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knowledge derived from attending lectures, reading
the prescribed books and subsequently passing the
examinations and graduating, but what is far more
important and far more valuable in after life is
the liberal and cultural background, which can be
absorbed only by a keen University student, that
is, the young man or woman who takes an active
part in all the aspects o f University life.
Stamp Duties
“ It is not the business o f this Society to comment
on the general policy o f the Minister for Finance
with regard to the raising o f revenue to balance
the Budget, except where the method o f taxation
directly concerns solicitors in their professional
capacity. In other words, I am not making any
reference to solicitors as taxpayers, but rather as
collectors of taxes, and, incidentally, solicitors are
obliged to play a very large part in the collection
o f the State Revenue.' It is scarcely an exaggeration
to say that the average practitioner has to spend
about half his working day in preparing and com
pleting forms, whose one object is to put money
into the State coffers.
“ There are two forms o f taxation that are of
particular concern to solicitors. I refer to stamp
duties on transfers o f land and death duties. Dealing
first with stamp duties; up to the year 1947 the
position was clear and the rates were reasonable.
As will be recalled, if the consideration did not
exceed £500 and a certificate to that effect was
endorsed on the instrument, duty was calculated
at 10 - per £100. In all cases where the consideration
exceeded £500, duty was calculated at £ 1 per £100.
Voluntary dispositions were similarly assessed, the
duty being based on the market value o f the property
on the date of the transfer. Then suddenly, and quite
unexpectedly, under the Finance Act o f 1947, in all
cases where the consideration or the market value
o f the property exceeded £500, the rate of duty
was quintupled, and that on condition that the
person or persons acquiring the entire beneficial
interest in the property passing, could certify that
he or they were Irish nationals. For non-nationals
the duty was raised from 10/-, or £ 1 per cent., to
£25 per cent. That rate o f duty is still in force,
but presumably because it had and still has a political
and economic significance it would not be proper
for me to make any comment upon it. As regards
the rates of duty payable by Irish nationals, there
have been some concessions since the 1947 Act.
In brief, the basic rate has been reduced from £5
per £100 to £3 per £100 on Conveyances on Sale
and in most cases o f voluntary dispositions, that is
transfers from one relation to another, duty is
assessed at £ 1 per cent, on the market value of the
property as of the date o f the instrument.
“ It Is interesting to compare the present rates of
duty payable in this country with those obtaining
in Great Britain. The current British rates are as
follows :— 10 - per £100 where the consideration
does not exceed £500 ; 20/- per £100 where the
consideration exceeds £500 but does not exceed
£ 3 ,000!
3
° ~ pet £100 where the consideration
exceeds £3,000 but does not exceed £3,450 and
in all cases where the consideration exceeds £3,450,
40/- per £100 or 2 per cent. Therefore, in England,
to take a concrete example, the stamp duty on a
conveyance on sale where the consideration is
£3,000 is £30. In this country, stamp duty on a
similar conveyance is £90. As you know from
your experience, the vast majority o f the houses
bought and sold here each year vary in value from
about £1,500 to £3,000. There are comparatively
few properties in this country that are sold for more
than £3,000, and, on the other hand, there are very
few residences that fetch less than £1,000.
“ I realise full well that the Minister must raise
these taxes to balance the Budget, and I dare say
that if he were to make any substantial remission
on stamp duties, he would have to find the money
through some other form o f taxation, but there is
one concession that I would very ardently ask him
to make, and if possible to introduce it by way of
an amendment to this year’s Finance Bill. I refer
to the purchasing of houses by engaged or newly-
married couples. It is not for me to moralise,
but everybody realises that it is in the national
interest to increase the marriage rate and to encourage
earlier marriages. I would suggest that where a
property is being bought by one or other o f the
parties to an intending marriage, or a recently
solemnised marriage, that stamp duty on the Con
veyance 1hould be reduced from £3 per cent, to
say 10/- per cent. O f course, before such a con
cession could be granted the Revenue Commissioners
would have to be satisfied that the newly-married
couple intended to live in the house for a specified
number of years and that there would be no question
of an unduly early sale or letting. I cannot think
that the suggestion which I have outlined should
cause undue administrative difficulties. The pro
cedure would be somewhat similar to that in obtain
ing a refund of stamp duty on conveyances to which
grants under the Housing Amendment Acts are
applicable.
Death Duties
“ I now turn to death duties. It is true that in
comparison with England the rates o f duty payable
here in respect o f very large estates are considerably
smaller than in England, but in all cases where the
assets do not exceed £50,000, the rates o f duty in
the respective countries are virtually the same, but
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