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Amendment of Schedule 1 to Principal Act.
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66.— (1) Schedule 1 to the Principal Act is amended—
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(a) under the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance.”, by substituting the following for paragraphs (1) and (2):
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“(1) Where the amount or value of the consideration for the sale is wholly or partly attributable to residential property and the instrument contains a statement certifying that the consideration for the sale is, as the case may be—
(a) wholly attributable to residential property, or
(b) partly attributable to residential property,
and that the transaction effected by that instrument does not form part of a larger transaction or of a series of transactions in respect of which, had there been a larger transaction or a series of transactions, the amount or value, or the aggregate amount or value, of the consideration (other than the consideration for the sale concerned which is wholly or partly attributable to residential property) would have been wholly or partly attributable to residential property:
for the consideration which is attributable to residential property
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1 per cent of the first €1,000,000 of the consideration and 2 per cent of the balance of the consideration thereafter but where the calculation results in an amount which is not a multiple of €1 the amount so calculated shall, if less than €1, be rounded up to €1 and, if more than €1, be rounded down to the nearest €.”,
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(b) under the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance.”, in paragraph (3)—
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(i) by substituting “paragraph (1) does” for “paragraphs (1) and (2) do”,
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(ii) by substituting “paragraph (1)” for “paragraph (2)” in each place, and
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(iii) by substituting “shall, if less than €1, be rounded up to €1 and, if more than €1, be rounded down to the nearest €.” for “shall be rounded down to the nearest €.”,
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(c) under the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance.”, in paragraph (4)—
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(i) by substituting “2 per cent” for “9 per cent”, and
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(ii) by substituting “shall, if less than €1, be rounded up to €1 and, if more than €1, be rounded down to the nearest €.” for “shall be rounded down to the nearest €.”,
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(d) under the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance.”, in paragraph (15) by substituting “Where paragraphs (7) to (13) apply” for “Where”,
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(e) under the Heading “LEASE.”, by substituting the following for clauses (i) and (ii) of paragraph (3)(a):
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“(i) he amount or value of such consideration for the lease is wholly or partly attributable to residential property and the instrument contains a statement certifying that the consideration (other than rent) for the lease is, as the case may be—
(I) wholly attributable to residential property, or
(II) partly attributable to residential property,
and that the transaction effected by that instrument does not form part of a larger transaction or of a series of transactions in respect of which, had there been a larger transaction or a series of transactions, the amount or value, or the aggregate amount or value, of the consideration (other than the consideration for the lease concerned which is wholly or partly attributable to residential property and other than rent) would have been wholly or partly attributable to residential property:
for the consideration which is attributable to residential property
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1 per cent of the first €1,000,000 of the consideration and 2 per cent of the balance of the consideration thereafter but where the calculation results in an amount which is not a multiple of €1 the amount so calculated shall, if less than €1, be rounded up to €1 and, if more than €1, be rounded down to the nearest €.”,
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(f) under the Heading “LEASE.”, in clause (iii) of paragraph (3)(a)—
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(i) by substituting “clause (i) does” for “clauses (i) and (ii) do”, and
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(ii) by substituting “clause (i)” for “clause (ii)” in each place,
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and
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(g) under the Heading “LEASE.”, in clause (iv) of paragraph (3)(a)—
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(i) by substituting “2 per cent” for “9 per cent”, and
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(ii) by substituting “shall, if less than €1, be rounded up to €1 and, if more than €1, be rounded down to the nearest €.” for “shall be rounded down to the nearest €.”.
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(2) Subject to subsection (3), subsection (1) shall apply as respects instruments executed on or after 8 December 2010.
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(3) Subsection (1) shall not apply as respects any instrument executed before 1 July 2011 where—
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(a) the effect of the application of that subsection would be to increase the duty otherwise chargeable on the instrument, and
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(b) the instrument contains a statement, in such form as the Revenue Commissioners may specify, certifying that the instrument was executed solely in pursuance of a binding contract entered into before 8 December 2010.
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