The Gazette 1977

MAY-JUNE

GAZETTE

enough to draw the attention of your members to the new situation. Yours sincerely, M. K. O'CONNOR, Revenue Commissioner. S.I. No. 181 of 1977 Stamp Duty (Preservation of Instruments) Regulations, 1977 The Revenue Commissioners, in exercise of the powers conferred upon them by Section 4 of the Finance (1909- 10) Act, 1910, as amended by the Finance Act, 1920, hereby make the following regulations: 1. (1) These Regulations may be cited as the Stamp Duty (Presentation of Instruments) Regulations, 1977. (2) These Regulations shall come into operation on the 4th day of July, 1977. 2. The Regulations made on the 5th day of August, 1920, under Section 4 of the Finance (1909-10) Act, 1910, as amended by the Finance Act, 1920, are hereby amended by the Substitution for the first subparagraph of paragraph (15) of the following subparagraph: "(15) Paragraphs (1) to (12) of these Regulations shall not apply to conveyances or leases of houses by a housing authority, within the meaning of the Housing Act, 1966 (No. 21 of 1966), under Section 90 of that Act, and it shall not be necessary to present such convenances or leases to the Commissioners or to furnish them with reasonable particulars thereof'.

'premium' could mean, apart from increase in price over nominal value, increase in value of share resulting from increase in value of underlying asset, I confess I cannot see how he is narrowing any word or definition thereof in the section. He may be broadening it but not narrowing it. How Harman J. broadens it then to bring it back to its dictionary meaning is similarly beyond me. What both of them agreed on was that when the idea of premium was compared and contrasted with the ideas of increase of nominal value and increase of value of underlying asset different results followed. Each opted for a different result. No strain was put on any word in the section, except possibly when counsel sought to maintain that the word 'company' in the section meant a company with existing assets. Harman J. rejected this. Possibly he thought the argument was a fair one but he could not follow it. As to meaning both agreed, it seems, with the books and law reports on 'premium'. The accountants argue that the section should only operate where the book values show a disparity with real values. The Jenkins committee say that the section ordinarily applies to any increase in value over nominal value resultant on the issue of shares. I feel that the case was concerned with the words 'or otherwise' if it was concerned with words at all. One glance at Gower (p. 108-9 1969 Ed.) makes this patently obvious. Yours faithfully, BRIAN ROCHE, Office of the Revenue Commissioners, Dublin Castle, Dublin 2. 22 June, 1977 Stamp Duty (Presentation of Instruments) Regulations, 1977 Dear Mr. Ivers, You are no doubt aware that an instrument effecting a conveyance or lease presented for stamping must be accompanied by a "Particulars Delivered" Form (ST 21) duly completed in accordance with the provisions of section 4 of the Finance (1909-10) Act, 1910. By virtue of the regulations which were made on August 5, 1920, in pursuance of that section, conveyances of freehold registered lands were excluded from that requirement. The Minister for Finance has decided that this exclusion be terminated. The amending Regulation, a copy of which is enclosed, is designed to bring freehold registered land into line with other property. The new Regulation continues the practice whereby, since 1970, the delivery of the "Particulars Delivered" form was not necessary in the case of sales and lease of houses by housing authorities under the provisions of section 90 of the Housing Act, 1966. By virtue of the new Regulations, the position will be that, with the exception of those housing authority transactions, all conveyances or leases, other than leases for terms not exceeding 30 years, must be accompanied by a Particulars Delivered from, duly completed, whether or not the property involved is registered under the provisions of the Local Registration of Title (Irl.) Act, 1891. In view of the implications of the change, the Commissioners would be grateful if you would be good

Given this 22nd day of June, 1977. M. K. O'CONNOR, Revenue Commissioner.

Explanatory Note (This note is not part of the Instrument and does not

purport to be a legal interpretation). The effect of these Regulations is —

(a) to require, in the case of a transfer or lease of freehold registered property, the presentation to the Revenue Commissioners, for the purposes of stamp duty, of particulars of the transaction in the prescribed form (Form ST 21 Particulars Delivered), and (b) to terminate the requirement for such presentation in the case of a conveyance or lease of a house by a housing authority under Section 90 of the Housing Act, 1966. GOLD KRUGGERANDS 10 Gold Kruggerands are for sale, £880 o.n.o. Each coin, in mint condition, contains one ounce of fine gold. Gross Weight 33.9311 grams. Diameter 32.63 mm. Replies to Box No. 145. 95