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2 1999

FINANCE ACT, 1999

PART 4

Stamp Duties

Chapter 1

General Provisions

Provision relating to First Schedule to Stamp Act, 1891.

140. —(1) (a) For the avoidance of doubt it is hereby declared that the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance” in the First Schedule to the Stamp Act, 1891, shall be deemed always to have had effect (prior to the substitution made by section 7(a) of the Finance (No. 2) Act, 1998 , but subsequent to the substitution made by section 117(a) of the Finance Act, 1997 ) as if the following paragraph were substituted for the paragraph (8) which was inserted by section 117(a) of the Finance Act, 1997 :

“(8) Of any other kind whatsoever not hereinbefore described by reference to a consideration for which a rate of duty has already been specified at paragraphs (1) to (7):

for every £100, or fractional part

of £100, of the consideration

...

£9.00”.

(b) For the avoidance of doubt it is hereby declared that the Heading “LEASE” in the First Schedule to the Stamp Act, 1891, shall be deemed always to have had effect (prior to the substitution made by section 7(b) of the Finance (No. 2) Act, 1998 , but subsequent to the substitution made by section 117(b) of the Finance Act, 1997 ) as if the following clause were substituted for the clause (viii) of subparagraph (a) of paragraph (3) which was inserted by section 117(b) of the Finance Act, 1997 :

“(viii) the case is of any other kind whatsoever not hereinbefore described by reference to a consideration for which a rate of duty has already been specified at clauses (i) to (vii):

for every £100, or fractional part of £100, of the

consideration

...

...

...

£9.00”.

(2) Subsection (1) shall not apply to an instrument in relation to which either of the Headings referred to at paragraph (a) or paragraph (b) of subsection (1) was the subject matter of an appeal under section 13 of the Stamp Act, 1891, being an appeal made before the 2nd day of March, 1999.

Amendment of section 114 (exemption from stamp duty of transfers by spouses) of Finance Act, 1990.

141. —(1) The Finance Act, 1990 , is hereby amended by the substitution of the following section for section 114:

“114.—(1) Subject to subsection (2), stamp duty shall not be chargeable on any instrument, other than a conveyance or transfer referred to in subsection (4), (5), (6) or (7) of section 58 of the Stamp Act, 1891, or subsection (1)(b) of section 106 of the Finance Act, 1996 , whereby any property is transferred by a spouse or spouses of a marriage to either spouse or to both spouses of that marriage.

(2) Subsection (1) shall not apply to an instrument whereby any property or any part of, or beneficial interest in, any property is transferred to a person other than a spouse referred to in that subsection.

(3) Section 74(2) of the Finance (1909-10) Act, 1910, shall not apply to an instrument to which subsection (1) applies.”.

(2) Section 212 of the Finance Act, 1992 , is hereby repealed.

(3) This section shall have effect in relation to instruments executed on or after the 2nd day of March, 1999.

Amendment of section 207 (exemption from stamp duty of certain financial services instruments) of Finance Act, 1992.

142. —(1) Section 207 of the Finance Act, 1992 , is hereby amended in subsection (1)—

(a) by the substitution of “is dealt in” for “is dealt in and quoted” in subparagraph (I) of paragraph (b) of the definition of “American depositary receipt”,

(b) by the substitution of “so dealt in” for “so dealt in and quoted” in subparagraph (II) of paragraph (b) of the definition of “Americ\agrave\n depositary receipt”, and

(c) by the substitution of “dealt in” for “dealt in and quoted” in the definition of “financial futures agreement”.

(2) This section shall apply and have effect as respects instruments executed on or after the date of the passing of this Act.

Amendment of section 106 (exemption from stamp duty of certain loan capital and securities) of Finance Act, 1993.

143. Section 106 of the Finance Act, 1993 , is hereby amended in subsection (3) (as amended by the Finance Act, 1994 ) by the substitution of the following paragraph for paragraph (b):

“(b) any other loan capital:

Provided that where the instrument is chargeable to stamp duty under the Heading ‘MORTGAGE, BOND, DEBENTURE, COVENANT (except a marketable security) which is a security for the payment or repayment of money which is a charge or incumbrance on property situated in the State other than shares in stocks or funds of the Government or the Oireachtas’ in the First Schedule to the Stamp Act, 1891, the instrument shall be chargeable with that duty.”.

Amendment of section 150 (stock borrowing) of Finance Act, 1995.

144. —(1) Section 150 of the Finance Act, 1995 , is hereby amended in subsection (1) by the substitution, in the definition of “stock”, of “dealt in” for “quoted”.

(2) This section shall apply to stock borrowing transactions entered into on or after the date of the passing of this Act.

Amendment of section 121 (surcharges) of Finance Act, 1997.

145. Section 121 of the Finance Act, 1997 , is hereby amended—

(a) in subsection (3) by the substitution of “Where the vendee's estimate (in this subsection referred to as the ‘submitted value’) is less than or greater than the residential value agreed with, or accertained by, the Commissioners, subject to the right of appeal under section 13 (as amended by the Finance Act, 1999) of the Stamp Act, 1891, (in this subsection referred to as the ‘ascertained value’) then, as a penalty, the duty chargeable upon the instrument shall, where an assessment of duty based on the ascertained value would result in a greater amount than an assessment based on the submitted value, be increased by an amount (in this subsection referred to as the ‘surcharge’) calculated according to the following provisions:” for so much of that subsection as occurs before paragraph (a),

(b) in paragraph (a) and in paragraph (b) of subsection (3) by the substitution of “is less than or greater than” for “is less than”,

(c) in paragraph (ii) of the proviso to subsection (3) by the substitution of “is less than or greater than” for “is greater than”, and

(d) by the insertion of the following subsection after subsection (3):

“(4) 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.”.

Amendment of section 6 (commencement (Part 2)) of Finance (No. 2) Act, 1998.

146. Section 6 of the Finance (No. 2) Act, 1998 , is hereby amended in subsection (2) by the substitution of “1st day of April, 1999” for “1st day of January, 1999”.