The Gazette 1949-1952

“ Assents by Personal Representatives in their own favour.” The Solicitor. April —“ The Irrevocable Authority o f Agents.” The Solicitors’ Journal, April 7th—“ Liability o f Minis­ try o f Health for negligence o f Hospital Staffs.” “ Without Prejudice.” “ Repu­ diation and Public Bodies.” April 14th—•“ Illegal Premiums Paid to Agents.” “ The Teaching o f Equity.” April 21 st—“ A Mechanised Accounting System for Solicitors.” April 28th—•“ Sale o f Business to a Company.” Northern Ireland Legal Quarterly, November, 1950— “ Notice and Registration.” TheModernLaw Review, April, 1951 —“ Some Aspects o f Mutual Wills.” “ The Right to I n my Budget Speech last year I referred to the 5 per cent, stamp duty imposed by the Finance (No. 2) Act, 1947, on transfers or leases o f houses and lands. I expressed regret that I was unable to propose any alteration in the incidence o f the duty but undertook that the matter would be reviewed again before the next Budget. Deputies may recall, incidentally, that sub-section (6) of Section 6 o f the Housing (Amendment) Act, I 95 °—which was passed in August, after the Finance Act—provided for a reduction o f the stamp duty rate from 5 per cent, to 1 per cent, in connection with any transfer or lease o f a house qualifying for a grant on first sale under the main provisions of the same section. I now propose, as regards the types o f case still affected by the 5 per cent, duty, that that rate should be reduced to 3 per cent, o f the amount or value of the consideration. A minor point arises in this connection. Where the amount or value o f the consideration exceeds £500 and does not exceed £1,000 the existing law provides a graduated scale finishing on the note that, where the amount or value is £1,000 but not Rescind for Breach o f Condition in a Sale o f Specific Goods under the Sale of Goods Act, 1893.” “ A Ramble with Res Ipsa Loquitur.” STAMP DUTIES Mr. McGilligan’s Budget Speech

more, the duty chargeable is £50—in other words, at the rate o f 5 per cent. This graduated scale will require consequential amendment so that it will go up, not to 5 per cent., but to 3 per cent. Provision for these changes will appear in the Finance Bill and they will come into effect on the 1st August next or the date o f the passing o f the Finance Act, whichever is the later day. It is estimated that, this year, the cost o f bringing down the rate as proposed will run to £233,000. I am not proposing this year any alteration in the 25 per cent. rate. The Finance Act, 1947, doubled the stamp duties chargeable under the First Schedule to the Finance Act, 1891, on conveyances or transfers o f stocks or marketable securities. The doubling of the duties meant an increase in the rate from 1 per cent, to 2 per cent. I now propose that the rate o f duty should be reduced to its original 1 per­ cent., as regards conveyances or transfers of any stock or marketable security issued, whether before or after the passing o f the Finance Act, by an Irish company. This relief will operate as on and from the 1 st August next, or should it occur later, the date o f the passing of the Finance Act. It has been represented strongly to me that, if a reduction were effected as now proposed, it would give a notable impetus to investment in Irish securities generally and would improve the market for new issues. I am, therefore, taking this step in the hope that it will add to the attractiveness o f Irish securities and encourage Irish investors to invest their capital in them rather than outside the country. I should, perhaps, stress that this relief will not affect transfers of shares in external companies, except in a limited field for which it is considered desirable to make special provision. As regards external companies, the reduction in the rate will apply only where shares are transferred on branch registers established by such companies in this country. The relief will cost roughly £25,000 this year. —(Parliamentary Debates) RESOLUTION No. 5.—RATES OF ESTATE DUTY M r . M c G illigan : I move— That, in the case o f persons dying after the 2nd day of May, 1951, the scale set out in the Schedule to this Resolution shall be, and shall have effect as, the scale o f rates o f estate duty in lieu o f the 9