Finance Act, 1993

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Amendment of section 203 (stamp duty in respect of cash cards) of Finance Act, 1992.

102.— Section 203 of the Finance Act, 1992 , is hereby amended—

(a) in subsection (1)—

(i) by the substitution of the following definition for the definition of “bank”:

“‘bank’ means—

(a) a person who holds a licence granted by the Central Bank of Ireland under section 9 of the Central Bank Act, 1971 , or under section 10 of the Trustee Savings Banks Act, 1989 , or

(b) where there are subsisting regulations under section 4 of the ACC Bank Act, 1992 , for the supervision by the Central Bank of Ireland of the ACC Bank public limited company, that bank, or,

(c) where there are subsisting regulations under section 3 of the ICC Bank Act, 1992 , for the supervision by the Central Bank of Ireland of the ICC Bank public limited company, that bank;”,

and

(ii) by the deletion in the definition of “building society” of “, on the 15th day of June in any year (being the year 1992 or a subsequent year),”,

and

(b) by the addition of the following subsection after subsection (9):

“(10) Where a promoter changes its accounting period and, as a result, stamp duty under this section would not be chargeable or payable in the year 1993 or in any subsequent year (in this section referred to as ‘the relevant year’), then the following provisions shall apply:

(a) duty shall be chargeable and payable in the relevant year as if the accounting period had not been changed,

(b) duty shall also be chargeable and payable within one month of the date of the end of the accounting period ending in the relevant year, and

(c) the duty chargeable and payable by virtue of paragraph (b) shall, subject to the proviso contained in subsection (2), be chargeable and payable in respect of cash cards issued at any time by the promoter and which are valid at any time during the period from the due date as determined by paragraph (a) to the due date as determined by paragraph (b).”.