Finance Act, 1990
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Agreements as to payments of stamp duty on instruments. |
113.—(1) Where in the opinion of the Revenue Commissioners it is inexpedient or impractical for any person carrying on a business and who— | |
(a) in the course of that business, is a party to instruments liable to stamp duty under the First Schedule (as amended by the Finance Act, 1970 , and subsequent enactments) to the Stamp Act, 1891, or | ||
(b) acts as agent for any such party, | ||
to pay stamp duty in respect of each such instrument, then the Revenue Commissioners may enter into an agreement with that person for the delivery to them of accounts for specified periods giving such particulars as may be required of such instruments. | ||
(2) The agreement shall be in such form and shall contain such terms and conditions as the Revenue Commissioners consider proper. | ||
(3) Where an agreement has been entered into under this section between the Revenue Commissioners and any person, and any instrument to which the agreement relates— | ||
(a) is issued during the period the agreement is in force, and | ||
(b) contains a statement that the appropriate stamp duty has been or will be paid to the Revenue Commissioners in accordance with the provisions of this section, | ||
then that instrument shall not be chargeable with any stamp duty but in lieu thereof, and by way of composition, there shall be charged, in respect of the instruments to which the agreement relates which were issued during each period of account under that agreement a stamp duty of an amount equal to the aggregate of the amounts of stamp duty which, but for the provisions of this section, would have been chargeable upon each of the instruments concerned, and the stamp duty chargeable under this subsection (by way of such composition as aforesaid) shall be paid by the person to the Revenue Commissioners on the delivery of the account. | ||
(4) Where a person makes default in delivering any account required by any agreement under this section or in paying the duty payable on the delivery of any such account, the person shall be liable to a penalty not exceeding £100 for every 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 of the duty) at the rate of 1.25 per cent. for each month or part of a month from the date when the default begins. | ||
(5) (a) The following provisions are hereby repealed, that is to say— | ||
(i) section 19 of the Finance Act, 1950 ; | ||
(ii) section 57 of the Finance Act, 1958 ; | ||
(iii) section 24 of the Finance Act, 1964 ; | ||
(iv) section 55 of the Finance Act, 1979 . | ||
(b) Paragraph (a) shall come into operation 12 months after the passing of this Act. |