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GAZETTE
MAY-JUNE
'premium' could mean, apart from increase in price over
nominal value, increase in value of share resulting from
increase in value of underlying asset, I confess I cannot
see how he is narrowing any word or definition thereof in
the section. He may be broadening it but not narrowing it.
How Harman J. broadens it then to bring it back to its
dictionary meaning is similarly beyond me. What both of
them agreed on was that when the idea of premium was
compared and contrasted with the ideas of increase of
nominal value and increase of value of underlying asset
different results followed. Each opted for a different
result. No strain was put on any word in the section,
except possibly when counsel sought to maintain that the
word 'company' in the section meant a company with
existing assets. Harman J. rejected this. Possibly he
thought the argument was a fair one but he could not
follow it. As to meaning both agreed, it seems, with the
books and law reports on 'premium'.
The accountants argue that the section should only
operate where the book values show a disparity with real
values. The Jenkins committee say that the section
ordinarily applies to any increase in value over nominal
value resultant on the issue of shares.
I feel that the case was concerned with the words 'or
otherwise' if it was concerned with words at all. One glance
at Gower (p. 108-9 1969 Ed.) makes this patently
obvious.
Yours faithfully,
BRIAN ROCHE,
Office of the Revenue Commissioners,
Dublin Castle,
Dublin 2.
22 June, 1977
Stamp Duty (Presentation of Instruments) Regulations,
1977
Dear Mr. Ivers,
You are no doubt aware that an instrument effecting a
conveyance or lease presented for stamping must be
accompanied by a "Particulars Delivered" Form (ST 21)
duly completed in accordance with the provisions of
section 4 of the Finance (1909-10) Act, 1910.
By virtue of the regulations which were made on
August 5, 1920, in pursuance of that section,
conveyances of freehold registered lands were excluded
from that requirement.
The Minister for Finance has decided that this
exclusion be terminated. The amending Regulation, a
copy of which is enclosed, is designed to bring freehold
registered land into line with other property.
The new Regulation continues the practice whereby,
since 1970, the delivery of the "Particulars Delivered"
form was not necessary in the case of sales and lease of
houses by housing authorities under the provisions of
section 90 of the Housing Act, 1966.
By virtue of the new Regulations, the position will be
that, with the exception of those housing authority
transactions, all conveyances or leases, other than leases
for terms not exceeding 30 years, must be accompanied
by a Particulars Delivered from, duly completed, whether
or not the property involved is registered under the
provisions of the Local Registration of Title (Irl.) Act,
1891.
In view of the implications of the change, the
Commissioners would be grateful if you would be good
enough to draw the attention of your members to the new
situation.
Yours sincerely,
M. K. O'CONNOR,
Revenue Commissioner.
S.I. No. 181 of 1977
Stamp Duty (Preservation of Instruments) Regulations,
1977
The Revenue Commissioners, in exercise of the powers
conferred upon them by Section 4 of the Finance (1909-
10) Act, 1910, as amended by the Finance Act, 1920,
hereby make the following regulations:
1. (1) These Regulations may be cited as the Stamp Duty
(Presentation of Instruments) Regulations, 1977.
(2) These Regulations shall come into operation on the
4th day of July, 1977.
2. The Regulations made on the 5th day of August,
1920, under Section 4 of the Finance (1909-10) Act,
1910, as amended by the Finance Act, 1920, are
hereby amended by the Substitution for the first
subparagraph of paragraph (15) of the following
subparagraph:
"(15) Paragraphs (1) to (12) of these Regulations
shall not apply to conveyances or leases of
houses by a housing authority, within the
meaning of the Housing Act, 1966 (No. 21 of
1966), under Section 90 of that Act, and it shall
not be necessary to present such convenances or
leases to the Commissioners or to furnish them
with reasonable particulars thereof'.
Given this 22nd day of June, 1977.
M. K. O'CONNOR,
Revenue Commissioner.
Explanatory Note
(This note is not part of the Instrument and does not
purport to be a legal interpretation).
The effect of these Regulations is —
(a) to require, in the case of a transfer or lease of
freehold registered property, the presentation to the
Revenue Commissioners, for the purposes of
stamp duty, of particulars of the transaction in the
prescribed form (Form ST 21 Particulars
Delivered), and
(b) to terminate the requirement for such presentation
in the case of a conveyance or lease of a house by a
housing authority under Section 90 of the Housing
Act, 1966.
GOLD KRUGGERANDS
10 Gold Kruggerands are for sale, £880 o.n.o. Each
coin, in mint condition, contains one ounce of fine gold.
Gross Weight 33.9311 grams. Diameter 32.63 mm.
Replies to Box No. 145.
95