his or her authorisation for the purposes of this section.

(6) An employee of a relevant person who fails to comply with the requirements of the authorised officer in the exercise or performance of the authorised officer’s powers or duties under this section shall be liable to a penalty of €1,265.

(7) A relevant person who fails to comply with the requirements of the authorised officer in the exercise or performance of the authorised officer’s powers or duties under this section shall be liable to a penalty of €19,045 and if that failure continues a further penalty of €2,535 for each day on which the failure continues.”.

34. Section 134A of the Principal Act is amended—

(a) in subsection (1) by substituting the following for the definition of “person”:

“ ‘person’ means—

(a) for the purposes of subsections (2)(b) and (4)(b), a system-member,

(b) for the purposes of subsections (2)(c) and (4)(c), an accountable person where an electronic return or a paper return is caused to be delivered, or is delivered, to the Commissioners, and

(c) for the purposes of subsection (2)(d), an accountable person where an electronic return or a paper return, which is required to be delivered, is not delivered to the Commissioners;”,

(b) in subsection (2) by deleting “or” where it last occurs in paragraph (b), by substituting “such return, or” for “such return,” in paragraph (c) and by inserting the following after paragraph (c):

“(d) fails to deliver or cause to be delivered an electronic return or a paper return which is required to be delivered to the Commissioners,”,

(c) in subsection (3) by deleting “and” in paragraph (b), by substituting “subsection (9), and” for “subsection (9)” in paragraph (c) and by inserting the following after paragraph (c):

“(d) in subsection (2) in relation to paragraph (d) of that subsection, shall be the amount specified in subsection (9A),”,

(d) in subsection (4) by deleting “or” where it last occurs in paragraph (b), by substituting “such return, or” for “such return” in paragraph (c) and by inserting the following after paragraph (c):

“(d) fails to deliver or cause to be delivered an electronic return or a paper return which is required to be delivered to the Commissioners,”,

(e) by inserting the following after subsection (5):

“(5A) (a) The further penalty referred to in subsection (4) in relation to paragraph (d) of that subsection, shall be the amount specified in subsection (9A) reduced to 40 per cent.

(b) Where the person who incurred the penalty co-operated fully with any investigation or enquiry started by the Commissioners or by a Revenue officer into any matter occasioning a liability to duty of that person, the further penalty referred to in subsection (4) in relation to paragraph (d) of that subsection, shall be the amount specified in subsection (9A) reduced to—

(i) 30 per cent of that amount where subparagraph (ii) or (iii) does not apply,

(ii) 20 per cent of that amount where a prompted qualifying disclosure has been made by that person, or

(iii) 5 per cent of that amount where an unprompted qualifying disclosure has been made by that person.”,

(f) in subsection (6) by deleting “or” where it last occurs in paragraph (b), by substituting “such return, or” for “such return” in paragraph (c) and by inserting the following after paragraph (c):

“(d) fails to deliver or cause to be delivered an electronic return or a paper return which is required to be delivered to the Commissioners,”,

and

(g) by inserting the following after subsection (9):

“(9A) The amount referred to in subsection (3)(d) and in subsection (5A) is the amount of duty that would have been payable if a return had been delivered.”.

35. Section 151 of the Principal Act is amended in subsection (2) by substituting the following for paragraph (a):

“(a) the application for relief is made within the period of 4 years after the stamp has been spoiled or become useless or, in the case of an executed instrument, within the period of 4 years from the date the instrument was stamped by the Commissioners,”.

36. Section 152 of the Principal Act is amended by substituting the following for that section:

“Allowance for misused stamps.

152.— When any person has inadvertently used, for an instrument liable to duty, a stamp of greater value than was necessary, or has inadvertently used a stamp for an instrument not liable to any duty, the Commissioners may, on application made within the period of 4 years from the date the instrument was stamped by the Commissioners, and on the instrument, if liable to duty, being stamped with the proper duty, cancel or allow as spoiled the stamp so misused.”.

37. Section 154 of the Principal Act is amended by substituting “4 years from the date the stamp was purchased” for “6 years next preceding the application”.

38. The Principal Act is amended by inserting the following after section 158:

“Delegation.

158A.— Anything required to be done by the Commissioners under this Act, other than the making of regulations or an authorisation under this section, may be done by such officer or officers, or class of officer or officers, of the Commissioners as the Commissioners authorise in writing in that behalf and different officers or classes of officers may be authorised for different purposes.”.

39. Schedule 1 to the Principal Act, as amended by this Act, is amended—

(a) under the Heading “CONVEYANCE or TRANSFER on sale of any stocks or marketable securities.”—

(i) in paragraph (1) by deleting “contains a statement certifying that the transaction effected by that instrument”, and

(ii) in paragraph (2) by deleting “, if less than €1, be rounded up to €1 and,” in the second column of that paragraph,

(b) under the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life assurance.”—

(i) in paragraph (1) by deleting “the instrument contains a statement certifying that the consideration for sale is, as the case may be—”, by deleting subparagraphs (a) and (b) and by deleting “and that”,

(ii) in paragraph (2) by deleting “the instrument contains a statement certifying that the consideration for sale is, as the case may be—”, by deleting subparagraphs (a) and (b) and by deleting “and that”, and

(iii) by deleting paragraph (3),

and

(c) under the Heading “LEASE.” by deleting—

(i) in paragraph (3)(a)(i) by deleting “the instrument contains a statement certifying that the consideration (other than rent) for the lease is, as the case may be—”, by deleting subclauses (I) and (II) and by deleting “and that”,

(ii) in paragraph (3)(a)(ii) by deleting “the instrument contains a statement certifying that the consideration (other than rent) for the lease is, as the case may be—”, by deleting subclauses (I) and (II) and by deleting “and that”, and

(iii) by deleting paragraph (3)(a)(iii).