The Gazette 1949-1952

Price 3d. from the Government Publications Sales Office, Pearse Street, Dublin. The debates contain the full text o f Budget Resolutions Nos. 1 1 and 12, relating to Stamp Duties. The Budget Resolutions will not become law until the Finance Act is passed, but the Finance Act will give retrospective effect to the provisions o f the Budget Resolutions from May 4th, the date when they were passed by Dail Eireann. The object o f Resolution No. 12, is to deal with the situation arising from the recent decision of the Supreme Court in O’Sullivan v. the Revenue Commissioners. Where a lease reserving a fine was first executed on or after May 4th, the fine will attract stamp duty at the rates prescribed by Section 13 o f the Finance (No. 2) Act, 1947. If such a lease is stamped with the duty of £ 1 per cent., between May 4th and the date o f the passing o f the Finance Act it will have to be restamped, within 30 days from the passing of the Finance Act, with the additional duty. Failure to pay the full stamp duty within the said period o f 30 days will give rise to a penalty o f twice the full stamp duty payable as a debt due to the Minister for Finance. Leases first executed before May 4th, will pay only at the rate o f £ 1 per cent., in accordance with the decision in O’Sullivan’s case, but if duty at the new rates had been paid thereon before April 28th (the date o f the decision of the Supreme Court) the duty overpaid will not be refunded, unless the duty was assessed on adjudica­ tion and notice o f appeal was served. Budget Resolution No. 12 is concerned exclusively with certain loopholes which were discovered in the Finance (No. 2) Act, 1947, and which resulted in evasion o f the 25 per cent. duty. The transactions which are now declared to attract the 25 per cent, duty are:— (a) A conveyance to an Irish body corporate (i.e., a Company formed after 15 th October, 1947, at least 51 per cent, o f the share capital being in Irish hands) where the purchase price was provided by an un­ qualified person (i.e., a person other than an Irish citizen or other exempted person) holding shares or a right o f control in the company, where a mortgage, charge or debenture is afterwards given to him by the company for the amount of the purchase money so provided. ( b) A transaction similar to that mentioned in (a) where the security for the money advanced is an equitable deposit o f the title deeds.

the Finance (No. 2) Act, 1947. The existing staff o f the Adjudication Office are unable to cope with the resultant increase o f work, and a heavy arrear of work has accumulated. It is no news to solicitors, but the public would be astounded to hear that it may now take six months to have a deed of conveyance o f a house or an ordinary marriage settlement assessed for stamp duty, an operation which two years ago required only a week. In estimating the additional revenue yielded by the tax the Minister should take into account its injurious effects on the machinery o f public administration and the inconvenience and real danger o f financial loss to the public whose titles to property are being endangered owing to the delay in registration.” The following resolutions were then proposed by the Chairman. Seconded by Mr. Arthur Cox, and, having been put to the meeting, were carried unanimously. That bye-law 2 o f the Society be amended by inserting the words “ Saturday or ” before “ Sunday ” and by the addition at the end of the rule o f the words “ not being a Saturday or Sunday.” That bye-law 31 be amended by substituting for the words “ second day o f November ” in line 1, the words “ the day next following the last day for receipt o f nominations ” and for the words “ second day o f November ” in line 6, the words “ the said day.” That bye-law 40 be amended by deleting the words “ on or before the 20th day of November ” in lines 2 and 3, and the words “ at its first meeting after its election ” in lines 7 and 8. That bye-law 46 be amended by the deletion o f the words “ which minutes shall afterwards be copied fairly into a minute book to be kept for that purpose.” Mr. Sedn O hUadhaigh proposed and Mr. John T. Hamerton seconded a vote o f thanks to the Chairman for his address, and his conduct o f the meeting, which was carried with acclamation. The President replied and the proceedings terminated. BUDGET RESOLUTIONS Stamp Duties on Transfers o f Land. E very solicitor will require a copy o f the parliamentary debates o f 4th May, 1949 (Parlia­ mentary Debates, Dail Eireann, Vol. 115 , No. 4).

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