Finance Act, 1995

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PART IV

Stamp Duties

Levy on banks.

142.—(1) In this section—

“assessable amount” means the amount shown as the assessable amount in the statement delivered to the Revenue Commissioners pursuant to section 89 of the Finance Act, 1991 ;

“bank” means a person who, on the 1st day of September, 1990, was the holder of a licence granted under section 9 of the Central Bank Act, 1971 , or the successors or assigns of such person.

(2) A bank shall deliver to the Revenue Commissioners, not later than the 12th day of September in each of the years 1995 and 1996, a statement in writing showing the assessable amount for that bank.

(3) (a) There shall be charged on the statement delivered not later than the 12th day of September, 1995, pursuant to subsection (2) a stamp duty of an amount equal to two-thirds of the sum of the following:

(i) 0.26 per cent. of that part of the assessable amount shown therein that does not exceed £135,000,000, and

(ii) 03865 per cent. of that part of the assessable amount shown therein that exceeds £135,000,000:

Provided that in the case where the assessable amount shown in the statement does not exceed £135,000,000 stamp duty of an amount equal to two-thirds of 0.26 per cent. of the assessable amount shown therein shall be charged.

(b) There shall be charged on the statement delivered not later than the 12th day of September, 1996, pursuant to subsection (2) a stamp duty of an amount equal to one-third of the sum of the following:

(i) 0.26 per cent. of that part of the assessable amount shown therein that does not exceed £135,000,000, and

(ii) 0.3865 per cent. of that part of the assessable amount shown therein that exceeds £135,000,000:

Provided that in the case where the assessable amount shown in the statement does not exceed £135,000,000 stamp duty of an amount equal to one-third of 0.26 per cent. of the assessable amount shown therein shall be charged.

(4) The duty charged by subsection (3) upon a statement delivered by a bank pursuant to subsection (2) shall be paid by the bank upon delivery of the statement.

(5) There shall be furnished to the Revenue Commissioners by a bank such particulars as they may deem necessary in relation to any statement required by this section to be delivered by the bank.

(6) In the case of failure by a bank to deliver any statement required by subsection (2) within the time provided for in that subsection or of failure to pay the duty chargeable on any such statement on the delivery thereof, the bank shall, from the date of the passing of this Act until the day on which the duty is paid, be liable to pay, by way of penalty, in addition to the duty, interest thereon at the rate of 15 per cent. per annum and also from the 12th day of September in each of the years 1995 and 1996, as the case may be, by way of further penalty, a sum equal to 1 per cent. of the duty for each day the duty remains unpaid and each penalty shall be recoverable in the same manner as if the penalty were part of the duty.

(7) The delivery of any statement required by subsection (2) may be enforced by the Revenue Commissioners under section 47 of the Succession Duty Act, 1853 , in all respects as if such statement were such account as is mentioned in that section and the failure to deliver such statement were such default as is mentioned in that section.

(8) Except as provided for in section 45 of the Finance Act, 1992 , the stamp duty charged by this section shall not be allowed as a deduction for the purposes of the computation of any tax or duty (being tax or duty under the care and management of the Revenue Commissioners) payable by the bank.

(9) Where a company, which was a bank on the 1st day of September, 1990, and which was or is a member of a group within the meaning of section 45 of the Finance Act, 1992 , ceases to be a bank, any stamp duty payable by such company by virtue of subsection (4) and which remains unpaid shall be payable by any other bank which is a member of the group, in the same manner as if it was part of the liability of such bank:

Provided that where there is more than one bank in the group, each such bank shall be liable to pay a portion of such unpaid duty which shall be an amount which bears to the unpaid duty the same proportion as the liability of each bank in the group bears to the total liability of the group, but excluding, in the case of each such liability, such unpaid duty.