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25 1958



Stamp Duties.

Agreements as to stamp duty on certain instruments.

57. —(1) The Revenue Commissioners may enter into an agreement with any banker for the composition, in accordance with the following provisions of this section, of the stamp duty chargeable under the heading “Bill of Exchange payable on demand” in the First Schedule to the Stamp Act, 1891, on such instruments—

(a) drawn on the banker by his customers on forms supplied by him, or

(b) drawn by the banker on himself or another banker,

as may be specified in the agreement.

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

(a) of forms supplied by him to his customers with a view to their being completed and issued as such instruments by the customers, and of forms so supplied but returned unused or spoilt, and

(b) of such instruments issued by him.

(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 banker who has entered into 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 issued during the period to which the account relates, it being assumed for this purpose that the number of those instruments issued by his customers was equal to the number of forms supplied less the number of forms returned as mentioned in paragraph (a) of subsection (2) of this section.

(4) Where a banker makes default in delivering any account required by any such agreement or in paying the duty payable on the delivery of any such account, he shall be liable to a fine not exceeding fifty pounds 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 five per cent. per annum from the date when the default begins.

Termination of stamp duty on certain receipts.

58. —Stamp duty shall not be chargeable on any receipt given in respect of any sum paid to the Irish Land Commission under or consequent upon section 2 of the Irish Church Act Amendment Act, 1881.

Termination of stamp duty on certain instruments.

59. —Stamp duty shall not be chargeable on any instrument (including an instrument executed but not stamped before the passing of this Act) where the amount of such duty chargeable thereon, but for this section, would be payable solely out of moneys provided by the Oireachtas.

Termination of stamp duty on certain bonds.

60. —Stamp duty shall not be charged on any bond referred to in the First Schedule to the Stamp Act, 1891, under the heading which begins “Bond given pursuant to the directions of any Act”.