Finance Act, 1949

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Stamp duties on certain leases.

25.—(1) Where—

(a) stamp duty was, on the 4th day of May, 1949, or a day thereafter and before the passing of this Act, chargeable under paragraph (3) of the heading “Lease or Tack” in the First Schedule to the Stamp Act, 1891, as amended by subsequent enactments, in respect of any consideration which consists of any money, stock or security (other than rent) for a lease first executed on or after the 4th day of May, 1949, and

(b) such duty was chargeable as of an amount (in this subsection referred to as the lesser amount) less than the amount (in this subsection referred to as the greater amount) which would have been appropriate if section 24 of this Act had been enacted on the 1st day of December, 1947,

then—

(I) the following provisions shall have effect if the lease was stamped in respect of the lesser amount before the passing of this Act, whether or not the lease has been stamped with a particular stamp denoting that it is duly stamped:

(i) stamp duty shall be chargeable again in respect of such consideration (in this paragraph referred to as the additional stamp duty) and shall be chargeable notwithstanding the said stamping in respect of the lesser amount,

(ii) the additional stamp duty shall be chargeable as of an amount equal to the amount by which the lesser amount is less than the greater amount,

(iii) in determining the greater amount for the purposes of subparagraph (ii) of this paragraph, if it has been shown to the satisfaction of the Revenue Commissioners that any such statement as is referred to in section 24 of this Act could, although not in fact contained in the lease, have properly been contained therein, that statement shall be deemed to be contained in the lease,

(iv) for the purposes of stamping the lease in respect of the additional stamp duty, the lease shall be deemed to have been first executed on the passing of this Act,

(v) if, at the expiration of thirty days after the passing of this Act, the lease is not stamped in respect of the additional stamp duty, a sum equal to twice the additional stamp duty shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by the lessee, or in a case of lessees, by the lessees jointly and severally, and shall be payable to the Revenue Commissioners and the said sum shall be recoverable at the suit of the Attorney General in any court of competent jurisdiction,

(vi) the Revenue Commissioners may, if they think fit, mitigate or remit any sum recoverable under subparagraph (v) of this paragraph; and

(II) the following provisions shall have effect if the lease was stamped in respect of the greater amount before the passing of this Act:

(i) the stamp duty charged as of the greater amount shall be deemed to have been properly so charged and is hereby confirmed,

(ii) in determining the greater amount for the purposes of this paragraph, if the Revenue Commissioners were satisfied when the lease was stamped that any such statement as is referred to in section 24 of this Act could, although not in fact contained in the lease, have properly been contained therein, that statement shall be deemed to be contained in the lease; and

(III) the following provisions shall have effect if the lease was not stamped before the passing of this Act:

(i) stamp duty shall be chargeable in respect of such consideration as of an amount equal to the greater amount (in this paragraph referred to as the increased stamp duty),

(ii) in determining the greater amount for the purposes of subparagraph (i) of this paragraph, if it has been shown to the satisfaction of the Revenue Commissioners that any such statement as is referred to in section 24 of this Actcould, although not in fact contained in the lease, have properly been contained therein, that statement shall be deemed to be contained in the lease,

(iii) for the purposes of stamping the lease in respect of the increased stamp duty, the lease shall be deemed to have been first executed on the passing of this Act,

(iv) if, at the expiration of thirty days after the passing of this Act, the lease is not stamped in respect of the increased stamp duty, a sum equal to twice the increased stamp duty shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by the lessee, or in a case of lessees, by the lessees jointly and severally, and shall be payable to the Revenue Commissioners and the said sum shall be recoverable at the suit of the Attorney General in any court of competent jurisdiction,

(v) the Revenue Commissioners may, if they think fit, mitigate or remit any sum recoverable under the provisions contained in subparagraph (iv) of this paragraph.

(2) Where—

(a) stamp duty was, on the 1st day of December, 1947, or a day thereafter and before the 28th day of April, 1949, chargeable under paragraph (3) of the heading “Lease or Tack” in the First Schedule to the Stamp Act, 1891, as amended by subsequent enactments, in respect of any consideration which consists of any money, stock or security (other than rent) for a lease, and

(b) such duty was charged, on a day before the 28th day of April, 1949, as of an amount equal to the amount that would have been appropriate if section 24 of this Act had been enacted on the 1st day of December, 1947,

such duty as charged as aforesaid shall be deemed to have been properly so charged and is hereby confirmed.

(3) Nothing contained in subsection (2) of this section shall affect—

(a) any case in which an assessment of stamp duty was made by any court before the 28th day of April, 1949, or

(b) any case in which an assessment under section 12 of the Stamp Act, 1891, was made by the Revenue Commissioners before the 28th day of April, 1949, and an appeal therefrom under section 13 of that Act was duly initiated.