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deavouring
to agree valuations with
the
office and personal visits from solicitors for
this purpose will be welcomed.
It was
pointed out that in some cases which might
otherwise have been disposed of without
undue delay difficulty had been caused by
the unrealistic nature of the figures submitted
to the Valuation Office.
(d)
It was pointed out to the Commissioner that
extra delay was caused when an application
was made for a Certificate under Section 11 of
the Finance Act, 1894, because if land or house
property
is
included
in
the
assets
the
value of such property had to be referred
back to the Valuation Office for final deter
mination when the Certificate was applied for
and this meant a second delay.
It was suggested that where a solicitor knew he
would, in due course, be applying for a Certificate
under Section 11 rather than for a non-statutory
Certificate (Form 149) he should mark the form 77
at the time of lodging the Schedule of Assets with
a note asking that a final determination be made
of the value of the property in the first instance
and so avoid a reference back. The Commissioner
promised to consider this suggestion but pointed
out that if a final determination had to be made
it entailed a more thorough investigation and it
was possible that he would have to insist on a
higher figure in some cases where, if no determina
tion was sought he might have allowed it to pass
without comment. This arises by reason of the fact
that after a final determination the Valuation Office
cannot re-open the figure even on a subsequent
sale at a higher sum while the client can, on the
other hand, claim repayment of duty if a sale
is subsequently made at a lower figure.
Here again, it was pointed out that valuations
may be expedited by direct dealings between
solicitors and the valuation office and it was agreed
that where a notice of objection to a valuation
is sent to the Revenue Commissioners a duplicate
copy should be sent to the valuation office and that
correspondence on the subject of valuation might be
conducted direct with that office.
EXCHANGE CONTROL DEALINGS
IN BRITISH AND IRISH
SECURITIES.
a. The purpose of the control of securities,
exercised under Exchange Control legislation, is to
prevent transactions in securities being used as a
means of making unauthorised transfers of funds
to countries outside the Sterling Area.
General
authority has been granted to Solicitors, Banks and
Stockbrokers in the State to arrange any transaction
in Irish or Sterling securities subject to the con
ditions set out below. In this connection Solicitors,
Banks
and
Stockbrokers
are
referred
to
as
" Approved Agents " in Ireland and as " Authorised
Depositaries " in Great Britain.
CONDITIONS.
NOTE :
Where a transaction is effected at the
request of another Approved Agent or British
Authorised Depositary, the solicitor may assume
that the relevant conditions are fulfilled.
In all
other cases the solicitor must confirm whether or
not the conditions are fulfilled, and if they are not,
he must obtain the permission of the Minister for
Finance before proceeding with the transaction.
(1)
Subscriptions to New Issues.
(a)
The client must be resident in the Sterling
Area and not the nominee of a person resident
outside;
or
(b)
(i)
the security must be one which will be
quoted on a Stock Exchange, and
(ii) payment must be received in the State in
an approved manner
(see
paragraph 2).
(2)
Saks and Transfers.
(d)
(i) The client must be
resident
in
the
Sterling Area and not the nominee of a
person resident outside,
and
(ii) either the sale must be made through a
Stock Exchange, or the solicitor must
be satisfied that the transferee is resident
in the Sterling Area and not the nominee
of a person resident outside ;
or
(V)
The transfer is under the will or intestacy of a
deceased resident of the State ;
or
(f)
(i) The sale must be made through a Stock
Exchange,
and
(ii) either the proceeds must be lodged to a
blocked account or be reinvested, with
out delay, through a Stock Exchange, in
an Irish or Sterling security which cannot
be redeemed within five years of the date
of reinvestment.
.
(3)
Purchases\ Acceptances of Transfers,
(a)
(i) The client must be resident in the Sterling
Area and not the nominee of a person
resident outside,
.
and
.
'
(ii) either the purchase must be made through
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