122 / 364
before the proper time for making a claim for
exemption under section 30.
4. A company will not be deemed to be a particular
existing company unless
the memorandum of
association or the Act establishing the transferee
company provides that one of the objects thereof is
the acquisition of the undertaking or shares in the
existing company or unless this fact appears from
the resolution, Act or other authority for the
increase of capital of the transferee company.
5. A claim for exemption must be supported by
a statutory declaration made by a solicitor and any
other evidence required by the Revenue Com
missioners.
6. Where a claim for exemption is supported by
a declaration which is untrue or it is subsequently
found that any specified conditions are not fulfilled
or
if the existing company ceases within two years
from the material date to be the beneficial owner of
shares issued to it
or
if the transferee company
ceases within a period of two years from the material
date to be the beneficial owner of shares acquired
then
the exemption from duty shall be deemed not to
have been allowed and an amount equal to the duty
remitted shall become forthwith a debt due from the
transferee company to the Minister for Finance with
interest thereon. This provision raises a question as
to stamp duty. As the stamp duty must have been
adjudicated under the proviso to section 30 (i) a
subsequent purchaser will not be affected.
7. There is provision in section 30 (7) for the
repayment by the Revenue Commissioners of duty
charged because of failure to satisfy the condition as
to acquisition of 90% or more of the issued share
capital of the existing company. If this condition is
satisfied within six months from the last day of the
period of one month after the first allotment of
shares for the purposes of the acquisition, or six
months from the date of the invitation to the share
holders of the existing company to accept shares in
the transferee company, whichever is earlier, the
duty may be repaid.
Part VII (profits and gains from dealings in or
development of land) and Part IX (taxation of
profits arising from lettings of buildings and land)
concern practitioners and their clients and will repay
careful study.
Abolition
0/25% ad valorem
stamp duty
The Act abolishes in Part VIII of the Third
Schedule,
save
as
respects certain
instruments
consequent upon contracts entered into before the
passing of the Land Act, 1965, the 25% stamp duty
on acquisition of land by non-nationals. The Land
Act, 1965, gave the Land Commission direct control
over such acquisitions and the stamp duty provisions
are no longer required. Nevertheless the sufficiency
of the stamp duty on instruments executed between
3<Dth November, 1947 and the date of abolition of
the 2 5 % duty will be a question of title as regards
conveyances executed between the dates mentioned
and solicitors will still have to refer to the provisions
of the repealed Statutes.
The foregoing is merely a summary of certain
provisions of the Act and is not complete or compre-
hensives members should carefully examine
the
Act which is now available from the Government
Publications Sales Office, G.P.O. Arcade, Dublin i.
LAND ACT, 1965
The Society's booklet
Modern Law Publications
(No. 7) was with the printers when the printers'
strike commenced. It will be available for members
shortly after the resumption of printing operations.
Price 2S. 9d.
INCOME TAX BILL, 1964
The Bill was introduced by the Minister for
Finance and ordered by Dail fiireann to be printed on
9th December, 1964.
It is on sale through the
Government Publications
Sales Office, G.P.O.
Arcade, Dublin at 10/6, and accompanied by an
explanatory memorandum with a
table of com
parison snowing how the provisions of earlier
enactments are dealt with in the Bill. It is a con
solidating Bill down to and including the Finance
Act 1964 and the explanatory memorandum states
that every effort has been made to ensure that the
Bill does not in any way alter existing law. To
facilitate comparison marginal
references
to the
provisions reproduced have been inserted. The Bill
lapsed on the dissolution of the Oireachtas and will
presumably be re-introduced in due course. Even in
its present form it will be of great assistance to
practitioners by enabling them to trace legislative
provisions without the labour of referring to the
Income Tax Act 1918 and subsequent Finance Acts.
When re-introduced the Bill will, no doubt, in
corporate the tax provisions of the Finance Act 1965.
The Bill including its eighteen schedules contains
390 pages and is good value for io/6d.
CERTIFIED COPIES OF JUDGMENTS
The following statement was issued on i jth June,
1965 on behalf of the Minister for Justice :
Arrangements have been concluded between the
18