The Gazette 1952-1955

(z) (a) Where upon the exchange of any property for any other property the properties exchanged are not o f equal value, the principal or only instrument (in this sub-section referred to as the said in­ strument) whereby the exchange is effected shall he charged with the same stamp duty, and be subject to the provisions of the principal Act fas amended by subse­ quent enactments), as if, instead o f being such instrument, it were a conveyance on sale of the property which is o f the greatv r value :— (/) which was made in 'consideration o f a sum equal to the difference between the values o f the properties exchanged, ( ii) which was made to the person or persons in whom there vests the property which is of the greater value, f iii ) under which the entire beneficial interest passed to the person be­ coming entitled to the entire bene­ ficial interest in the property which is o f the greater value, or, where more than one person becomes entitled to a beneficial interest therein, under which a beneficial interest passed to each o f them, (ip) which contained any statements and certificates such as are referred to in section 13 o f the Finance (No. 2) Act, 1947 (No. 33 of 1947) as amended by subsequent enact­ ments, and section 21 of the Finance Act, 1952 (No. 14 o f 1952), that might properly be contained therein if it were in fact such a conveyance on sale. (b) Where there are several instruments for completing the title o f either party to the exchange, the principal instrument is to be ascertained and the other instruments are to be charged with duty in the manner provided in the principal Act in the case of several instruments o f conveyance. (c) The said instrument shall be deemed not to be duly stamped unless the Revenue Commissioners have expressed their opinion thereon in accordance with section 12 o f the principal Act. (d) In this subsection “ property ” means lands, tenements or hereditaments and

“ value,” where used in relation to property, means the value o f the property free from all charges and ,incumbrances.

(3) Section 73 o f the principal Act shall not apply in relation to an exchange in relation to which subsection (2) o f this section applies and the references to the said section 73 contained under the heading “ Exchange or Excambion ” in the First Schedule to the principal Act shall, in the case o f any such exchange, be construed as references to that sub­ section. Refund o f Stamp Duties in certain eases. 12.—(1) in this section:— “ the 1947 section” means section 13 of the Finance (No. 2) Act, 1947 (No. 33 of 1947), as amended by subsequent enactments ; “ the 1949 section” means section 24 of the Finance Act, 1949 (No. 13 of 1949), as amended by subsequent enactments ; (2) Where :— (d) an instrument has (whether before or after the passing of this Act) been charged with stamp duty in accordance with subsection (5) of the 1947 section, (1 b ) a person requires under section 12 of the Stamp Act, 1891, the Revenue Commissioners to express their opinion with reference to the instrument, and (c) it is shown to the satisfaction o f the Revenue Commissioners that the person who became entitled under the instrument to the entire beneficial interest in the property conveyed or transferred (or, where more than one person became entitled to a beneficial interest therein, each of them) was, at the date o f the execution o f the instrument, an Irish citizen, the instrument shall be deemed to have contained any such statements as are referred to in the 1947 section that could properly have been contained therein, and to have been chargeable with duty accordingly, whether or not it has previously been stamped with a particular stamp denoting that it is duly stamped. (3) Where (d) an instrument has (whether before or after the passing of this Act) been charged with stamp duty in accordance with subsection (5) o f the 1949 section,