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13 1991

FINANCE ACT, 1991

PART IV

Stamp Duties

Definition ( Part IV ).

88. —In this Part—

the Act of 1891” means the Stamp Act, 1891;

the Commissioners” means the Revenue Commissioners.

Levy on banks.

89. —(1) In this section—

assessable amount” means the amount arrived at by dividing the specified amount by twelve and deducting £15,000,000 from the quotient;

bank” means a person who, on the 1st day of September, 1990, was the holder of a licence granted under section 9 of the Central Bank Act, 1971 ;

relevant sum”, in relation to a return, means a sum shown in the return other than a sum shown in respect of foreign currency;

returns”, in relation to a bank, means the returns (being returns relating to resident offices) furnished to the Central Bank of Ireland by the bank in respect of the assets and liabilities of the bank as on the 31st day of January, 1990, the 28th day of February, 1990, the 30th day of March, 1990, the 30th day of April, 1990, the 31st day of May, 1990, the 29th day of June, 1990, the 31st day of July, 1990, the 31st day of August, 1990, the 28th day of September, 1990, the 31st day of October, 1990, the 30th day of November, 1990, and the 31st day of December, 1990;

specified amount”, in relation to a bank, means the amount obtained by deducting the aggregate amount of the relevant sums shown in respect of Item 302.4 in supplement 1 of the returns of the bank from the aggregate amount of the relevant sums shown in the returns in respect of Items 104, 105.1, 107 and 108 and shown as liabilities of the bank in such returns.

(2) A bank shall, not later than the 12th day of September, 1991, deliver to the Commissioners a statement in writing showing the assessable amount for that bank, the specified amount for that bank and the sums referred to in the definition of “specified amount” in subsection (1) by reference to which that specified amount was calculated.

(3) There shall be charged on every statement delivered pursuant to subsection (2) a stamp duty of an amount equal to the sum of the following:

(a) 0.26 per cent. of that part of the assessable amount shown therein that does not exceed £135,000,000 and

(b) 0.3865 per cent. of that part of the assessable amount shown therein that exceeds £135,000,000:

Provided that in the case where the assessable amount shown in the statement does not exceed £135,000,000 stamp duty of an amount equal to 0.26 per cent. of the assessable amount shown therein shall be charged.

(4) The duty charged by subsection (3) upon a statement delivered by a bank pursuant to subsection (2) shall be paid by the bank upon delivery of the statement.

(5) There shall be furnished to the Commissioners by a bank such particulars as the Commissioners may deem necessary in relation to any statement required by this section to be delivered by the bank.

(6) In the case of failure by a bank to deliver any statement required by subsection (2) within the time provided for in that subsection or of failure to pay the duty chargeable on any such statement on the delivery thereof, the bank shall, from the date of the passing of this Act until the day on which the duty is paid, be liable to pay, by way of penalty, in addition to the duty, interest thereon at the rate of 15 per cent. per annum and also from the 12th day of September, 1991, by way of further penalty, a sum equal to 1 per cent. of the duty for each day the duty remains unpaid and each penalty shall be recoverable in the same manner as if the penalty were part of the duty.

(7) The delivery of any statement required by subsection (2) may be enforced by the Commissioners under section 47 of the Succession Duty Act, 1853, in all respects as if such statement were such account as is mentioned in that section and the failure to deliver such statement were such default as is mentioned in that section.

(8) The stamp duty charged by this section shall not be allowed as a deduction for the purposes of the computation of any tax or duty under the care and management of the Commissioners payable by the bank.

Amendment of First Schedule to Act of 1891.

90. —(1) In this section “the First Schedule” means the First Schedule (as amended by the Finance Act, 1970 , and subsequent enactments) to the Act of 1891.

(2) The Heading set out in Part I of the Fifth Schedule to this Act is hereby substituted for the Heading “BOND, COVENANT, or INSTRUMENT of any kind whatsoever” in the First Schedule.

(3) The Heading set out in Part II of the Fifth Schedule to this Act is hereby substituted for the Heading “LEASE” in the First Schedule.

(4) The Heading set out in Part III of the Fifth Schedule to this Act is hereby substituted for the Heading “MORTGAGE, BOND, DEBENTURE, COVENANT (except a marketable security) and WARRANT OF ATTORNEY to confess and enter up judgment” in the First Schedule.

Repeal of section 78 of Act of 1891.

91. —Section 78 of the Act of 1891 is hereby repealed.

Amendment of section 88 of Act of 1891.

92. —Section 88 of the Act of 1891 is hereby amended by the substitution in subsection (2) (inserted by section 63 of the Finance Act, 1973 ), of “£20,000” for “£10,000” wherever it occurs.

Exemption from stamp duty.

93. —Stamp duty shall not be chargeable on—

(a) a licence granted under section 8 , 9 or 19 of the Petroleum and Other Minerals Development Act, 1960 , or

(b) a lease granted under section 13 of that Act, or

(c) an instrument for the sale, assignment or transfer of any such licence or lease or any right or interest therein.

Charge of duty upon instruments.

94. —The Act of 1891 is hereby amended as respects instruments executed on or after the 1st day of November, 1991, by the substitution of the following section for section 1:

“1. (1) Any instrument which—

(a) is specified in the First Schedule to this Act, and

(b) is executed in the State or, wheresoever executed, relates to any property situate in the State or any matter or thing done or to be done in the State,

shall be chargeable with stamp duty.

(2) The stamp duties to be charged for the benefit of the Central Fund upon the several instruments specified in the First Schedule to this Act shall be the several duties in the said schedule specified, which duties shall be subject to the exemptions contained in this Act and in any other enactment for the time being in force.

(3) (a) Any instrument chargeable with stamp duty shall, unless it is written upon duly stamped material, be duly stamped with the proper stamp duty before the expiration of 30 days after it is first executed, unless the opinion of the Commissioners with respect to the amount of duty with which the instrument is chargeable, has, before such expiration, been required under the provisions of this Act.

(b) If the opinion of the Commissioners with respect to any instrument chargeable with stamp duty has been required, the instrument shall be stamped in accordance with the assessment of the Commissioners within 14 days after notice of the assessment.

(4) Where any instrument chargeable with stamp duty is not stamped or is insufficiently stamped—

(a) the accountable person shall be liable, and

(b) where there is more than one such accountable person they shall be liable jointly and severally,

for the payment of the stamp duty or, where the instrument is insufficiently stamped, then additional stamp duty and such duty, additional duty and any penalty relating to any such duty shall be deemed to be a debt due by the accountable person to the Minister for Finance for the benefit of the Central Fund and shall be payable to the Commissioners and may (without prejudice to any other mode of recovery thereof) be sued for and recovered by action, or other appropriate proceedings, at the suit of the Attorney General or the Minister for Finance or the Commissioners in any court of competent jurisdiction, notwithstanding anything to the contrary contained in the Inland Revenue Regulation Act, 1890.

(5) The provisions of section 39 of the Finance Act, 1926 , shall apply in any proceedings in the Circuit Court or the District Court for or in relation to the recovery of stamp duty, additional stamp duty or penalty relating to any such duty.”.

Variation of certain rates of duty by order.

95. —(1) Subject to the other provisions of this section, the Minister for Finance may—

(a) by order vary the rate of duty chargeable on any instrument specified in the First Schedule to the Act of 1891 or may exempt such instrument from duty, and

(b) make such order in respect of any particular class of instrument,

but no order shall be made under this section for the purpose of increasing any of the rates of duty.

(2) No order shall be made under this section for the purpose of varying the duty on any instrument or class of instrument where—

(a) such instrument or class of instrument relates to—

(i) any immovable property situated in the State or any rights or interest in such property, or

(ii) any stock or share of a company having a register in the State, or

(iii) any risk situated in the State in relation to the Heading “INSURANCE” in the First Schedule to the Act of 1891,

or

(b) such instrument or class of instrument is a bill of exchange or a promissory note.

(3) Notwithstanding anything to the contrary contained in subsection (2), the Minister for Finance may make an order in respect of an instrument which is executed for the purposes of debt factoring.

(4) The Minister for Finance may by order amend or revoke an order under this section, including an order under this subsection.

(5) An order under this section shall be laid before Dáil Éireann as soon as may be after it has been made and, if a resolution annulling the order is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the order is laid before it, the order shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

(6) Every order under this section shall have statutory effect upon the making thereof and, subject to subsection (5), unless the order either is confirmed by Act of the Oireachtas passed not later than the end of the year following that in which the order is made, or, is an order merely revoking wholly an order previously made under that subsection, the order shall cease to have statutory effect at the expiration of that period but without prejudice to the validity of anything previously done thereunder.

Amendment of section 122 of Act of 1891.

96. —Section 122 of the Act of 1891 is hereby amended as respects instruments executed on or after the 1st day of November, 1991, by the insertion of the following definition before the definition of “Commissioners”:

“the expression ‘accountable person’ means—

(a) the person referred to in column (2) of the Table to this definition in respect of the corresponding instruments set out in column (1) of that Table by reference to the appropriate Heading in the First Schedule to this Act,

(b) in the case of an instrument which operates, or is deemed to operate, as a voluntary disposition inter vivos under the provisions of section 74 of the Finance (1909-10) Act, 1910, or section 24 of the Finance Act, 1949 , the parties to such instrument,

(c) in the case of any other instrument, the parties to that instrument:

Provided that, in the case of any person who would be an accountable person if alive, the accountable person shall be the personal representative of such person:

TABLE

Instrument Heading specified in the First Schedule

Accountable Person

(1)

(2)

BOND, COVENANT or INSTRUMENT of any kind whatsoever.

The obligee, covenantee, or other person taking the security.

CONVEYANCE or TRANSFER on sale of any stocks or marketable securities.

The vendee or transferee.

CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities.

The vendee or transferee.

LEASE.

The lessee.

MORTGAGE, BOND, DEBENTURE, COVENANT (except a marketable security) and WARRANT OF ATTORNEY to confess and enter up judgement.

The mortgagee or obligee; in the case of a transfer, the transferee.

SETTLEMENT.

The settlor.

DUPLICATE or COUNTERPART of any instrument chargeable with any duty.

Any of the persons specified in this column, as appropriate.

”.

Facts and circumstances affecting duty to be set forth in instruments, etc.

97. —The Act of 1891 is hereby amended as respects instruments executed on or after the 1st day of November, 1991, by the substitution of the following section for section 5:

“5. (1) Except as hereinafter provided, all the facts and circumstances affecting the liability of any instrument to duty, or the amount of the duty with which any instrument is chargeable, are to be fully and truly set forth in the instrument.

(2) Where it is not practicable to set out all the facts and circumstances, to which subsection (1) refers, in an instrument, additional facts and circumstances which—

(a) affect the liability of such instrument to duty, or

(b) affect the amount of the duty with which such instrument is chargeable, or

(c) may from time to time be required by the Commissioners,

are to be fully and truly set forth in a statement which shall be delivered to the Commissioners together with such instrument and the form of any such statement may from time to time be prescribed by the Commissioners.

(3) Any person who—

(a) fraudulently or negligently executes any instrument, or

(b) being employed or concerned in or about the preparation of any instrument, fraudulently or negligently prepares any such instrument,

in which all the facts and circumstances affecting the liability of such instrument to duty, or the amount of the duty with which such instrument is chargeable, are not fully and truly set forth in the instrument or in any statement to which subsection (2) relates, shall incur a fine of—

(i) £1,000, and

(ii) the amount, or in the case of fraud, twice the amount, of the difference between—

(A) the amount of duty payable in respect of the instrument based on the facts and circumstances set forth and delivered, and

(B) the amount of duty which would have been the amount so payable if the instrument and any accompanying statement had fully and truly set forth all the facts and circumstances referred to in subsections (1) and (2).

(4) Where any instrument was executed neither fraudulently nor negligently by a person and it comes to his notice, or it would have come to his notice, if he had taken reasonable care, that such instrument or any statement to which subsection (2) relates does not fully and truly set forth all the said facts and circumstances then, unless the Commissioners are informed of the error without unreasonable delay, such matter shall be treated, for the purposes of subsection (3), as having been negligently done by him.

(5) Where an instrument operates, or is deemed to operate, as a voluntary disposition inter vivos under the provisions of section 74 of the Finance (1909-10) Act, 1910, or section 24 of the Finance Act, 1949 , such fact shall be brought to the attention of the Commissioners in the statement delivered under the provisions of subsection (2) and such statement shall contain a statement of the value of the property, or in the case of a lease the minimum amount or value referred to in the said section 24, and where the requirements of this subsection are not complied with any person who executes such instrument shall for the purposes of subsection (3) be presumed, until the contrary is proven, to have acted negligently.

(6) Where such person as may be liable to a fine under subsection (3) is in doubt as to the application of law to, or the treatment for tax purposes of, any matter to be contained in an instrument, or in a statement to which subsection (2) relates, to be delivered by him to the Commissioners, he may deliver the instrument and, where applicable, the statement to the best of his belief as to the application of law to, or the treatment for the purposes of stamp duty of, that matter but he shall draw the attention in writing of the Commissioners to the matter in question in the instrument or statement, as appropriate, by specifying the doubt and, if he so does, he shall be treated as making a full and true disclosure with regard to that matter:

Provided that this subsection shall not apply where the Commissioners are not satisfied that the doubt was genuine and are of the opinion that such person was acting with a view to the evasion or avoidance of tax and in such a case the person shall be deemed not to have made a full and true disclosure with respect to the matter in question.”.

Amendment of section 12 of Act of 1891.

98. —Section 12 of the Act of 1891 is hereby amended as respects instruments executed on or after the 1st day of November, 1991—

(a) in subsection (1), by the insertion of “, or may express their opinion,” after “may be required by any person to express their opinion”,

(b) by the insertion of the following subsection after subsection (1):

“(1A) Where an instrument which is chargeable with stamp duty has not been delivered to the Commissioners for assessment of duty or impressing of stamps, the Commissioners shall make an assessment of such amount of stamp duty as, to the best of their knowledge, information and belief, ought to be charged, levied and paid thereon; and the accountable person shall be liable for the payment of the stamp duty so assessed unless, upon delivery of the instrument to them, the Commissioners make another assessment to be substituted for such assessment.”,

(c) in subsection (6), by the deletion in paragraph (c) of all the words from “; and every person” to the words “stated therein”, and

(d) by the addition of the following subsections after subsection (6):

“(7) If at any time it appears that for any reason an assessment is incorrect the Commissioners shall make such other assessment as they consider appropriate, which assessment shall be substituted for the first-mentioned assessment.

(8) If at any time it appears, in respect of an instrument which has been stamped in accordance with an assessment, that for any reason the assessment was an underassessment the Commissioners shall make such additional assessment as they consider appropriate.”.

Amendment of section 14 of Act of 1891.

99. —Section 14 of the Act of 1891 is hereby amended, as respects instruments executed after the 1st day of November, 1991, by the insertion in subsection (4) after “proceedings” of “or in civil proceedings by the Commissioners to recover stamp duty”.

Penalty upon stamping instruments after execution.

100. —The Act of 1891 is hereby amended by the substitution of the following section for section 15:

“15. (1) Save where other express provision is in this Act made, any instrument which is unstamped or insufficiently stamped may be stamped after the expiration of the time for stamping provided for in subsection (3) of section 1, on payment of the unpaid duty and on payment of a penalty of £20 and also by way of further penalty, where the unpaid duty exceeds £20, of interest on such duty, at the rate of 1.25 per cent. per month or part of a month from the day upon which the said instrument was first executed to the day of payment of the unpaid duty.

(2) Where—

(a) any instrument referred to in column (1) of the Table to the definition of ‘accountable person’ in section 122, or

(b) any instrument which operates, or is deemed to operate, as a voluntary disposition inter vivos,

has not been or is not duly stamped in conformity with the provisions of subsection (3) of section 1, the accountable person shall, in addition to the penalties provided for in subsection (1), be liable to pay an amount by way of further penalty as follows:

(i) an amount equivalent to 10 per cent. of the unpaid duty thereon, where such instrument is stamped not later than 6 months after the day upon which such instrument was first executed;

(ii) an amount equivalent to 20 per cent. of the unpaid duty thereon, where such instrument is stamped more than 6 months but not later than 12 months after the day upon which such instrument was first executed;

(iii) an amount equivalent to 30 per cent. of the unpaid duty thereon, where such instrument is stamped more than 12 months after the day upon which such instrument was first executed.

(3) Subject to any other express provision in this Act in relation to any particular instrument, the Commissioners may, if they think fit, remit any penalty payable on stamping.

(4) The payment of any penalty payable on stamping shall be denoted on the instrument by a particular stamp.

(5) Any penalty payable by operation of this section shall be chargeable and recoverable in the same manner as if it were part of the duty on the instrument to which it relates.

(6) The provisions of this section shall apply with effect as on and from the 1st day of November, 1991, to any instrument, whenever executed, which is unstamped or insufficiently stamped.”.

Rolls, books, etc., to be open to inspection.

101. —(1) The Act of 1891 is hereby amended as respects instruments executed on or after the 1st day of November, 1991, by the substitution of the following section for section 16:

“16. (1) Subject to subsection (2), any person who is a party to any instrument, or who has in his custody or under his control any document, the inspection whereof may tend to secure any duty, or to prove or lead to the discovery of any fraud, negligence, or omission in relation to any duty shall, within 14 days of a request by way of a notice in writing from the Commissioners—

(a) provide such information as the Commissioners deem necessary, and

(b) permit any person authorised by the Commissioners, to inspect any such document and to take such notes, extracts, prints, printouts and copies as he may deem necessary,

and in case of refusal to so provide or permit by the first-mentioned person, he shall be guilty of an offence and shall be liable to a fine not exceeding £1,000, and if the refusal continues after conviction he shall be guilty of a further offence on every day on which the refusal continues and for each such offence he shall be liable to a fine not exceeding £100.

(2) It shall be a good defence in a prosecution for an offence under subsection (1) for the accused to show that he is required or entitled by law to refuse the request of the Commissioners.

(3) In this section ‘document’ includes—

(a) any instrument, roll, book or record,

(b) any record of an entry in a document, and

(c) any information stored, maintained or preserved by means of any mechanical or electronic device, whether or not stored, maintained or preserved in a legible form.”.

(2) Notwithstanding anything to the contrary contained in subsection (1) the provisions of that subsection shall apply to any instrument, the date of first execution of which appears from that instrument or otherwise to be prior to the 1st day of November, 1991, and where the Commissioners wish to verify that date to their satisfaction.

Alteration of stamp duties on leases.

102. —The Finance Act, 1949 , is hereby amended as respects instruments executed on or after the 1st day of November, 1991, by the substitution of the following section for section 24:

“24. (1) Any lease (not being executed in good faith and for valuable consideration) shall, for the purposes of this section, be deemed to be a lease operating as a voluntary disposition inter vivos, and the consideration for any lease shall not, for this purpose, be deemed to be valuable consideration where the Commissioners are of opinion that, by reason of the inadequacy of consideration or other circumstances, the lease confers a substantial benefit on the lessee.

(2) Where by operation of the provisions of this section any lease is deemed to operate as a voluntary disposition inter vivos the reference to consideration (other than rent) in the heading of charge entitled ‘LEASE’, which is set out in the First Schedule to the Stamp Act, 1891, shall be construed in relation to duty chargeable on such lease as a reference to the minimum amount or value that would be necessary in order that the lease, any rent thereunder remaining unchanged, would not be a lease operating as a voluntary disposition inter vivos.

(3) Subsection (2) of section 74 of the Finance (1909-10) Act, 1910, shall, with any necessary modifications, apply to a lease operating as a voluntary disposition inter vivos in the same manner as to a conveyance or transfer operating as a voluntary disposition inter vivos.”.

Provision relating to voluntary disposition inter vivos, etc.

103. —(1) Where an instrument operates or is deemed to operate as a voluntary disposition inter vivos by operation of the provisions of section 74 of the Finance (1909-10) Act, 1910, or section 24 of the Finance Act, 1949 , and the statement of value of such property, or in the case of a lease the minimum amount or value referred to in the said section 24, provided to the Commissioners under subsection (5) of section 5 of the Act of 1891 (hereafter in this section referred to as the “submitted value”) is less than the value of the property as agreed with, or ascertained by, the Commissioners (hereafter in this section referred to as the “ascertained value”) then, as a penalty, the duty chargeable upon the conveyance or transfer, or lease, shall be increased by an amount (hereafter in this section referred to as the “surcharge”) calculated according to the following provisions:

(a) where the submitted value is less than the ascertained value by an amount which is greater than 10 per cent. of the ascertained value but not greater than 30 per cent. of the ascertained value, a surcharge equal to 50 per cent. of the total duty chargeable on the instrument:

Provided that no surcharge shall be chargeable where the difference between the submitted value and the ascertained value is less than £5,000;

(b) where the submitted value is less than the ascertained value by an amount which is greater than 30 per cent. of the ascertained value but not greater than 50 per cent. of the ascertained value, a surcharge equal to the total duty chargeable on the instrument;

(c) where the submitted value is less than the ascertained value by an amount which is greater than 50 per cent. of the ascertained value, a surcharge equal to double the total duty chargeable on the instrument.

(2) Where a statement of value, or in the case of a lease the minimum amount or value referred to in section 24 of the Finance Act, 1949 , is not provided in accordance with the provisions of subsection (5) of section 5 of the Act of 1891, then the liability of an instrument to a surcharge under this section may be ascertained by the Commissioners by the substitution of the consideration, other than rent in the case of lease, stated in the instrument for the submitted value.

(3) Any surcharge payable by operation of this section shall be chargeable and recoverable in the same manner as if it were part of the duty on the instrument to which it relates.

(4) Notwithstanding the provisions of subsection (4) of section 15 of the Act of 1891, any surcharge imposed by operation of this section shall not be denoted on an instrument to which it relates by impressed stamps or otherwise.

(5) Subsection (3) of section 74 of the Finance (1909-10) Act, 1910, is hereby repealed.

(6) This section shall have effect as respects instruments executed on or after the 1st day of November, 1991.

Procedure to apply where consideration etc., cannot be ascertained.

104. —(1) Where in the case of any instrument which, except for the fact that the amount or value of the consideration or the average annual rent cannot be ascertained at the date of execution thereof, would otherwise be chargeable with ad valorem duty on such consideration or rent as a conveyance or transfer on sale or as a lease, the Commissioners may charge ad valorem duty on such instrument as if—

(a) in the case of a conveyance or transfer on sale, the value of the property conveyed or transferred was substituted for the amount or value of the consideration chargeable under the appropriate heading of charge under the Heading “CONVEYANCE or TRANSFER on sale of any stocks or marketable securities” or the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities” in the First Schedule to the Act of 1891;

(b) in the case of a lease, the amount or value of the consideration, other than rent, which could be obtained from a tenant leasing the property for full consideration under the terms created by the lease (but disregarding the amount or value of any rent or consideration other than rent payable thereunder) was substituted for the amount or value of the consideration, other than rent, chargeable under the heading of charge entitled “LEASE” in the First Schedule to the Act of 1891.

(2) (a) For the purposes of subsection (1) the provisions of subsections (2) and (3) of section 56 of the Act of 1891 shall be disregarded and those provisions shall not apply to any instrument in relation to which subsection (1) applies.

(b) Subsection (1) shall not apply to any instrument in relation to which subsection (3) (a) of section 112 of the Finance Act, 1990 , applies.

(3) This section shall have effect as respects instruments executed after the passing of this Act.

Valuation of property chargeable with stamp duty.

105. —(1) The Commissioners shall ascertain the value of property the subject of an instrument chargeable with stamp duty in the same manner, subject to any necessary modification, as is provided for in sections 15 , 16 and 17 of the Capital Acquisitions Tax Act, 1976 .

(2) This section shall have effect as respects instruments executed on or after the 1st day of November, 1991.

Amendment of certain provisions relating to fines.

106. —(1) Where an act or omission occurs in respect of which a person would, but for this section, have incurred the fine provided for in any provision of the Acts specified in column (2) of the Table to this section at any reference number, the person shall, in lieu of the fine so provided for, be liable to the fine specified in column (3) of the said Table at that reference number and that provision shall be construed and have effect accordingly.

TABLE

Reference Number

Provision of the Acts

Fine

(1)

(2)

(3)

£

1

Section 8 (3) of the Act of 1891.

500

2

Section 9 of the Act of 1891.

1,000

3

Section 17 of the Act of 1891.

500

4

Section 83 of the Act of 1891.

500

5

Section 100 of the Act of 1891.

500

6

Section 107 of the Act of 1891.

500

7

Section 109 (2) of the Act of 1891.

500

8

Section 20 of the Stamp Duties Management Act, 1891.

500

9

Section 21 of the Stamp Duties Management Act, 1891.

1,000

10

Section 4 (2) of the Finance (1909-10) Act, 1910.

500

11

Section 41 (3) of the Finance Act, 1970 .

500

(2) This section shall have effect as respects an act or omission which occurs on or after the 1st day of November, 1991.

Amendment of section 4 of Stock Transfer Act, 1963.

107. Section 4 of the Stock Transfer Act, 1963 , is hereby amended as respects instruments executed on or after the 1st day of November, 1991, by the substitution in subsection (1) of “a penalty of £500” for “a penalty of one hundred pounds”.

Application of section 485 of Income Tax Act, 1967.

108. —(1) The provisions of section 485 of the Income Tax Act, 1967 , shall, subject to any necessary modifications, apply to stamp duty in the same manner as they apply to income tax and where the provisions therein provided are exercised with regard to stamp duty they shall be exercised as if stamp duty was a tax to be collected and levied by the Collector-General.

(2) This section shall have effect as respects instruments executed on or after the 1st day of November, 1991.

Application of certain provisions relating to penalties under Income Tax Act, 1967.

109. —(1) Sections 128 (4) , 507 , 508 , 510 , 511 , 512 , 517 and 518 of the Income Tax Act, 1967 , shall, with any necessary modifications, apply to a fine under—

(a) the Act of 1891, or

(b) any other enactment providing for fines in relation to stamp duty,

as if the fine were a penalty under the Income Tax Acts, and the provisions of section 22 of the Inland Revenue Regulation Act, 1890, shall not apply in a case to which any of the said sections of the Income Tax Act, 1967 , apply by virtue of this section.

(2) This section shall have effect as respects instruments executed on or after the 1st day of November, 1991.

Amendment of Chapter II (stamp duty on capital companies) of Part IV of Finance Act, 1973.

110. —Chapter II of Part IV of the Finance Act, 1973 , is hereby amended by the insertion of the following section after section 67A:

“Restriction of application (Chapter II).

67B. This Chapter shall not apply to any investment company to which the provisions of Part XIII of the Companies Act, 1990 , relate.”.

Amendment of section 92 (levy on certain premiums of insurance) of Finance Act, 1982.

111. Section 92 of the Finance Act, 1982 , is hereby amended in subsection (8) (inserted by the Finance Act, 1984 ) by the addition of the following proviso to the definition of “relevant premium”:

“Provided that an amount received from an insurer who is acting in the course of his business as an insurer shall not, for the purposes of this subsection, be a relevant premium.”.