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GAZETTE
MARCH 1 9 87
sideration will be set out in the con-
tract or conveyance.
The First Schedule to the Stamp
Act, 1891, provides that Stamp
Duty is payable on
"Conveyance or
Transfer on Sale
of any property
(except such Stock as aforesaid) -
where the amount or value of the
consideration for the sale . . . ".
Irish Conveyancing Law by J. G.
W. Wylie at Paragraph 16, 108
states, "Stamp Duty is payable in
respect of
conveyances on sale
. . . on an
ad valorem
basis, i.e. ac-
cording to rates varying according to
the amount of the
consideration".
Section 54, Stamp Act, 1891 -
For the purposes of this Act the ex-
pression "Conveyance on Sale" in-
dues every Instrument, and every
Decree or Order of any Court or of
any Commissioners, whereby any
property, or any estate or interest
in any property, upon the sale
thereof is transferred to or vested
in a purchaser, or any other person
on his behalf or by his direction.
Where the leaseholder, therefore
purchased the freehold the con-
sideration will be £ 100.00 and the
appropriate Certificate of Value will
be utilised. There is, of course, no
transfer or vesting of the leasehold
interest which can be charged
under the main charging provisions.
The leasehold interest has
already been transferred to and
vested in the "purchaser" and the
only property that is being transferred
to or vested in him is the superior
interest. There is therefore no sale
(legal or equitable) of the leasehold
interest which can be charged.
In short, therefore, the following
appears to be the position:
(1) The creation of a leasehold
term to reduce Stamp Duty
on the conveyance of the
superior interest will be
ignored and the conveyance
will be charged
ad valorem.
(2) The Declaration by Deed only
affects certain leases for
valueless rent and is not sub-
ject to
ad valorem
Stamp
Duty if it is made outside the
period of 6 years of the crea-
tion of the term.
(3) In the absence of a Deed, the
Instrument evidencing a sur-
render or merger of an inferior
interest is stampable as a con-
veyance on sale, i.e. on the
consideration passing or, in the
case of a voluntary disposition,
on the value of the property
conveyed or transferred. í I
INCORPORATED
LAW SOCIETY
OF IRELAND
FINAL EXAMINATION - FIRST PART
The Society wishes to recruit an
Assistant Examiner in Company
Law. Applicants for the post must
be qualified solicitors, preferably
with at least three years experience
in this subject.
Applications with Curriculum
Vitae in each case should reach the
undersigned not later than two
weeks from the date of general
distribution of this Gazette.
| Professor Richard Woulfe,
Incorporated Law Society
of Ireland,
Blackhall Place,
Dublin 7.
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