Finance Act, 1949
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Stamp duties in the case of certain transactions effected before passing of this Act. |
27.—(1) In this section— | |
the word “property” means lands, tenements or hereditaments which stood conveyed or transferred to a body corporate by means of an instrument chargeable with stamp duty under the heading “Conveyance or Transfer on sale of any property” in the First Schedule to the Stamp Act, 1891, as amended by subsequent enactments, and stamped at the rate mentioned in subsection (1) of section 13 of the Finance (No. 2) Act, 1947 (No. 33 of 1947); | ||
the expression “Irish body corporate” means a body corporate within paragraph (f) of subsection (4) of section 13 of the Finance (No.2) Act, 1947; | ||
the expression “unqualified person” means any person who, at the date of the execution of the relevant instrument by means of which property was conveyed or transferred to a body corporate, was not within one of the paragraphs (a) to (e) of subsection (4) of section 13 of the Finance (No. 2) Act, 1947 ; | ||
the word “shares” means issued shares of each class; | ||
the expression “the relevant period” means the period which began on the 4th day of May, 1949, and ended on the day before the passing of this Act. | ||
(2) (a) Where, in a case in which property stood conveyed or transferred on a date during the relevant period to an Irish body corporate, any mortgage or equitable mortgage, or any charge, of or on the property, or any debenture, or any bond, covenant or warrant of attorney to confess and enter up judgement, was given on that date by the body corporate to a person who on that date was an unqualified person who is beneficially entitled to any of the shares of the body corporate or who under the memorandum or articles of association of the body corporate or otherwise exercises or may exercise control or management thereof or was given on that date by the body corporate to two or more perons any of whom was on that date such an unqualified person, | ||
then— | ||
(I) the following provisions shall have effect if the mortgage, equitable mortgage, charge, debenture, bond, covenant or warrant of attorney was not stamped before the passing of this Act: | ||
(i) it shall, notwithstanding any other Act, be chargeable with stamp duty at the rate of twenty-five pounds per cent. of the value of the property, and | ||
(ii) if, at the expiration of thirty days after the passing of this Act, it is not stamped or is not stamped at the said rate, a sum equal to twice the amount of duty at the said rate shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by such person, or by such person, or by such persons jointly and severally; and | ||
(II) the following provisions shall have effect if the mortgage, equitable mortgage, charge, debenture, bond, covenant or warrant of attorney was stamped before the passing of this Act: | ||
(i) stamp duty shall again be chargeable on it not withstanding that it has been stamped already, and irrespective of whether or not it has been stamped with a particular stamp denoting that it is duly stamped, and shall be chargeable as of an amount equal to the difference between stamp duty determined at the rate of twenty-five pounds per cent. of the value of the property and the stamp duty already paid, and | ||
(ii) if, at the expiration of thirty days after the passing of this Act, it is not stamped in respect of such additional stamp duty, a sum equal to twice the amount of that duty shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by such person, or by such persons jointly and severally. | ||
(b) Where, in a case in which property stood conveyed or transferred on a date during the relevant period to an Irish body corporate— | ||
(I) any mortgage or equitable mortgage, or any charge, of or on the property, or any debenture, or any bond or covenant, was given on that date by the body corporate to any person (not being on that date an unqualified person such as is mentioned in paragraph (a) of this subsection) or to two or more persons (none of them being on that date an unqualified person such as is mentioned in paragraph (a) of this subsection), and | ||
(II) any transfer, assignment or disposition was subsequently executed on a date during the relevant period, or is executed on a date after the passing of this Act, in consequence of which such mortgage, equitable mortgage, charge, debenture, bond or covenant stood or stands transferred to or in favour of a person who on that date was or is an unqualified person such as is mentioned in paragraph (a)of this subsection or two or more persons any of whom on that date was or is such an unqualified person, | ||
then— | ||
(A) the following provisions shall have effect if the transfer, assignment or disposition was not stamped before the passing of this Act or if it is executed after such passing: | ||
(i) it shall, notwithstanding any other Act, be chargeable with stamp duty at the rate of twenty-five pounds per cent. of the value of the property, and | ||
(ii) if, at the expiration of thirty days after (as may be appropriate) the passing of this Act or the execution thereof, it is not stamped or is not stamped at the said rate, a sum equal to twice the amount of the duty at the said rate shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by the last-mentioned person, or by the last-mentioned persons jointly and severally; and | ||
(B) the following provisions shall have effect if the transfer, assignment or disposition was stamped before the passing of this Act: | ||
(i) stamp duty shall again be chargeable on it not withstanding that it has been stamped already, and irrespective of whether or not it has been stamped with a particular stamp denoting that it is duly stamped, and shall be chargeable as of an amount equal to the difference between stamp duty determined at the rate of twenty-five pounds per cent. of the value of the property and the stamp duty already paid, and | ||
(ii) if, at the expiration of thirty days after the passing of this Act, it is not stamped in respect of such additional duty, a sum equal to twice the amount of that duty shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by such person, or by such persons jointly and severally. | ||
(c) Where, in the case of property which stood conveyed or transferred on a date during the relevant period to an Irish body corporate, a deposit of title deeds, or of any document of title, to the property was made on that date by the body corporate as security and the deposit was made with a person who on that date was such an unqualified person as is mentioned in paragraph (a) of this subsection or with two or more persons any of whom was on that date such an unqualified person— | ||
(i) the body corporate shall deliver to the Revenue Commissioners within thirty days after the passing of this Act a statement containing particulars of the property, the value thereof and the names and descriptions of the parties to the transaction, | ||
(ii) the statement shall be chargeable with stamp duty payable by the body corporate at the rate of twenty-five pounds per cent. of the value of the property, and | ||
(iii) if the statement is not delivered within the said thirty days or if, at the expiration of thirty days after delivery thereof, it is not stamped or is not stamped at the said rate, a sum equal to twice the amount of the duty at the said rate shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by the body corporate and its directors jointly and severally. | ||
(d) Where, in the case of property which stood conveyed or transferred on a date during the relevant period to an Irish body corporate— | ||
(i) a deposit of title deeds, or of any document of title, to the property was made on that date by the body corporate as security and the deposit was made with any person (not being on that date an unqualified person such as is mentioned in paragraph (a) of this subsection) or with two or more persons (none of them being on that date an unqualified person such as is mentioned in paragraph (a) of this subsection), and | ||
(ii) any transfer or transfers was or were subsequently effected during the relevant period, or is or are effected after the passing of this Act, in consequence of which such title deeds or document of title ceased or cease or ceases to be deposited as aforesaid and stood or stand on any date deposited as security with a person who on that date was or is an unqualified person such as is mentioned in paragraph (a) of this subsection or two or more persons any of whom on that date was or is such an unqualified person, | ||
the following provisions shall have effect: | ||
(I) the last-mentioned person or two or more persons shall, within thirty days after (as may be appropriate) the passing of this Act or such title deeds or document of title become or becomes deposited with such person or persons, deliver to the Revenue Commissioners a statement containing particulars of the property, the value thereof and the name or names and description or descriptions of such person or persons, | ||
(II) the statement shall be chargeable with stamp duty payable by such person or persons at the rate of twenty-five pounds per cent. of the value of the property, and | ||
(III) if the statement is not delivered within the said thirty days or if, at the expiration of thirty days after delivery thereof, it is not stamped or is not stamped at the said rate, a sum equal to twice the amount of the duty at the said rateshall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by such person, or by such persons jointly and severally. | ||
(3) Where, in the case of property which stood conveyed or transferred on a date during the relevant period to an Irish body corporate, an unqualified person or two or more persons any of whom was an unqualified person became entitled on that date to any beneficial interest in the whole or part of the property, the following provisions shall have effect unless the principal or only instrument under which such person or persons became so entitled is an instrument chargeable with stamp duty under subsection (2) of this section or unless stamp duty determined by reference to the value of the property has already been paid under that subsection by such person or any of such persons— | ||
(I) if the principal or only instrument under which such person or persons became so entitled was not stamped before the passing of this Act— | ||
(i) such instrument shall, notwithstanding any other Act, be chargeable with stamp duty at the rate of twenty-five pounds per cent. of the amount or value of the consideration, or in the case of a voluntary disposition inter vivos, on the value of the property (or the part thereof to which such person or persons became entitled), and | ||
(ii) if, at the expiration of thirty days after the passing of this Act, such instrument is not stamped or is not stamped at the said rate, a sum equal to twice the amount of the duty at the said rate shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by such person, or by such persons jointly and severally; and | ||
(II) if the principal or only instrument under which such person or persons became so entitled was stamped before the passing of this Act— | ||
(i) stamp duty shall again be chargeable on it notwithstanding that it has been stamped already,and irrespective of whether or not it has been stamped with a particular stamp denoting that it is duly stamped, and shall be chargeable as of an amount equal to the difference between stamp duty determined at the rate of twenty-five pounds per cent. of the amount or value of the consideration, or in the case of a voluntary disposition inter vivos, on the value of the property (or the part thereof to which such person or persons became entitled), and the stamp duty already paid, and | ||
(ii) if, at the expiration of thirty days after the passing of this Act, such instrument is not stamped in respect of such additional stamp duty, a sum equal to twice the amount of that duty shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by such person, or by such persons jointly and severally. | ||
(4) (a) In a case in which property stood conveyed or transferred on a date during the relevant period to a body corporate which ceased on that date to be an Irish body corporate because of the shares having ceased to be, to an extent exceeding one-half (in nominal value) thereof, in the beneficial ownership of persons each of whom was within one of paragraphs (a) to (e) of subsection (4) of section 13 of the Finance (No. 2) Act, 1947 , the following provisions shall have effect: | ||
(i) the principal or only instrument by which the property was conveyed or transferred to the body corporate shall, notwithstanding that it has been stamped already, and irrespective of whether or not it has been stamped with a particular stamp denoting that it is duly stamped, again be chargeable with stamp duty, | ||
(ii) such duty shall be chargeable at the rate of twenty-five pounds per cent. on the amount by reference to which the stamp duty already paid was determined, and | ||
(iii) if, at the expiration of thirty days after the passing of this Act, such instrument is not stamped or is not stamped at the said rate, a sum equal to twice the duty at the said rate shall thereupon be a debtdue to the Minister for Finance for the benefit of the Central Fund by the body corporate and its directors jointly and severally. | ||
(b) This subsection shall not apply in any case in which stamp duty determined by reference to the value of the property has already been paid under subsection (2) of this section or in any case in which the shares ceased to be held as aforesaid merely by operation of law or by reason of any transfer from the personal representative of a deceased holder or any order of a Court. | ||
(5) (a) Any sum being a debt due to the Minister for Finance in accordance with this section shall be payable to the Revenue Commissioners and shall be recoverable at the suit of the Attorney General in any court of competent jurisdiction. | ||
(b) The Revenue Commissioners may, if they think fit, mitigate or remit any sum recoverable under paragraph (a) of this subsection. |