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‘land’ includes an interest in land;
‘the Agency’ means the National Development Finance Agency established by
section 2
of the
National Development Finance Agency Act 2002
.
(2) Stamp duty shall not be chargeable on any instrument executed—
(a) by or on behalf of the Agency whereby property is acquired by the Agency, or
(b) by a company formed by the Agency under
section 5
of the
National Development Finance Agency Act 2002
whereby land is acquired from the Agency, from a company formed by the Agency under
section 5
of the
National Development Finance Agency Act 2002
, or from a State authority within the meaning of
section 1
of the
National Development Finance Agency Act 2002
.
(3) Subsection (2)(b) shall not apply to an instrument executed by a company formed by the Agency under
section 5
of the
National Development Finance Agency Act 2002
unless—
(a) on the date the instrument is executed, the company is 100 per cent beneficially owned, either directly or indirectly by the State, and
(b) on or before that date, the Minister has received confirmation in writing from the Agency that such company will remain indefinitely so beneficially owned by the State.
(4) Where, in relation to an instrument which is exempt from stamp duty by virtue of subsection (2)(b)—
(a) the company disposes of the land or any part of the land the subject matter of such instrument, other than to a company formed by the Agency under
section 5
of the
National Development Finance Agency Act 2002
, the company shall become liable to pay to the Commissioners a penalty equal to the amount of stamp duty which would have been charged on the instrument in the first instance if the land disposed of had been conveyed or transferred by an instrument to which subsection (2)(b) had not applied, or
(b) the company ceases, at any time, to be 100 per cent beneficially owned, either directly or indirectly by the State, the company shall become liable to pay to the Commissioners a penalty equal to the amount of stamp duty which would have been charged on the instrument in the first instance had subsection (2)(b) not applied,
together with interest on the penalty at a rate of 0.0322 per cent per day or part of a day from the date of any such disposal or cessation to the date the penalty is remitted.
(5) Notwithstanding paragraphs (a) and (b) of subsection (4), the maximum penalty payable on any instrument shall not exceed the amount of duty which would have been charged on the instrument in the first instance had subsection (2)(b) not applied.”.
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