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(z) (a)
Where upon the exchange of any property
for any other property the properties
exchanged are not o f equal value, the
principal or only instrument (in this
sub-section referred to as the said in
strument) whereby the exchange is effected
shall he charged with the same stamp
duty, and be subject to the provisions of
the principal Act fas amended by subse
quent enactments), as if, instead o f being
such instrument, it were a conveyance on
sale of the property which is o f the
greatv r value :—
(/) which was made in 'consideration
o f a sum equal to the difference
between the values o f the properties
exchanged,
(
ii)
which was made to the person or
persons in whom there vests the
property which is of the greater
value,
f
iii
) under which the entire beneficial
interest passed to the person be
coming entitled to the entire bene
ficial interest in the property which
is o f the greater value, or, where
more than one person becomes
entitled to a beneficial interest
therein, under which a beneficial
interest passed to each o f them,
(ip)
which contained any statements
and certificates such as are referred
to in section 13 o f the Finance
(No. 2) Act, 1947 (No. 33 of 1947)
as amended by subsequent enact
ments, and section 21 of the
Finance Act, 1952 (No. 14 o f 1952),
that might properly be contained
therein if it were in fact such a
conveyance on sale.
(b)
Where there are several instruments for
completing the title o f either party to the
exchange, the principal instrument is to
be ascertained and the other instruments
are to be charged with duty in the manner
provided in the principal Act in the case
of several instruments o f conveyance.
(c)
The said instrument shall be deemed not
to be duly stamped unless the Revenue
Commissioners have expressed their
opinion thereon in accordance with section
12 o f the principal Act.
(d)
In this subsection “ property ” means
lands, tenements or hereditaments and
“ value,” where used in relation to
property, means the value o f the property
free from all charges and ,incumbrances.
(3)
Section 73 o f the principal Act shall not apply
in relation to an exchange in relation to which
subsection
(2) o f this section applies and the references
to the said section 73 contained under the heading
“ Exchange or Excambion ” in the First Schedule
to the principal Act shall, in the case o f any such
exchange, be construed as references to that sub
section.
Refund o f Stamp Duties in certain eases.
12.—(1) in this section:—
“ the 1947 section” means section 13 of
the Finance (No. 2) Act, 1947 (No. 33 of
1947), as amended by subsequent enactments ;
“ the 1949 section” means section 24 of
the Finance Act, 1949 (No. 13 of 1949), as
amended by subsequent enactments ;
(2) Where :—
(d)
an instrument has (whether before or after
the passing of this Act) been charged with
stamp duty in accordance with subsection
(5) of the 1947 section,
(1
b
) a person requires under section 12 of the
Stamp Act, 1891, the Revenue Commissioners
to express their opinion with reference to
the instrument, and
(c)
it is shown to the satisfaction o f the Revenue
Commissioners that the person who became
entitled under the instrument to the entire
beneficial interest in the property conveyed
or transferred (or, where more than one person
became entitled to a beneficial interest therein,
each of them) was, at the date o f the execution
o f the instrument, an Irish citizen,
the instrument shall be deemed to have contained
any such statements as are referred to in the 1947
section that could properly have been contained
therein, and to have been chargeable with duty
accordingly, whether or not it has previously been
stamped with a particular stamp denoting that it
is duly stamped.
(3) Where
(d)
an instrument has (whether before or after
the passing of this Act) been charged with
stamp duty in accordance with subsection
(5) o f the 1949 section,