Finance Act, 1978

Amendment of section 74 (stamp duty on gifts inter vivos) of Finance (1909-10) Act, 1910.

32.—(1) Section 74 of the Finance (1909-10) Act, 1910 , is hereby amended by the insertion in subsection (5) after “except where marriage is the consideration” of “and it is shown to the satisfaction of the Revenue Commissioners that the conveyance or transfer is for the benefit of a party to the marriage or of a party to and issue of the marriage” and the said subsection (5), as so amended, is set out in the Table to this section.

(2) This section shall not have effect with respect to any instrument executed before the date of the passing of this Act.

TABLE

(5) Any conveyance or transfer (not being a disposition made in favour of a purchaser or incumbrancer or other person in good faith and for valuable consideration) shall, for the purposes of this section, be deemed to be a conveyance or transfer operating as a voluntary disposition inter vivos, and (except where marriage is the consideration and it is shown to the satisfaction of the Revenue Commissioners that the conveyance or transfer is for the benefit of a party to the marriage or of a party to

and issue of the marriage) the consideration for any conveyance or transfer shall not for this purpose be deemed to be valuable consideration where the Commissioners are of opinion that by reason of the inadequacy of the sum paid as consideration or other circumstances the conveyance or transfer confers a substantial benefit on the person to whom the property is conveyed or transferred.