Finance Act, 1989

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PART IV

Stamp Duties

Levy on banks.

64.—(1) In this section—

“assessable amount” means the amount arrived at by dividing the specified amount by twelve and deducting £12,000,000 from the quotient;

“bank” means a person who, on the 1st day of September, 1988, was the holder of a licence granted under section 9 of the Central Bank Act, 1971 ;

“relevant sum”, in relation to a return, means a sum shown in the return other than a sum shown in respect of foreign currency;

“returns”, in relation to a bank, means the returns, entitled “MONTHLY RETURN OF ALL LICENSED BANKS: RESIDENT BRANCHES”, furnished to the Central Bank of Ireland by the bank in respect of the assets and liabilities of the bank as on the 20th day of January, 1988, the 17th day of February, 1988, the 31st day of March, 1988, the 20th day of April, 1988, the 18th day of May, 1988, the 30th day of June, 1988, the 20th day of July, 1988, the 17th day of August, 1988, the 30th day of September, 1988, the 19th day of October, 1988, the 16th day of November, 1988, and the 31st day of December, 1988;

“specified amount”, in relation to a bank, means the amount obtained by deducting the aggregate amount of the relevant sums shown in respect of Item 302.2 in supplement 1 of the returns of the bank from the aggregate amount of the relevant sums shown in the returns in respect of Government deposits and Non-Government deposits and shown as liabilities of the bank in such returns.

(2) A bank shall, not later than the 13th day of September, 1989, deliver to the Revenue Commissioners a statement in writing showing the assessable amount for that bank, the specified amount for that bank and the sums referred to in the definition of “specified amount” in subsection (1) by reference to which that specified amount was calculated.

(3) There shall be charged on every statement delivered pursuant to subsection (2) a stamp duty of an amount equal to the sum of the following:

(a) 0.31 per cent. of that part of the assessable amount shown therein that does not exceed £120,000,000, and

(b) 0.423 per cent. of that part of the assessable amount shown therein that exceeds £120,000,000:

Provided that in the case where the assessable amount shown in the statement does not exceed £120,000,000, stamp duty of an amount equal to 0.31 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 the Revenue Commissioners 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 13th day of September, 1989, 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) 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 under the care and management of the Revenue Commissioners payable by the bank.