Finance Act, 1979

Agreement as to stamp duty on certain instruments.

55.—(1) The Revenue Commissioners may, if they in their discretion so think proper, enter into an agreement with, or with persons acting on behalf of, the Stock Exchange—Irish (hereinafter in this section referred to as “the other parties to the agreement”) for the composition, in accordance with the provisions of this section, of the stamp duty chargeable under the heading “CONVEYANCE or TRANSFER on sale of any stocks or marketable securities” in the First Schedule to the Finance Act, 1970 , on such instruments as may be specified in the agreement.

(2) Any such agreement shall be in such form and on such terms and shall contain such conditions as the Revenue Commissioners think proper and, in particular, the agreement shall require the other parties to the agreement to deliver to the Revenue Commissioners periodical accounts in respect of the instruments to which it relates giving particulars of those instruments.

(3) While any such agreement remains in force, any instrument to which it relates and which bears such indication of the payment of stamp duty as the Revenue Commissioners may require shall not be chargeable with stamp duty, but in lieu thereof and by way of composition, the other parties to the agreement shall pay to the Revenue Commissioners on the delivery of any account under the agreement, such sums as would, but for the provisions of this section, have been chargeable by way of stamp duty on instruments to which the agreement relates, during the period to which the account relates.

(4) Where the other parties to the agreement make default in delivering any account required by any such agreement or in paying the duty payable on the delivery of any such account, they shall be liable to a fine not exceeding £50 for any day during which the default continues and shall also be liable to pay, in addition to the duty, interest thereon, which shall be recoverable in the same manner as if it were part thereof, at the rate of 15 per cent. per annum from the date when the default begins until the date of payment.

(5) An instrument to which such an agreement applies and which, pursuant to the provisions of this section, bears an indication of the amount of stamp duty payable thereon shall be treated for all purposes of stamp duty as stamped with the amount of stamp duty so indicated thereon.