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PART III
Stamp Duties
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Certain contracts for sale of leasehold interests to be chargeable as conveyances on sale.
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31.—(1) A contract or agreement for the sale of any leasehold interest in any immovable property shall, if—
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(a) the purchaser enters into possession of the property before having obtained a transfer, duly stamped, of such interest, and
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(b) a transfer of such interest made in pursuance of the contract or agreement is not duly stamped within the period of 9 months from the first execution of the contract or agreement or such longer period as the Revenue Commissioners may specify in writing, being a period which they consider reasonable in all the circumstances of the case,
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be charged with the same ad valorem stamp duty, to be paid by the purchaser, as if it were an actual transfer on sale of the leasehold interest contracted or agreed to be sold, and where the ad valorem stamp duty charged on the contract or agreement has been duly paid in conformity with this subsection—
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(i) the transfer of the said leashold interest made in pursuance of the contract or agreement shall not be chargeable with any duty,
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(ii) the Revenue Commissioners, upon application, either shall denote the payment of the said duty upon the transfer, or shall transfer it thereto upon production of the contract or agreement duly stamped, and
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(iii) the said duty shall be returned where it is shown to the satisfaction of the Revenue Commissioners that the contract or agreement has been rescinded or annulled.
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(2) This section shall not have effect with respect to any instrument executed before the date of the passing of this Act.
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