The Gazette 1995

GAZETTE

P R

C T I C

N O T

E S

MAY/JUNE 1995

Stamp Duty Evasion

The Conveyancing Committee

considers that the attention of members j

be drawn to the provisions of the

following memorandum recently

issued by the D.S.B.A.

Practitioners are reminded of the

Statement of Practice regarding Stamp

Duties issued by the Revenue

Commissioners consequent upon the

Finance Act 1991.

It has been brought to the notice of this

Committee that breaches of the Revenue

Guidelines are becoming increasingly

prevalent particularly in transactions

relating to the sale of residential

properties inclusive of contents.

Practitioners should be aware that

apportionment of sale considerations in

such transactions only should be made

on the basis that realistic and correct

values are'attributed to such contents

based, if considered necessary, on

valuations from reputable auctioneers.

Any apportionments made on the basis

of spurious or excessive valuations of

contents in such transactions clearly

constitute evasion and are in breach of

the Revenue Guidelines. Practitioners

also are reminded of the powers avail-

able to the Revenue Commissioners to

impose substantial financial penalties

and other sanctions not only against the

parties involved in such transactions but

also against their solicitors and other

professional advisers.

Artificial Contract Prices for Loan

Purposes

It also has been brought to the notice of

this committee that there is an

increasing prevalence on the part of

purchasers engaging in and assisting the

practice of deliberately inflating sale

prices of properties in excess of their

actual real prices to facilitate purchasers

| seeking and obtaining increased loans to

I finance purchase of properties.

This committee utterly condemns such

practice which obviously not only is

not in accordance with good

conveyancing practice but also

constitutes fraudulent and

unprofessional conduct which would

render practitioners assisting in such

practice liable to serious sanctions by

the Law Society.

Conveyancing

Committee

Land Act 1965

Practitioners attention is drawn to the

following:-

S.I. No. 56 of 1995

Land Act, 1965 (Additional Categories

of Qualified Persons) Regulations,

1995

Ivan Yates,

Minister for Agriculture,

Food and Forestry, in exercise of the

power conferred on me by Section

45(1 )(X) of the Land Act, 1965 (No. 2

of 1965), and the Land (Transfer of

Departmental Administration and

Ministerial Functions) Order, 1977

(S.I. No. 28 of 1977), as adapted by the j

Agriculture and Fisheries (Alteration

of Name of Department and Title of

Minister) Order, 1977 (S.I. No. 31 of

1977), the Agriculture (Alteration of

Name of Department and Title of

Minister) Order, 1987 (S.I. No. 97 of

1987) and the Agriculture and Food

(Alteration of Name of Department and

Title of Minister) Order, 1993, (S.I.

No. 11 of 1993), hereby make the

following Regulations:

1. (a) These Regulations may be cited

as the Land Act, 1965

(Additional Categories of

Qualified Persons) Regulations,

1995.

(b) The Land Act, 1965 (Additional

Category of Qualified Person)

Regulations, 1970 (S.I. No. 40

of 1970), the Land Act, 1965

(Additional Category of

Qualified Persons) Regulations,

1972 (S.I. No. 332 of 1972), the

Land Act, 1965 (Additional

Category of Qualified Person)

Regulations, 1983 (S.I. No. 144

of 1983), the Land Act, 1965

(Additional Category of

Qualified Person) Regulations,

1994 (S.I. No. 67 of 1994) and

these Regulations may be cited

together as the Land Act, 1965

(Additional Categories of

Qualified Persons) Regulations,

1970 to 1995.

2. For the purpose of the definition of

a "qualified person" in Section 45

of the Land Act, 1965 (No. 2 of

1965), the following categories are

hereby declared to be additional

categories, namely:-

(a) a person (other than a body

corporate) whose principal

place of residence is in a

Member State of the European

Communities or other European

State which is a contracting

party to the European Economic

Area Agreement,

(b) a body corporate incorporated

in a Member State of the

European Communities or

other European State which is a

contracting party to the

European Economic Area

Agreement and having its

registered office, central

administration or principal

place of business within the

territory of those States.

Given under my Official Seal,

this 16th day of February, 1995.

IVAN YATES, TD,

Minister for Agriculture, Food and

Forestry.

Conveyancing

Committee

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