Finance Act, 1969

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Amendment of section 24 of Finance Act. 1949.

48.—(1) Section 24 of the Finance Act, 1949 , is hereby amended as follows:

(a) by the substitution for subsection (1) of the following subsection—

“(1) The stamp duties chargeable under paragraph (3) of the heading ‘Lease or Tack’ in the First Schedule to the Stamp Act, 1891, in respect of any consideration which consists of any money, stock or security (other than rent) for a lease shall be at the following rates—

(i) one pound for every fifty pounds or fractional part of fifty pounds of the consideration where the consideration does not exceed six thousand pounds and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions, in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds six thousand pounds;

(ii) one pound ten shillings for every fifty pounds or fractional part of fifty pounds of the consideration where the consideration exceeds six thousand pounds but does not exceed fifty thousand pounds and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions, in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds fifty thousand pounds;

(iii) in any other case, at the rate of two pounds ten shillings for every fifty pounds or fractional part of fifty pounds of the consideration.”

(b) by the substitution for the table set out in subsection (3) of the following table—

.”

(2) In the case of any instrument executed but not stamped before the coming into operation of this section the Revenue Commissioners may require to be furnished with such evidence as they may deem necessary, in order to show to their satisfaction whether all the facts and circumstances affecting the liability of the instrument to duty, or the amount of the duty chargeable thereon, are fully and truly set forth therein.

(3) (a) Subject to paragraph (c) of this subsection, this section shall be deemed to have come into operation on the 7th day of May, 1969, and shall not have effect in relation to any instrument executed before such coming into operation.

(b) Appropriate repayments for the purposes of paragraph (a) of this subsection shall be made, provided that in each case the application for repayment is made within two years after the date of the instrument to which the repayment relates.

(c) This section, in so far as it makes provision for the charge of stamp duty at the rate of two pounds ten shillings for every fifty pounds or fractional part of fifty pounds of the amount or value of the consideration, shall come into operation on the 1st day of August, 1969, or the date of the passing of this Act, whichever is the later, and shall not have effect with respect to any instrument executed before such coming into operation.