Finance Act, 1953


Stamp Duties.


12.—(1) In this section “the principal Act” means the Stamp Act, 1891.

(2) (a) Where upon the exchange of any property for any other property the properties exchanged are not of equal value, the principal or only instrument (in this subsection referred to as the said instrument) whereby the exchange is effected shall be charged with the same stamp duty, and be subject to the provisions of the principal Act (as amended by subsequent enactments), as if, instead of being such instrument, it were a conveyance on sale of the property which is of the greater value—

(i) which was made in consideration of a sum equal to the difference between the values of the properties exchanged,

(ii) which was made to the person or persons in whom there vests the property which is of the greater value,

(iii) under which the entire beneficial interest passed to the person becoming entitled to the entire beneficial interest in the property which is of the greater value, or, where more than one person becomes entitled to a beneficial interest therein, under which a beneficial interest passed to each of them, and

(iv) which contained any statements and certificates such as are referred to in section 13 of the Finance (No. 2) Act, 1947 (No. 33 of 1947), as amended by subsequent enactments, and section 21 of the Finance Act, 1952 (No. 14 of 1952), that might properly be contained therein if it were in fact such a conveyance on sale.

(b) Where there are several instruments for completing the title of either party to the exchange, the principal instrument is to be ascertained and the other instruments are to be charged with duty in the manner provided in the principal Act in the case of several instruments of conveyance.

(c) The said instrument shall be deemed not to be duly stamped unless the Revenue Commissioners have expressed their opinion thereon in accordance with section 12 of the principal Act.

(d) In this subsection “property” means lands, tenements or hereditaments and “value”, where used in relation to property, means the value of the property free from all charges and incumbrances.

(3) Section 73 of the principal Act shall not apply in relation to an exchange in relation to which subsection (2) of this section applies and the references to the said section 73 contained under the heading “Exchange or Excambion” in the First Schedule to the principal Act shall, in the case of any such exchange, be construed as references to that subsection.