Finance Act, 1999
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Amendment of section 19 (conveyance or transfer on sale— limit on stamp duty in the case of certain transactions between bodies corporate) of Finance Act, 1952. |
182.— Section 19 of the Finance Act, 1952 , is hereby amended— | |
(a) in subsection (6) (inserted by the Finance Act, 1995 ) by the substitution of “then the exemption shall cease to be applicable and stamp duty shall be chargeable in respect of the conveyance or transfer as if subsection (1) had not been enacted together with interest thereon, by way of penalty, at the rate of 1 per cent per month or part of a month to the day on which the duty is paid, in a case to which paragraph (a) applies, from the date of the conveyance or transfer or, in a case to which paragraph (b) applies, from the date the transferor and transferee ceased to be so associated.” for so much of that subsection as is after paragraph (b), and | ||
(b) by the insertion of the following subsection after subsection (6): | ||
“(7) For the purposes of subsection (2A) (inserted by the Finance Act, 1990 )— | ||
(a) the percentage to which one body is beneficially entitled of any profits available for distribution to shareholders of another company has, subject to any necessary modifications, the meaning assigned to it by section 414 of the Taxes Consolidation Act, 1997 , and | ||
(b) the percentage to which one body is beneficially entitled of any assets of another body available for distribution on a winding-up has, subject to any necessary modifications, the meaning assigned to it by section 415 of the Taxes Consolidation Act, 1997 .”. |