Finance Act, 1961
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Amendment of section 24 of Finance Act. 1949. |
34.—(1) In this section “the 1949 section” means section 24 of the Finance Act, 1949 . | |
(2) The following subsection is hereby substituted for subsection (4) of the 1949 section: | ||
“(4) The foregoing provisions of this section shall have effect if, but only if,— | ||
(a) the Minister for Finance, on the recommendation (which shall be an excepted matter for the purposes of section 12 of the Land Act, 1950 ) of any two Lay Commissioners of the Land Commission, has authorised their application in relation to the lease, or | ||
(b) the instrument contains a statement by the lessee certifying— | ||
(i) that the property is situate in a county borough, borough, urban district or town, or | ||
(ii) that the lessee's interest under the lease is being acquired for private residential purposes and does not include an interest in land exceeding five acres in extent, or | ||
(iii) that the person who becomes entitled to the entire beneficial interest in the lessee's interest under the lease (or, where more than one person becomes entitled to a beneficial interest therein, each of them) is either an Irish citizen or a person (other than a body corporate) who is for the time being ordinarily resident in the State and who was ordinarily resident in the State continuously during the three years immediately preceding the 15th day of October, 1947, or | ||
(c) it is shown to the satisfaction of the Revenue Commissioners— | ||
(i) that the lessee's interest under the lease is being acquired exclusively for the purposes of an industry other than agriculture, or | ||
(ii) that the lessee's interest under the lease is being acquired by a body corporate incorporated in the State in the case of which the issued shares of each class are, to an extent exceeding one-half (in nominal value) thereof, in the beneficial ownership of persons each of whom is within subparagraph (iii) of paragraph (b) of this subsection, or | ||
(iii) that the lessee's interest under the lease is being acquired by a body corporate not having a share capital incorporated in the State in the case of which a majority of its members is composed of persons each of whom is within subparagraph (iii) of paragraph (b) of this subsection and a majority of the persons exercising control and management of the body corporate is composed as aforesaid, or | ||
(iv) that the lessee's interest under the lease is being acquired by a body corporate incorporated in the State in the case of which the issued shares of each class are, to an extent exceeding one-half (in nominal value) thereof, in the beneficial ownership of persons each of whom either is within subparagraph (iii) of paragraph (b) of this subsection or is such a body corporate as is described in subparagraph (ii) or subparagraph (iii) of this paragraph.” | ||
(3) The following paragraph is hereby substituted for paragraph (a) of subsection (7) of the 1949 section: | ||
“(a) This subsection shall apply to every lease such as is referred to in the foregoing subsections of this section, whether it is or is not a lease operating as a voluntary disposition inter vivos, unless— | ||
(i) there is an authorisation under paragraph (a) of subsection (4) of this section in relation to the lease, or | ||
(ii) the property is within the description set out in subparagraph (i) of paragraph (b) of that subsection, or | ||
(iii) the lease falls within subparagraph (ii) of paragraph (b) or subparagraph (i) of paragraph (c) of that subsection, or | ||
(iv) the person becoming entitled to the entire beneficial interest in the lessee's interest under the lease (or, where more than one person becomes entitled to a beneficial interest therein, each of them) is within subparagraph (iii) of paragraph (b) or is such a body corporate as is described in subparagraph (ii), (iii) or (iv) of paragraph (c) of that subsection.” | ||
(4) In a case in which subsection (5) of the 1949 section does not apply because the case falls within paragraph (a) or paragraph (c) of subsection (4) of that section, the relevant instrument shall not be deemed to be duly stamped unless the Revenue Commissioners have expressed their opinion thereon in accordance with section 12 of the Stamp Act, 1891, and the instrument is stamped with a particular stamp denoting that it is duly stamped. | ||
(5) Where a person fails in showing to the satisfaction of the Revenue Commissioners that a transaction comes within subparagraph (ii), (iii) or (iv) of paragraph (c) of subsection (4) of the 1949 section, an appeal shall lie to the High Court from the decision of the Revenue Commissioners. | ||
(6) Where, subsection (5) of the 1949 section having not applied in the case of a lease of property because the case fell within subparagraph (i) of paragraph (c) of subsection (4) of that section, the lessee's interest in the property has been retained by the lessee but the property has not been used for the purposes of an industry other than agriculture within three years from the date of the relevant instrument— | ||
(a) that instrument 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 immediately become chargeable with stamp duty, | ||
(b) that duty shall be chargeable at the rate of twenty-five pounds per cent. on the amount or value of any consideration for the lease which consists of money, stock or security (other than rent), due allowance being made for the amount of the stamp duty already paid, | ||
(c) if, at the expiration of thirty days after the instrument becomes again chargeable with stamp duty, it is not stamped in accordance with the foregoing paragraph, a sum equal to twice the amount of the duty unpaid shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by the lessee. | ||
(7) (a) For the purposes of paragraph (c) of subsection (4) of the 1949 section, the Revenue Commissioners may require the delivery to them of statutory declarations in such form as they may direct and of such further evidence, if any, as they may require. | ||
(b) The powers conferred on the Revenue Commissioners by paragraph (a) of this subsection are in addition to, and not in substitution for, the powers conferred on them by section 12 of the Stamp Act, 1891. | ||
(8) (a) Where a person makes a false statement or declaration for the purposes of establishing that an instrument is not chargeable with stamp duty at the rate provided for by subsection (5) of the 1949 section, such person shall be guilty of an offence and shall be liable on summary conviction to a fine of five hundred pounds, or at the discretion of the Court, to imprisonment for a term not exceeding six months or to both such fine and such imprisonment. | ||
(b) Where an offence under this subsection is committed by a body corporate and is proved to have been committed under the authority of, or with the consent or approval of, any director, manager, secretary or other officer of the body corporate, such director, manager, secretary or other officer shall also be deemed to have committed the offence and shall be liable to be proceeded against and punished accordingly. | ||
(c) Subsection (4) of section 10 of the Petty Sessions (Ireland) Act, 1851 , shall not apply in relation to an offence under this subsection. | ||
(9) (a) In this subsection “property” means lands, tenements or hereditaments. | ||
(b) Where, by virtue of a lease executed on or after the 20th day of April, 1961, and before the commencement of this section, property other than— | ||
(i) property situate in a county borough, borough, urban district or town, or | ||
(ii) property in which the lessee's interest under the lease has been acquired exclusively for the purposes of an industry other than agriculture, or | ||
(iii) property in which the lessee's interest under the lease has been acquired for private residential purposes and does not include an interest in land exceeding five acres in extent, | ||
stands leased to a body corporate other than a body corporate such as is described in subparagraph (ii), (iii) or (iv) of paragraph (c) of subsection (4) of the 1949 section, the following provisions shall have effect if the instrument is not already stamped with stamp duty at the rate provided for by subsection (5) of the 1949 section: | ||
(I) it shall, notwithstanding that it may have been stamped already and irrespective of whether or not it has been stamped with a particular stamp denoting that it is duly stamped, immediately on the commencement of this section again become chargeable with stamp duty, | ||
(II) that duty shall be chargeable at the rate of twenty-five pounds per cent. on the amount or value of any consideration which consists of money, stock or security (other than rent), due allowance being made for the amount of any stamp duty already paid, | ||
(III) if at the expiration of thirty days from the commencement of this section, the instrument is not stamped in accordance with the foregoing subparagraph, a sum equal to twice the amount of the duty unpaid shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by the body corporate. | ||
(10) Subsection (2) of section 16 of the Finance Act, 1950 , shall have effect as if the reference therein to a statement by the lessee included a reference to a statement under paragraph (b) of subsection (4) of the 1949 section. | ||
(11) (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. | ||
(12) The Revenue Commissioners shall furnish to the Land Commission particulars of all leases coming to their notice where stamp duty is chargeable at the rate provided for by subsection (5) of the 1949 section or where the case falls within subparagraph (i) of paragraph (c) of subsection (4) of that section. | ||
(13) This section shall come into operation on the 1st day of August, 1961, or the date of the passing of this Act, whichever is the later. |