Finance Act, 1961

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Stamp duty on bills of exchange and promissory notes.

31.—(1) In the First Schedule to the Stamp Act, 1891, in lieu of the existing headings relating to bills of exchange and promissory notes there shall be inserted the following heading:

(2) The duty on a bill of exchange or a promissory note under the foregoing subsection may be denoted by an adhesive stamp which, where the bill is drawn in the State, is to be cancelled by the person by whom the bill or note is signed before he delivers it out of his hands, custody or power.

(3) Subsection (2) of section 38 of the Stamp Act, 1891, shall apply to all bills of exchange which are presented for payment unstamped or insufficiently stamped subject to the modification that for the reference to one penny there shall be substituted a reference to the amount appropriate to enable the bill to be stamped with the duty under subsection (1) of this section or the balance of that duty (as the case may be).

(4) In subsection (1) of section 57 of the Finance Act, 1958 , the reference to the heading “Bill of Exchange payable on demand” shall be read as if it were a reference to the heading in subsection (1) of this section.

(5) Duty under subsection (1) of this section may be denoted by unappropriated stamps.

(6) The foregoing provisions of this section shall apply to—

(a) bills and notes drawn on or after the 1st day of August, 1961, or the date of the passing of this Act, whichever is the later,

(b) bills and notes drawn outside the State before that date but first becoming chargeable in accordance with section 35 of the Stamp Act, 1891, on or after that date,

and, so as to enable the Revenue Commissioners on the said date to terminate the supply of stamps appropriated to denote duty on bills of exchange and promissory notes, ad valorem duty at the rates in force before the said date on a bill of exchange or promissory note which, by virtue of the said section 35 or section 25 of the Finance Act, 1936 , is stamped on or after the said date may be denoted by unappropriated stamps which, notwithstanding anything in the Stamp Act, 1891, shall be impressed stamps.

(7) Any bill of exchange or promissory note drawn before the 1st day of August, 1961, or the date of the passing of this Act, whichever is the later, and stamped with an impressed stamp of sufficient amount but improper denomination shall be regarded as duly stamped.