|
|
Simplification measures.
|
101.— (1) The Principal Act is amended—
|
|
| |
(a) in section 1(1)—
|
|
| |
(i) by substituting the following for the definition of “bill of exchange”:
|
|
| |
“ ‘ bill of exchange ’ means a draft, an order or a cheque;”,
|
|
| |
and
|
|
| |
(ii) by deleting the definition of “promissory note”,
|
|
| |
(b) in section 3(2)(b) by deleting “or a promissory note”,
|
|
| |
(c) in section 12(3) by substituting “any transfer or lease (not being a duplicate or counterpart of a transfer or lease)” for “any transfer or lease”,
|
|
| |
(d) by deleting sections 22, 24, 26, and 28,
|
|
| |
(e) in section 23 by deleting “or promissory note”,
|
|
| |
(f) in section 25—
|
|
| |
(i) in subsection (1) by deleting “or a promissory note”, and
|
|
| |
(ii) in subsection (2)—
|
|
| |
(I) by deleting “or promissory note”, and
|
|
| |
(II) by deleting “or note” in each place where it occurs,
|
|
| |
(g) in section 73(1) by deleting paragraph (a),
|
|
| |
(h) in section 112(2) by deleting “promissory note,”,
|
|
| |
(i) in section 151(1)—
|
|
| |
(i) by deleting paragraph (e), and
|
|
| |
(ii) by substituting the following for paragraph (f):
|
|
| |
“(f) the stamp on any bill of exchange which from any omission or error has been spoiled or rendered useless, although the same, being a bill of exchange, may have been accepted or endorsed, where another completed and duly stamped bill of exchange is produced identical in every particular, except in the correction of the error or omission, with the spoiled bill;”,
|
|
| |
and
|
|
| |
(j) in Schedule 1—
|
|
| |
(i) by substituting the following for the Heading “BILL OF EXCHANGE or PROMISSORY NOTE.” and for the provisions under that Heading:
|
|
| |
“BILL OF EXCHANGE.
|
|
| |
Where drawn on an account in the State €0.15.
|
|
| |
Exemptions.
|
|
| |
(1) Draft or order drawn by any banker in the State on any other banker in the State, not payable to bearer or to order, and used solely for the purpose of settling or clearing any account between such bankers.
|
|
| |
(2) Letter written by a banker in the State to any other banker in the State, directing the payment of any sum of money, the same not being payable to bearer or to order, and such letter not being sent or delivered to the person to whom payment is to be made or to any person on such person’s behalf.
|
|
| |
(3) Draft or order drawn by the Accountant of the Courts of Justice.
|
|
| |
(4) Coupon or warrant for interest attached to and issued with any security, or with an agreement or memorandum for the renewal or extension of time for payment of a security.
|
|
| |
(5) Coupon for interest on a marketable security being one of a set of coupons whether issued with the security or subsequently issued in a sheet.
|
|
| |
(6) Direct debits and standing orders.
|
|
| |
(7) Bill drawn on or on behalf of the Minister for Finance by which payment in respect of prize bonds is effected.”,
|
|
| |
(ii) by substituting the following for the Heading “EXCHANGE — instruments effecting.” and for the provisions under that Heading:
|
|
| |
“EXCHANGE — instruments effecting.
|
|
| |
In the case specified in section 37, see that section.”,
|
|
| |
(iii) by deleting the following Headings and the provisions and cross-references under those Headings:
|
|
| |
(I) “CONVEYANCE or TRANSFER of any kind not already described in this Schedule.”,
|
|
| |
(II) “LETTER OF CREDIT.”, and
|
|
| |
(III) “PROMISSORY NOTE.”,
|
|
| |
(iv) by substituting the following for the Heading “RELEASE or RENUNCIATION of any property, or of any right or interest in any property.” and for the provisions and cross-reference under that Heading:
|
|
| |
“RELEASE or RENUNCIATION of any property, or of any right or interest in any property.
|
|
| |
On a sale.
|
|
| |
See CONVEYANCE or TRANSFER on sale.”,
|
|
| |
and
|
|
| |
(v) by substituting the following for the Heading “SURRENDER of any property, or of any right or interest in any property.” and for the provisions and cross-reference under that Heading:
|
|
| |
“SURRENDER of any property, or of any right or interest in any property.
|
|
| |
On a sale.
|
|
| |
See CONVEYANCE or TRANSFER on sale.”.
|
|
| |
(2) Subject to section 7 of the Principal Act, any instrument which, in respect of a particular provision it contains, would but for paragraph (j) of subsection (1), be chargeable to stamp duty under any of the Headings referred to in that paragraph, shall not be chargeable with stamp duty in respect of that provision under any other Heading in Schedule 1 to that Act.
|
|
| |
(3) This section applies to instruments drawn, made or executed on or after the date of the passing of this Act.
|
