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21 1953

FINANCE ACT, 1953

PART V.

Stamp Duties.

Exchanges.

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.

Exemption for certain receipts.

13. —(1) The following exemption shall be substituted for exemption numbered (6) under the heading “Receipt given for, or upon the payment of, money amounting to £2 or upwards” in the First Schedule to the Stamp Act, 1891:

“(6) Receipt given for or on account of any salary, pay or wages, or for or on account of any other like payment made to or for the account or benefit of any person, being the holder of an office or an employee, in respect of his office or employment, or for or on account of money paid in respect of any pension, superannuation allowance, compassionate allowance or other like allowance.”

(2) Subsection (2) of section 38 of the Finance Act, 1926 (No. 35 of 1926), and section 36 of the Finance Act, 1935 (No. 28 of 1935), are hereby repealed.

Refund of stamp duties in certain cases.

14. —(1) In this section—

the 1947 section” means section 13 of the Finance (No. 2) Act, 1947 (No. 33 of 1947), as amended by subsequent enactments;

the 1949 section” means section 24 of the Finance Act, 1949 (No. 13 of 1949), as amended by subsequent enactments.

(2) Where—

(a) an instrument has (whether before or after the passing of this Act) been charged with stamp duty in accordance with subsection (5) of the 1947 section,

(b) a person requires under section 12 of the Stamp Act, 1891, the Revenue Commissioners to express their opinion with reference to the instrument, and

(c) it is shown to the satisfaction of the Revenue Commissioners that the person who became entitled under the instrument to the entire beneficial interest in the property conveyed or transferred (or, where more than one person became entitled to a beneficial interest therein, each of them) was, at the date of the execution of the instrument, an Irish citizen,

the instrument shall be deemed to have contained any such statements as are referred to in the 1947 section that could properly have been contained therein, and to have been chargeable with duty accordingly, whether or not it has previously been stamped with a particular stamp denoting that it is duly stamped.

(3) Where—

(a) an instrument has (whether before or after the passing of this Act) been charged with stamp duty in accordance with subsection (5) of the 1949 section,

(b) a person requires under section 12 of the Stamp Act, 1891, the Revenue Commissioners to express their opinion with reference to the instrument, and

(c) it is shown to the satisfaction of the Revenue Commissioners that the person who became entitled to the entire beneficial interest in the lessee's interest under the instrument (or, where more than one person became entitled to a beneficial interest therein, each of them) was, at the date of the execution of the instrument, an Irish citizen, the instrument shall be deemed to have contained any such statements as are referred to in the 1949 section that could properly have been contained therein, and to have been chargeable with duty accordingly, whether or not it has previously been stamped with a particular stamp denoting that it is duly stamped.

(4) In any such case as is referred to in subsection (2) or subsection (3) of this section, the Revenue Commissioners may repay the difference between the amount of duty actually charged on the instrument and the amount deemed to be chargeable thereon by virtue of this section, provided that the application for repayment is made within two years after the date of the passing of this Act or the date of the instrument (whichever date is the later).

(5) The reference in paragraph (a) of subsection (1) of section 19 of the Finance Act, 1951 (No. 15 of 1951), to the enactments in force immediately before the passing of that Act shall be construed as including a reference to the foregoing subsections of this section.