PART V.

Stamp Duties.

40. —(1) The stamp duty charged by the Stamp Act, 1891, under the heading “Bill of Lading” in the First Schedule to that Act shall cease to be chargeable.

(2) This section shall come into operation on the 1st day of August, 1963, or the date of the passing of this Act, whichever is the later.

41. —The First Schedule to the Stamp Act, 1891, shall have effect as if the following exemption were inserted therein under the heading “Bill of Exchange or Promissory Note”:

“Bill drawn on any form supplied by the Revenue Commissioners for the purpose of remitting amounts of turnover tax”.

42. —(1) Subsection (4) of section 33 of the Finance Act, 1961 , shall not apply to a conveyance or transfer to a body corporate incorporated in the State otherwise than under the Companies Acts, 1908 to 1959, and subsection (4) of section 34 of that Act shall not apply to a lease to such a body.

(2) This section shall come into operation on the 1st day of August, 1963, or the date of the passing of this Act, whichever is the later.

43. — Section 19 of the Finance Act, 1950 , is hereby amended—

(a) by the substitution in subsection (1) of “a business of issuing policies of insurance” for “industrial assurance business”,

(b) by the substitution in subsection (3) of “the business to which the agreement relates” for “its industrial assurance business”.

44. —(1) Conveyances or transfers of stocks or marketable securities, instead of being chargeable with stamp duty at the rates in force immediately before the commencement of this section, shall be chargeable with that duty at the following rates:

(2) This section shall come into operation on the 1st day of August, 1963, or the date of the passing of this Act, whichever is the later.

45. —(1) The Revenue Commissioners may, if they in their discretion so think proper, enter into an agreement with any local authority to which this section applies for the composition, in accordance with the following provisions of this section, of the stamp duty chargeable under the heading “Bill of Exchange or Promissory Note” in the First Schedule to the Stamp Act, 1891, on instruments drawn by the local authority on their banker on forms provided by themselves.

(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 local authority 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 local authority who have 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 drawn during the period to which the account relates.

(4) Where the local authority concerned 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 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.

(5) This section applies to the following local authorities:

(a) the council of a county,

(b) the corporation of a county or other borough,

(c) the Dublin Health Authority,

(d) the Cork Health Authority,

(e) the Limerick Health Authority,

(f) the Waterford Health Authority.