|
|
Amendment of section 81 (relief from stamp duty in respect of transfers to young trained farmers) of Principal Act.
|
126.—(1) Section 81 of the Principal Act is amended:
|
|
| |
(a) by the substitution of the following subsection for subsection (2):
|
|
| |
“(2) No stamp duty shall be chargeable under or by reference to 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 Schedule 1 on any instrument to which this section applies.”,
|
|
| |
(b) by the substitution of the following subsection for subsection (6):
|
|
| |
“(6) Subsection (2) shall not apply to an instrument unless it has, in accordance with section 20, been stamped with a particular stamp denoting that it is not chargeable with any duty or that it is duly stamped.”,
|
|
| |
(c) by the substitution of the following subsection for subsection (7):
|
|
| |
“(7) (a) If and to the extent that any person to whom land was conveyed or transferred by any instrument in respect of which relief from duty under this section was allowed—
|
|
| |
(i) disposes of such land, or part of such land, within a period of 5 years from the date of execution of the instrument, and
|
|
| |
(ii) does not replace such land with other land within a period of one year from the date of such disposal,
|
|
| |
then such person or, where there is more than one such person, each such person, jointly and severally, shall become liable to pay to the Commissioners a penalty equal to the amount of the duty which would have been charged in the first instance if the land disposed of had been conveyed or transferred by an instrument to which this section had not applied together with interest on that amount as may so become payable charged at a rate of 1 per cent per month or part of a month from the date of disposal of the land to the date the penalty is remitted.
|
|
| |
(b) Where any claim for relief from duty under this section has been allowed and it is subsequently found that a declaration made, or a certificate contained in the instrument, in accordance with subsection (3)—
|
|
| |
(i) was untrue in any material particular which would have resulted in the relief afforded by this section not being granted, and
|
|
| |
(ii) was made, or was included, knowing same to be untrue or in reckless disregard as to whether it was true or not,
|
|
| |
then any person who made such a declaration, or where a false certificate has been included, the person or persons to whom the land is conveyed or transferred by the instrument, jointly and severally, shall be liable to pay to the Commissioners as a penalty an amount equal to 125 per cent of the duty which would have been charged on the instrument in the first instance had all the facts been truthfully declared and certified, together with interest on that amount as may so become payable charged at a rate of 1 per cent per month or part of a month from the date when the instrument was executed to the date the penalty is remitted.”,
|
|
| |
and
|
|
| |
(d) in subsection (9) by the substitution of “31 December 2002” for “31 December 1999”.
|
|
| |
(2) Subsection (1) shall apply and have effect in relation to instruments executed on or after 1 January 2000.
|
