Finance Act, 1993
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Exemption from stamp duty of certain loan capital and securities. |
106.—(1) In this section “loan capital” means any debenture stock, bonds or funded debt, by whatever name known, of a company or other body corporate or any capital raised by a company or other body corporate which is borrowed or has the character of borrowed money, whether it is in the form of stock or in any other form. | |
(2) Stamp duty shall not be chargeable on the issue or transfer of— | ||
(a) loan capital which— | ||
(i) is dealt in and quoted on a recognised stock exchange, | ||
(ii) does not carry a right of conversion into— | ||
(I) the stocks or marketable securities of a company having a register in the State, or | ||
(II) any stocks or marketable securities which are not dealt in and quoted on a recognised stock exchange, | ||
including loan capital having such a right, | ||
(iii) does not carry rights of the same kind as shares in the capital of a company, including rights such as voting rights, a share in the profits or a share in the surplus upon liquidation, | ||
(iv) is redeemable within 30 years of the date of issue and not thereafter, | ||
(v) is issued for a price which is not less than 90 per cent. of its nominal value, and | ||
(vi) does not carry a right to a sum in respect of repayment or interest which is related to certain movements in an index or indices specified in any instrument or other document relating to the loan capital, | ||
and | ||
(b) securities issued by a qualifying company within the meaning of section 31 of the Finance Act, 1991 , where the money raised by such securities is used in the course of its business. |