The Gazette 1964/67

are no longer required. Nevertheless the sufficiency of the stamp duty on instruments executed between 3

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