Finance Act 1999

“(xviiia) supply, intra-Community acquisition and importation of investment gold (within the meaning of section 6A) other than supplies of investment gold to the Central Bank of Ireland;

(xviiib) supply of services of an intermediary (as defined in section 6A) acting in that capacity;”.

139 Amendment of Second Schedule to Principal Act.

139.—The Second Schedule (inserted by the Finance Act, 1976) to the Principal Act is hereby amended in paragraph (i) by the insertion of the following subparagraph after subparagraph (a):

“(aa) subject to a condition that they are to be dispatched or transported directly outside the Community by or on behalf of the purchaser of the goods where that purchaser is established outside the State,”.

PART 4 Stamp Duties

Chapter 1 General Provisions

140 Provision relating to First Schedule to Stamp Act, 1891.

140.—(1) (a) For the avoidance of doubt it is hereby declared that the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance” in the First Schedule to the Stamp Act, 1891, shall be deemed always to have had effect (prior to the substitution made by section 7(a) of the Finance (No. 2) Act, 1998, but subsequent to the substitution made by section 117(a) of the Finance Act, 1997) as if the following paragraph were substituted for the paragraph (8) which was inserted by section 117(a) of the Finance Act, 1997:

“(8) Of any other kind whatsoever not hereinbefore described by reference to a consideration for which a rate of duty has already been specified at paragraphs (1) to (7):

	for every £100, or fractional part
	of £100, of the consideration	...	£9.00”.

(b) For the avoidance of doubt it is hereby declared that the Heading “LEASE” in the First Schedule to the Stamp Act, 1891, shall be deemed always to have had effect (prior to the substitution made by section 7(b) of the Finance (No. 2) Act, 1998, but subsequent to the substitution made by section 117(b) of the Finance Act, 1997) as if the following clause were substituted for the clause (viii) of subparagraph (a) of paragraph (3) which was inserted by section 117(b) of the Finance Act, 1997:

“(viii) the case is of any other kind whatsoever not hereinbefore described by reference to a consideration for which a rate of duty has already been specified at clauses (i) to (vii):

	for every £100, or fractional part of £100, of the
	consideration		...	...	...	£9.00”.

(2) Subsection (1) shall not apply to an instrument in relation to which either of the Headings referred to at paragraph (a) or paragraph (b) of subsection (1) was the subject matter of an appeal under section 13 of the Stamp Act, 1891, being an appeal made before the 2nd day of March, 1999.

141 Amendment of section 114 (exemption from stamp duty of transfers by spouses) of Finance Act, 1990.

141.—(1) The Finance Act, 1990, is hereby amended by the substitution of the following section for section 114:

“114.—(1) Subject to subsection (2), stamp duty shall not be chargeable on any instrument, other than a conveyance or transfer referred to in subsection (4), (5), (6) or (7) of section 58 of the Stamp Act, 1891, or subsection (1)(b) of section 106 of the Finance Act, 1996, whereby any property is transferred by a spouse or spouses of a marriage to either spouse or to both spouses of that marriage.

(2) Subsection (1) shall not apply to an instrument whereby any property or any part of, or beneficial interest in, any property is transferred to a person other than a spouse referred to in that subsection.

(3) Section 74(2) of the Finance (1909-10) Act, 1910, shall not apply to an instrument to which subsection (1) applies.”.

(2) Section 212 of the Finance Act, 1992, is hereby repealed.

(3) This section shall have effect in relation to instruments executed on or after the 2nd day of March, 1999.

142 Amendment of section 207 (exemption from stamp duty of certain financial services instruments) of Finance Act, 1992.

142.—(1) Section 207 of the Finance Act, 1992, is hereby amended in subsection (1)—

(a) by the substitution of “is dealt in” for “is dealt in and quoted” in subparagraph (I) of paragraph (b) of the definition of “American depositary receipt”,

(b) by the substitution of “so dealt in” for “so dealt in and quoted” in subparagraph (II) of paragraph (b) of the definition of “Americ\agrave\n depositary receipt”, and

(c) by the substitution of “dealt in” for “dealt in and quoted” in the definition of “financial futures agreement”.

(2) This section shall apply and have effect as respects instruments executed on or after the date of the passing of this Act.

143 Amendment of section 106 (exemption from stamp duty of certain loan capital and securities) of Finance Act, 1993.

143.—Section 106 of the Finance Act, 1993, is hereby amended in subsection (3) (as amended by the Finance Act, 1994) by the substitution of the following paragraph for paragraph (b):

“(b) any other loan capital:

Provided that where the instrument is chargeable to stamp duty under the Heading ‘MORTGAGE, BOND, DEBENTURE, COVENANT (except a marketable security) which is a security for the payment or repayment of money which is a charge or incumbrance on property situated in the State other than shares in stocks or funds of the Government or the Oireachtas’ in the First Schedule to the Stamp Act, 1891, the instrument shall be chargeable with that duty.”.

144 Amendment of section 150 (stock borrowing) of Finance Act, 1995.

144.—(1) Section 150 of the Finance Act, 1995, is hereby amended in subsection (1) by the substitution, in the definition of “stock”, of “dealt in” for “quoted”.

(2) This section shall apply to stock borrowing transactions entered into on or after the date of the passing of this Act.

145 Amendment of section 121 (surcharges) of Finance Act, 1997.

145.—Section 121 of the Finance Act, 1997, is hereby amended—

(a) in subsection (3) by the substitution of “Where the vendee's estimate (in this subsection referred to as the ‘submitted value’) is less than or greater than the residential value agreed with, or accertained by, the Commissioners, subject to the right of appeal under section 13 (as amended by the Finance Act, 1999) of the Stamp Act, 1891, (in this subsection referred to as the ‘ascertained value’) then, as a penalty, the duty chargeable upon the instrument shall, where an assessment of duty based on the ascertained value would result in a greater amount than an assessment based on the submitted value, be increased by an amount (in this subsection referred to as the ‘surcharge’) calculated according to the following provisions:” for so much of that subsection as occurs before paragraph (a),

(b) in paragraph (a) and in paragraph (b) of subsection (3) by the substitution of “is less than or greater than” for “is less than”,

(c) in paragraph (ii) of the proviso to subsection (3) by the substitution of “is less than or greater than” for “is greater than”, and

(d) by the insertion of the following subsection after subsection (3):

“(4) Any surcharge payable by operation of this section shall be chargeable and recoverable in the same manner as if it were part of the duty on the instrument to which it relates.”.

146 Amendment of section 6 (commencement (Part 2)) of Finance (No. 2) Act, 1998.

146.—Section 6 of the Finance (No. 2) Act, 1998, is hereby amended in subsection (2) by the substitution of “1st day of April, 1999” for “1st day of January, 1999”.

Chapter 2 Pre-consolidation measures

147 Interpretation (Chapter 2).

147.—In this Chapter—

“the Act of 1891” means the Stamp Act, 1891;

“the Management Act of 1891” means the Stamp Duties Management Act, 1891.

148 Application (Chapter 2).

148.—(1) Section 149(b), sections 150, to 161, sections 162(b), 163(b), 164(b), 165, 166, and 167(b), paragraphs (a)(i), (b) and (c) of section 168 and sections 169 to 172 shall apply and have effect as respects an act or omission which occurs on or after the date of the passing of this Act.

(2) Sections 162(a) and 163(a), paragraphs (a) and (c) of section 164, section 167(a), sections 175 to 181, sections 182(b), 183(a) and 184, sections 186 to 193 and section 196 shall apply and have effect as respects instruments executed on or after the date of the passing of this Act.

(3) Section 149(a) shall apply and have effect as respects licences granted on or after the date of the passing of this Act.

(4) Section 168(a)(ii) shall apply and have effect as respects a disposal occuring on or after the date of the passing of this Act.

(5) Section 173 shall apply and have effect as respects an appeal against an assessment being an assessment made on or after the date of the passing of this Act.

(6) Section 174 shall apply and have effect as respects an appeal against a decision being a decision made on or after the passing of this Act.

(7) Sections 182(a) and 183(b) shall apply and have effect as respects exemptions which cease to apply on or after the date of the passing of this Act.

(8) Section 185 shall apply and have effect as respects applications for allowance made on or after the date of the passing of this Act.

(9) Section 194 shall apply and have effect—

(a) in paragraph (a), as respects statements delivered on or after the date of the passing of this Act,

(b) in paragraph (b), as respects interest chargeable for any period commencing on or after the date of the passing of this Act in respect of stamp duty due to be paid whether before, on or after such date, and

(c) in paragraph (c), as respects statements delivered on or after the date of the passing of this Act.

(10) Section 195 shall apply and have effect as respects statements which fall to be delivered on or after the date of the passing of this Act.

149 Amendment of section 3 (power to grant licences to deal in stamps) of Management Act of 1891.

149.—Section 3 of the Management Act of 1891 is hereby amended—

(a) in subsection (3) by the substitution of “£1,000” for “one hundred pounds”, and

(b) in subsection (5) by the substitution of “a penalty of £1,000” for “a fine of ten pounds”.

150 Amendment of section 4 (penalty for unauthorised dealing in stamps, etc.) of Management Act of 1891.

150.—Section 4 of the Management Act of 1891 is hereby amended—

(a) in subsection (1) by the substitution of “shall be guilty of an offence and section 1078 (which relates to revenue offences) of the Taxes Consolidation Act, 1997, shall for the purposes of such offence be construed in all respects as if such offence were an offence under subsection (2) of that section” for “shall for every such offence incur a fine of twenty pounds”, and

(b) in subsection (2) by the substitution of “penalty of £1,000” for “fine of ten pounds”.

151 Amendment of section 6 (penalty for hawking stamps) of Management Act of 1891.

151.—Section 6 of the Management Act of 1891 is hereby amended—

(a) in subsection (1) by the substitution of “shall, in addition to any other fine or penalty to which that person may be liable, be guilty of an offence and section 1078 (which relates to revenue offences) of the Taxes Consolidation Act, 1997, shall for the purposes of such offence be construed in all respects as if such offence were an offence under subsection (2) of that section” for “shall in addition to any other fine or penalty to which he may be liable incur a fine of twenty pounds”, and

(b) by the deletion of subsection (2).

152 Amendment of section 13 (certain offences in relation to dies and stamps provided by Commissioners to be felonies) of Management Act of 1891.

152.—Section 13 of the Management Act of 1891 is hereby amended by the substitution of “shall be guilty of an offence and section 1078 (which relates to revenue offences) of the Taxes Consolidation Act, 1997, shall for the purposes of such offence be construed in all respects as if such offence were an offence under subsection (2) of that section” for “shall be guilty of felony, and shall on conviction be liable to be kept in penal servitude for any term not exceeding fourteen years, or to be imprisoned with or without hard labour for any term not exceeding two years”.

153 Amendment of section 18 (licensed person in possession of forged stamps to be presumed guilty until contrary is shown) of Management Act of 1891.

153.—Section 18 of the Management Act of 1891 is hereby amended in subsection (4) by the substitution of “a penalty of £1,000” for “a fine of fifty pounds”.

154 Amendment of section 20 (as to defacement of adhesive stamps) of Management Act of 1891.

154.—Section 20 (as amended by the Finance Act, 1991) of the Management Act of 1891 is hereby amended by the substitution of “penalty” for “fine”.

155 Amendment of section 21 (penalty for frauds in relation to duties) of Management Act of 1891.

155.—Section 21 (as amended by the Finance Act, 1991) of the Management Act of 1891 is hereby amended by the substitution of “with intent to defraud the State of any duty shall be guilty of an offence and section 1078 (which relates to revenue offences) of the Taxes Consolidation Act, 1997, shall for the purposes of such offence be construed in all respects as if such offence were an offence under subsection (2) of that section” for “with intent to defraud Her Majesty of any duty shall incur a fine of 1,000 pounds”.

156 Amendment of section 5 (facts and circumstances affecting duty to be set forth in instruments) of Act of 1891.

156.—Section 5 (inserted by the Finance Act, 1991) of the Act of 1891 is hereby amended—

(a) in subsection (3) by the substitution of “penalty” for “fine” and

(b) in subsection (6) by the substitution of “penalty” for “fine”

157 Amendment of section 8 (general direction as to the cancellation of adhesive stamps) of Act of 1891.

157.—Section 8 of the Act of 1891 is hereby amended in subsection (3) by the substitution of “penalty” for “fine”.

158 Amendment of section 9 (penalty for frauds in relation to adhesive stamps) of Act of 1891.

158.—Section 9 of the Act of 1891 is hereby amended by the substitution of “shall, without prejudice to any other fine or penalty to which that person may be liable, be guilty of an offence and section 1078 (which relates to revenue offences) of the Taxes Consolidation Act, 1997, shall for the purposes of such offence be construed in all respects as if such offence were an offence under subsection (2) of that section” for “shall, in addition to any other fine or penalty to which he may be liable, incur a fine of 1,000 pounds”.

159 Amendment of section 16 (rolls, books, etc. to be open to inspection) of Act of 1891.

159.—Section 16 (inserted by the Finance Act, 1991) of the Act of 1891 is hereby amended in subsection (1) by the substitution of “that refusal shall be deemed to constitute a failure by that person to comply with subparagraph (iv) of paragraph (g) of subsection (2) of section 1078 of the Taxes Consolidation Act, 1997,” for “he shall be guilty of an offence and shall be liable to a fine not exceeding £1,000”.

160 Amendment of section 17 (penalty for enrolling, etc. instrument not duly stamped) of Act of 1891.

160.—Section 17 of the Act of 1891 is hereby amended by the substitution of “penalty” for “fine”.

161 Amendment of section 100 (penalty for not making out policy, or making, etc. any policy not duly stamped) of Act of 1891.

161.—Section 100 of the Act of 1891 is hereby amended by the substitution of “penalty” for “fine”.

162 Amendment of section 107 (penalty for issuing share warrant not duly stamped) of Act of 1891.

162.—Section 107 of the Act of 1891 is hereby amended—

(a) by the insertion of “which is chargeable to stamp duty” after “share warrant”, and

(b) by the substitution of “penalty” for “fine”.

163 Amendment of section 109 (penalty for issuing stock certificate unstamped) of Act of 1891.

163.—Section 109 of the Act of 1891 is hereby amended in subsection (2)—

(a) by the insertion of “which is chargeable to stamp duty” after “stock certificate to bearer”, and

(b) by the substitution of “penalty” for “fine”.

164 Amendment of section 49 (exemption of certain instruments from stamp duty) of Finance Act, 1969.

164.—Section 49 of the Finance Act, 1969, is hereby amended—

(a) in subparagraph (ii) of paragraph (a) of subsection (2B) (inserted by the Finance Act, 1996) by the substitution of “dwellinghouse or apartment” for “house”,

(b) in subparagraph (i) of paragraph (aa) (inserted by the Finance (No. 2) Act, 1998) of subsection (2B) by the substitution of “penalty” for “fine” in both places where it occurs, and

(c) in paragraph (b) of subsection (2B) (inserted by the Finance Act, 1996) by the substitution of “dwellinghouse or apartment” for “house”.

165 Amendment of section 41 (stamp duty on bills of exchange and promissory notes) of Finance Act, 1970.

165.—Section 41 of the Finance Act, 1970, is hereby amended in subsection (3) (as amended by the Finance Act, 1991) by the substitution of “penalty of £500” for “fine of 500 pounds” and of “any penalty” for “any fine or penalty”.

166 Amendment of section 109 (application of certain provisions relating to penalties under Income Tax Act, 1967) of Finance Act, 1991.

166.—Section 109 of the Finance Act, 1991, is hereby amended in subsection (1) by the substitution of “fine or penalty” for “fine” in both places where it occurs and by the substitution of “fines or penalties” for “fines”.

167 Amendment of section 107 (particulars to be delivered in cases of transfers and leases) of Finance Act. 1994.

167.—Section 107 of the Finance Act, 1994, is hereby amended—

(a) by the substitution of the following subsection for subsection (2):

“(2) Notwithstanding anything in section 12 or 14 of the Act of 1891, any transfer or lease to which regulations made pursuant to subsection (1) apply shall not, other than in criminal proceedings or in civil proceedings by the Commissioners to recover stamp duty, be given in evidence, or be available for any purpose unless it is stamped with a stamp denoting that all particulars prescribed by the Commissioners have been delivered.”,

and

(b) in subsection (3) by the substitution of “and section 1078 (which relates to revenue offences) of the Taxes Consolidation Act, 1997, shall for the purposes of such offence be construed in all respects as if such offence were an offence under subsection (2) of that section” for “and shall be liable on summary conviction to a fine not exceeding £500”.

168 Amendment of section 112 (relief from stamp duty in respect of transfers to young trained farmers) of Finance Act, 1994.

168.—Section 112 of the Finance Act, 1994, is hereby amended—

(a) in paragraph (a) of subsection (6)—

(i) by the substitution of “penalty” for “fine” in both places where it occurs, and

(ii) by the substitution of “from the date of disposal of the land” for “from the date when the instrument was executed”,

(b) in paragraph (b) of subsection (6) by the substitution of “penalty” for “fine”, in both places where it occurs, and

(c) in the proviso to subsection (6) by the substitution of “penalty” for “fine” in each place where it occurs.

169 Amendment of section 107 (relief for member firms) of Finance Act, 1996.

169.—Section 107 of the Finance Act, 1996, is hereby amended in subsection (4) by the substitution of “penalty” for “fine”,

170 Amendment of section 108 (obligations of system-members) of Finance Act, 1996.

170.—Section 108 of the Finance Act, 1996, is hereby amended—

(a) in subsection (2) by the substitution of “penalty” for “fine”, and

(b) in subsection (3) by the substitution of “penalty” for “fine”.

171 Amendment of section 14 (relief from stamp duty for certain new houses or apartments) of Finance (No. 2) Act, 1998.

171.—Section 14 of the Finance (No. 2) Act, 1998, is hereby amended in paragraph (a) of subsection (2) by the substitution of “penalty” for “fine” in both places where it occurs.

172 Amendment of section 26 (recovery of fines) of Management Act of 1891.

172.—Section 26 of the Management Act of 1891 is hereby amended by the substitution of the following section for section 26:

“26.—(1) Any penalty imposed by this Act or any forfeiture incurred in connection with duty shall be deemed to be a debt due to the Minister for Finance for the benefit of the Central Fund and shall be payable to the Commissioners and may (without prejudice to any other mode of recovery thereof) be sued for and recovered by action, or other appropriate proceedings, at the suit of the Attorney General or the Minister for Finance or the Commissioners in any court of competent jurisdiction, notwithstanding anything to the contrary contained in the Inland Revenue Regulation Act, 1890.

(2) The provisions of section 39 of the Finance Act, 1926, shall apply in any proceedings in the Circuit Court or the District Court for or in relation to the recovery of a penalty referred to in subsection (1).”.

173 Amendment of section 13 (persons dissatisfied may appeal) of Act of 1891.

173.—Section 13 (inserted by the Finance Act, 1994) of the Act of 1891 is hereby amended—

(a) by the deletion of the definition of “assessment” in subsection (1), and

(b) by the insertion of the following subsection after subsection (4):

“(4A) Notwithstanding subsection (2)—

(a) any person dissatisfied with any decision of the Commissioners as to the value of any land for the purpose of an assessment under this Act may appeal against such decision in the manner prescribed by section 33 (as amended by the Property Values (Arbitrations and Appeals) Act, 1960) of the Finance (1909-10) Act, 1910, and so much of Part I of that Act as relates to appeals shall apply to an appeal under this subsection;

(b) an appeal shall not lie under subsection (2) on any question relating to the value of any land.

(4B) The particulars of any transfer or lease which are presented to or obtained by the Commissioners under section 107 of the Finance Act, 1994, shall, in any appeal under this section, be received as prima facie evidence of all matters and things stated in such particulars.”.

174 Amendment of section 74 (appeals in certain cases) of Finance Act, 1973.

174.—Section 74 of the Finance Act, 1973, is hereby amended by the insertion of the following paragraph after paragraph (b):

“(c) in the case of assets other than land, appeal against the decision to the Appeal Commissioners (within the meaning of section 850 of the Taxes Consolidation Act, 1997) and the provisions of Chapter 1 of Part 40 (Appeals) of the Taxes Consolidation Act, 1997, shall, with any necessary modifications, apply as they apply for the purpose of income tax.”.

175 Amendment of section 103 (provision relating to voluntary disposition inter vivos, etc.) of Finance Act, 1991.

175.—Section 103 of the Finance Act, 1991, is hereby amended in subsection (1) by the insertion of “, subject to the right of appeal under section 13 (as amended by the Finance Act, 1999) of the Act of 1891,” before “(hereafter in this section referred to as the ‘ascertained value’)”.

176 Amendment of First Schedule to Act of 1891.

176.—The First Schedule (inserted by the Finance Act, 1970) to the Act of 1891 is hereby amended by the substitution of the matter in Schedule 5 to this Act for the matter in the said First Schedule.

177 Amendment of section 23 (certain mortgages of stock to be chargeable as agreements) of Act of 1891.

177.—Section 23 of the Act of 1891 is hereby amended in subsection (2) by the insertion of “or a transfer which is not chargeable to duty” after “duly stamped transfer”.

178 Amendment of section 41 (bills of sale) of Act of 1891.

178.—Section 41 of the Act of 1891 is hereby amended by the insertion of “which is chargeable to stamp duty” after “bill of sale”.

179 Amendment of section 118 (assignment of policy of life assurance to be stamped before payment of money assured) of Act of 1891.

179.—Section 118 of the Act of 1891 is hereby amended in subsection (1) by the insertion of “which is chargeable to stamp duty” after “policy of life insurance”.

180 Amendment of section 74 (stamp duty on gifts inter vivos) of Finance (1909-10) Act, 1910.

180.—Section 74 of the Finance (1909-10) Act, 1910, is hereby amended in subsection (2) by the substitution of “no such conveyance or transfer shall, notwithstanding section 14 of the Principal Act, be given in evidence, except in criminal proceedings or in civil proceedings by the Commissioners to recover stamp duty, or be available for any purpose unless it is stamped in accordance with subsection (3) or subsection (4) of section 12 of the Principal Act” for “no such conveyance or transfer shall be deemed to be duly stamped unless the Commissioners have expressed their opinion thereon in accordance with that section”.

181 Amendment of section 31 (certain contracts for sale of leasehold interests to be chargeable as conveyances on sale) of Finance Act, 1978.

181.—Section 31 of the Finance Act, 1978, is hereby amended by the insertion of the following subsection after subsection (1):

“(1A) For the purposes of this section ‘transfer’, other than the last-mentioned reference in paragraph (ii) of subsection (1), means a transfer which would but for this section be chargeable to stamp duty.”.

182 Amendment of section 19 (conveyance or transfer on sale— limit on stamp duty in the case of certain transactions between bodies corporate) of Finance Act, 1952.

182.—Section 19 of the Finance Act, 1952, is hereby amended—

(a) in subsection (6) (inserted by the Finance Act, 1995) by the substitution of “then the exemption shall cease to be applicable and stamp duty shall be chargeable in respect of the conveyance or transfer as if subsection (1) had not been enacted together with interest thereon, by way of penalty, at the rate of 1 per cent per month or part of a month to the day on which the duty is paid, in a case to which paragraph (a) applies, from the date of the conveyance or transfer or, in a case to which paragraph (b) applies, from the date the transferor and transferee ceased to be so associated.” for so much of that subsection as is after paragraph (b), and

(b) by the insertion of the following subsection after subsection (6):

“(7) For the purposes of subsection (2A) (inserted by the Finance Act, 1990)—

(a) the percentage to which one body is beneficially entitled of any profits available for distribution to shareholders of another company has, subject to any necessary modifications, the meaning assigned to it by section 414 of the Taxes Consolidation Act, 1997, and

(b) the percentage to which one body is beneficially entitled of any assets of another body available for distribution on a winding-up has, subject to any necessary modifications, the meaning assigned to it by section 415 of the Taxes Consolidation Act, 1997.”.

183 Amendment of section 31 (relief from capital and transfer stamp duty in case of reconstructions or amalgamations of companies) of Finance Act, 1965.

183.—Section 31 of the Finance Act, 1965, is hereby amended—

(a) in paragraph (a) of the proviso to subsection (1) by the substitution of “the instrument” for “no such instrument shall be deemed to be duly stamped unless either it is stamped with the duty to which it would but for this section be liable or it”, and

(b) in subsection (6) by the substitution of “the exemption shall cease to be applicable and stamp duty shall be chargeable in respect of the conveyance or transfer as if subsection (1) had not been enacted together with interest thereon, by way of penalty, at the rate of 1 per cent per month or part of a month to the day on which the duty is paid, in a case to which paragraph (a) applies, from the date of the conveyance or transfer or, in a case to which paragraph (b) applies, from the date the existing company ceased to be the beneficial owner of the shares so issued to it or, in a case to which paragraph (c) applies, from the date the transferee company ceased to be the beneficial owner of the shares so acquired.” for so much of that subsection as is after paragraph (c).

184 Amendment of section 9 (precedure for obtaining allowance) of Management Act of 1891.

184.—Section 9 of the Management Act of 1891 is hereby amended by the insertion of the following paragraph after paragraph (b) of the proviso:

“(bb) That in the case of an executed instrument the instrument has not achieved the purpose for which it was intended being the purpose of registering title to the property being conveyed or transferred by that instrument;”.

185 Allowance for lost instruments.

185.—The Management Act of 1891 is hereby amended by the insertion of the following section after section 12:

“12A.—(1) Where an instrument which was executed and duly stamped has been accidentally lost (in this section referred to as the ‘lost instrument’) the Commissioners may—

(a) on application made by the person by whom it was first or alone executed,

(b) on the giving of an undertaking by that person to deliver up the lost instrument to them to be cancelled if it is subsequently found, and

(c) on satisfactory proof of the payment of the duty,

give other stamps of the same value in money, but the stamps so given shall only be used for the purpose of stamping another instrument made between the same persons and for the same purpose.

(2) For the purposes of this section the Commissioners may require the delivery to them, in such form as they may specify, of a statutory declaration by any person who was concerned with the delivery of the lost instrument to them for stamping.”.

186 Amendment of section 1 (charge of duties in schedule) of Act of 1891.

186.—Section 1 (inserted by the Finance Act, 1991) of the Act of 1891 is hereby amended—

(a) in paragraph (b) of subsection (3) by the insertion of “within 30 days after its first execution” after “required”, and

(b) in subsection (4) by the substitution of “the additional stamp duty” for “then additional stamp duty”.

187 Amendment of section 12 (assessment of duty by Commissioners) of Act of 1891.

187.—Section 12 of the Act of 1891 is hereby amended in subsection (2) by the substitution of “a copy” for “an abstract”.

188 Amendment of section 14 (terms upon which instruments not duly stamped may be received in evidence) of Act of 1891.

188.—Section 14 of the Act of 1891 is hereby amended in subsection (4) by the insertion of “it is not chargeable with duty or” after “unless”.

189 Amendment of section 58 (direction as to duty in certain cases) of Act of 1891.

189.—Section 58 of the Act of 1891 is hereby amended in subsection (8) (inserted by the Finance Act, 1981) by the substitution of “Paragraph (15) of the Heading ‘CONVEYANCE or TRANSFER on sale of any stocks or marketable securities or a policy of insurance or a policy of life insurance’” for “Paragraph 8 of the Heading ‘CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities’”.

190 Amendment of section 77 (directions as to duty in certain cases) of Act of 1891.

190.—Section 77 of the Act of 1891 is hereby amended in subsection (6) (inserted by the Finance (No. 2) Act, 1998) by the substitution of “the consideration (other than rent) attributable to the first-mentioned lease” for “the consideration attributable to the first-mentioned lease”.

191 Amendment of section 122 (definitions) of Act of 1891.

191.—Section 122 of the Act of 1891 is hereby amended in column (1) of the Table to the definition of “accountable person” (inserted by the Finance Act, 1991) in subsection (1)—

(a) by the insertion of “or a policy of insurance or a policy of life insurance” after “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities”, and

(b) by the substitution of “which is a security for the payment or repayment of money which is a charge or incumbrance on property situated in the State other than shares in stocks or funds of the Government or the Oireachtas” for “and WARRANT OF ATTORNEY to confess and enter up judgement”.

192 Amendment of section 5 (extension of stamp duty on share warrants and stock certificates to bearer) of Finance Act, 1899.

192.—Section 5 of the Finance Act, 1899, is hereby amended in subsection (1) by the substitution of the “Companies Act, 1963” for “Companies Act, 1867”.

193 Amendment of section 40 (stamp duties in foreign currencies) of Finance Act, 1933.

193.—Section 40 of the Finance Act, 1933, is hereby amended by the substitution of “date of execution of such instrument” for “date of such instrument”.

194 Amendment of section 69 (statement to be charged with stamp duty) of Finance Act, 1973.

194.—Section 69 of the Finance Act, 1973, is hereby amended—

(a) in subsection (1) by the substitution of “1 per cent of the amount determined in accordance with the said section 70 but where the calculation results in an amount which is not a multiple of £1 the amount so calculated shall be rounded up to the nearest pound:” for “£1 for every £100 or part of £100 of the amount determined in accordance with the said section 70;”,

(b) in subsection (3) by the substitution of “1 per cent per month or part of a month” for “9 per cent. per annum”, and

(c) by the substitution of the following subsection for subsection (4):

“(4) The registrar shall not incorporate a capital company which is to be incorporated under the Companies Act, 1963, or register a capital company which is to be formed under the Limited Partnerships Act, 1907, until the statement referred to in subsection (1) of this section in relation to the company is duly stamped or in the case of a capital company specified in section 73 of this Act the statement has, in accordance with the provisions of section 12 of the Stamp Act, 1891, been stamped with a particular stamp denoting that it is not chargeable with stamp duty.”.

195 Amendment of section 92 (levy on certain premiums of insurance) of Finance Act, 1982.

195.—Section 92 of the Finance Act, 1982, is hereby amended—

(a) in subsection (1) in the definition of “insurer” by the substitution of “European Communities (Non-Life Insurance) Framework Regulations, 1994 (S.I. No. 359 of 1994)” for “European Communities (Non-Life Insurance) Regulations, 1976 (S.I. No. 115 of 1976)”, and

(b) in subsection (6) by the substitution of “the insurer shall be liable to pay, by way of penalty and in addition to the duty” for “the insurer shall be liable to pay, in addition to the duty”.

196 Amendment of section 208 (location of insurance risk for stamp duty purposes) of Finance Act, 1992.

196.—Section 208 of the Finance Act, 1992, is hereby amended—

(a) by the substitution of the following paragraph for paragraph (d) (inserted by the Finance Act, 1995):

“(d) in any other case, if the policyholder has his or her habitual residence in the State, or where the policyholder is a legal person other than an individual, if the policyholder's head office or branch to which the policy relates is situated in the State.”,

and

(b) by the insertion of the following subsection:

“(2) In paragraph (d) of subsection (1) ‘branch’ means an agency or branch of a policyholder or any permanent presence of a policyholder in the State even if that presence does not take the form of an agency or branch but consists merely of an office managed by the policyholder's own staff or by a person who is independent but has permanent authority to act for the policyholder in the same way as an agency.”.

197 Repeals (Chapter 2).

197.—Each enactment mentioned in column (2) to Schedule 6 to this Act is hereby repealed to the extent specified opposite that mentioned in column (3) of that Schedule:

Provided that the provisions of the repealed enactments shall continue to apply:

(a) to instruments executed before the date of the passing of this Act,

(b) to acts or omissions which occurred before the date of the passing of this Act,

(c) to appeals against a decision of the Revenue Commissioners as to the value of any property for the purpose of an assessment being an assessment made before the date of the passing of this Act, and

(d) in so far as they relate to section 18 of the Finance Act, 1943, and section 969 of the Taxes Consolidation Act, 1997, to persons committed to prison before the date of the passing of this Act,

to such extent as if this Act had not been enacted.

PART 5 Residential Property Tax

198 Amendment of section 100 (market value exemption limit) of Finance Act, 1983.

198.—(1) Section 100 of the Finance Act, 1983, is hereby amended in subsection (1) by the substitution in the definition of “general exemption limit” of “£200,000” for “£94,000” (inserted by the Finance Act, 1995) and of “1999” for “1995” (as so inserted).

(2) This section shall have effect in relation to any valuation date (within the meaning of section 95(1) of the Finance Act, 1983) occurring on or after the 5th day of April, 1999.

PART 6 Capital Acquisitions Tax

199 Interpretation (Part 6).

199.—In this Part “the Principal Act” means the “Capital Acquisitions Tax Act, 1976”.

200 Amendment of section 36 (delivery of returns) of Principal Act.

200.—Section 36 of the Principal Act is hereby amended—

(a) in paragraph (a) of subsection (1) by the substitution of the following subparagraph for subparagraph (iii):

“(iii) a reference, other than in subparagraph (i) or subsection (13) or (14), to a gift or a taxable gift includes a reference to an inheritance or a taxable inheritance, as the case may be; and”,

(b) in subsection (4) by the substitution of the following paragraphs for paragraphs (c) and (d):

“(c) so far as it is a taxable gift taken on or after the 26th day of March, 1984, and before the 2nd day of December, 1998, the aggregate of the taxable values of all taxable gifts taken by the donee on or after the 2nd day of June, 1982, exceeds an amount which is 80 per cent of the threshold amount (as defined in the Second Schedule) which applies in the computation of the tax on that aggregate; or

(d) so far as it is a taxable gift taken on or after the 2nd day of December, 1998, the aggregate of the taxable values of all taxable gifts taken by the donee on or after the 2nd day of December, 1988, exceeds an amount which is 80 per cent of the threshold amount (as defined in the Second Schedule) which applies in the computation of the tax on that aggregate; or

(e) the donee or, in a case to which section 23(1) applies, the transferee (within the meaning of, and to the extent provided for by, that section) is required by notice in writing by the Commissioners to deliver a return,”,

and

(c) by the insertion of the following subsections after subsection (11):

“(12) The Commissioners may by notice in writing require any person to deliver to them within such time, not being less than 30 days, as may be specified in the notice, a full and true return showing details of every taxable gift (including the property comprised therein) taken by that person during the period specified in the notice or, as the case may be, indicating that that person has taken no taxable gift during that period.

(13) As respects a taxable gift to which this subsection applies, any accountable person who is a disponer shall within 4 months of the valuation date deliver to the Commissioners a full and true return—

(a) of all the property comprised in such gift on the valuation date,

(b) of an estimate of the market value of such property on the valuation date, and

(c) of such particulars as may be relevant to the assessment of tax in respect of the gift.

(14) Subsection (13) applies to a taxable gift taken on or after the 11th day of February, 1999, in the case where—

(a) the taxable value of the taxable gift exceeds an amount which is 80 per cent of the class threshold (as defined in the Second Schedule) which applies in relation to that gift for the purposes of the computation of the tax on that gift,

(b) the taxable value of the taxable gift taken by the donee from the disponer increases the total taxable value of all taxable gifts and taxable inheritances taken on or after the 2nd day of December, 1988, by the donee from the disponer from an amount less than or equal to the amount specified in paragraph (a) to an amount which exceeds the amount so specified, or

(c) the total taxable value of all taxable gifts and taxable inheritances taken on or after the 2nd day of December, 1988, by the donee from the disponer exceeds the amount specified in paragraph (a) and the donee takes a further taxable gift from the disponer.

(15) Where, on or after the 11th day of February, 1999, under or in consequence of any disposition made by a person who is living and domiciled in the State at the date of the disposition, property becomes subject to a discretionary trust, the disponer shall within 4 months of the date of the disposition deliver to the Commissioners a full and true return of—

(a) the terms of the discretionary trust,

(b) the names and addresses of the trustees and objects of the discretionary trust, and

(c) an estimate of the market value at the date of the disposition of the property becoming subject to the discretionary trust.”.

201 Amendment of Second Schedule (computation of tax) to Principal Act.

201.—(1) The Second Schedule to the Principal Act is hereby amended in paragraph 3(a)(ii) (inserted by the Finance Act, 1997) by the substitution of “2nd day of December, 1988” for “2nd day of June, 1982”.

(2) This section shall have effect in relation to gifts or inheritances taken on or after the 2nd day of December, 1998.

202 Amendment of section 41 (payment of tax and interest on tax) of Principal Act.

202.—(1) Section 41 of the Principal Act is hereby amended by the insertion of the following subsection after subsection (2):

“(2A) Notwithstanding the provisions of subsection (2), interest shall not be payable upon the tax—

(a) to the extent to which section 19(5)(a) applies, for the duration of the period from the valuation date to the date the agricultural value ceases to be applicable,

(b) to the extent to which section 55(4) applies, for the duration of the period from the valuation date to the date the exemption ceases to apply,

(c) to the extent to which section 135(2) of the Finance Act, 1994, applies, for the duration of the period from the valuation date to the date the reduction which would otherwise fall to be made under section 126 of that Act ceases to be applicable,

(d) to the extent to which section 166(6) of the Finance Act, 1995, applies, for the duration of the period from the valuation date to the date the exemption ceases to apply.”.

(2) This section shall have effect where the event which causes the exemption or reduction in question to cease to be applicable occurs on or after the 11th day of February, 1999.

203 Amendment of section 51 (appeals regarding value of real property) of Principal Act.

203.—Section 51 of the Principal Act is hereby amended by the insertion of the following subsection:

“(2) The particulars of any transfer or lease which are presented to or obtained by the Commissioners under section 107 of the Finance Act, 1994, shall, in any appeal under this section, be received as prima facie evidence of all matters and things stated in such particulars.”.

204 Amendment of section 53 (exemption of small gifts) of Principal Act.

204.—Section 53(1) of the Principal Act shall have effect, as respects relevant periods ending after the 31st day of December, 1998, as if “£1,000” were substituted for “£500” (provided for by section 44 of the Finance Act, 1978).

205 Amendment of section 53 (exemption of small certain receipts) of Principal Act.

205.—Section 58 of the Principal Act is hereby amended by the insertion of the following subsection after subsection (2):

“(3) (a) The receipt by an incapacitated individual of the whole or any part of trust funds which are held on a qualifying trust, or of the income therefrom, shall not be a gift or an inheritance.

(b) In this subsection ‘incapacitated individual’, ‘trust funds’ and ‘qualifying trust’ have the meanings assigned to them, respectively, by section 189A (inserted by the Finance Act, 1999) of the Taxes Consolidation Act, 1997.

(c) This subsection shall apply in relation to gifts or inheritances taken on or after the 6th day of April, 1997.”.

206 Exemption relating to retirement benefits.

206.—The Principal Act is hereby amended by the insertion of the following section after section 59A:

“59B.—(1) The whole or any part of a retirement fund which is comprised in an inheritance which is taken upon the death of a disponer dying on or after the date of the passing of the Finance Act, 1999, shall be exempt from tax in relation to that inheritance and in relation to a charge for tax arising on that death by virtue of section 110 of the Finance Act, 1993, and the value thereof shall not be taken into account in computing tax, where—

(a) the disposition under which the inheritance is taken is the will or intestacy of the disponer, and

(b) the successor is a child of the disponer and had attained 21 years of age at the date of that disposition.

(2) In this section ‘retirement fund’, in relation to an inheritance taken on the death of a disponer, means an approved retirement fund or an approved minimum retirement fund, within the meaning of section 784A or 784C of the Taxes Consolidation Act, 1997, being a fund which is wholly comprised of all or any of the following, that is to say—

(a) property which represents in whole or in part the accrued rights of the disponer, or of a predeceased spouse of the disponer, under an annuity contract or retirement benefits scheme approved by the Revenue Commissioners for the purposes of Chapter 1 or Chapter 2 of Part 30 of that Act.

(b) any accumulations of income thereof, or

(c) property which represents in whole or in part those accumulations.”.

PART 7 Miscellaneous

207 Amendment of Chapter 4 (revenue powers) of Part 38 of Taxes Consolidation Act, 1997.

207.—The Taxes Consolidation Act, 1997, is hereby amended in Chapter 4 of Part 38—

(a) by the substitution for section 900 of the following section:

“Power to call for production of books, information, etc.

900.—(1) In this section and in section 901— ‘authorised officer’ means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section, or as the case may be, section 901; ‘books, records or other documents’ includes— (a) accounts (including balance sheets) relating to a trade or profession and where the accounts have been audited, a copy of the auditor's certificate, (b) books, accounts, rolls, registers, papers and other documents, whether— (i) comprised in bound volume, loose-leaf binders or other loose-leaf filing systerm, loose-leaf ledger sheets, pages, folios or cards, or (ii) kept on microfilm, magnetic tape or in any non-legible form (by the use of electronics or otherwise) which is capable of being reproduced in a legible form, (c) every electronic or other automatic means, if any, by which any such thing in non-legible form is so capable of being reproduced, and (d) documents in manuscript, documents which are typed, printed, stencilled or created by any other mechanical or partly mechanical process in use from time to time and documents which are produced by any photographic or photostatic process; ‘judge’ means a judge of the High Court; ‘liability’ in relation to a person, means any liability in relation to tax to which the person is or may be, or may have been, subject, or the amount of such liability; ‘tax’ means any tax, duty, levy or charge under the care and management of the Revenue Commissioners. (2) Subject to this section, an authorised officer may serve on a person a notice in writing, requiring the person, within such period as may be specified in the notice, not being less than 21 days from the date of the service of the notice, to do either or both of the following, namely— (a) to deliver to, or to make available for inspection by, the authorised officer such books, records or other documents as are in the person's possession, power or procurement and as contain, or may (in the authorised officer's opinion formed on reasonable grounds) contain, information relevant to a liability in relation to the person, (b) to furnish to the authorised officer, in writing or otherwise, such information, explanations and particulars as the authorised officer may reasonably require, being information, explanations and particulars that are relevant to any such liability, and which are specified in the notice. (3) A notice shall not be served on a person under subsection (2) unless the person has first been given a reasonable opportunity to deliver, or as the case may be, to make available to the authorised officer concerned the books, records or other documents in question, or to furnish the information, explanations and particulars in question. (4) Nothing in this section shall be construed as requiring a person who is carrying on a profession, and on whom a notice under subsection (2) has been served, to furnish any information, explanations and particulars relating to a client to an authorised officer, or to deliver to, or make available for inspection by, an authorised officer any books, records or other documents relating to a client, other than such— (a) as pertain to the payment of fees to the person carrying on the profession or to other financial transactions of the person carrying on the profession, or (b) as are otherwise material to the liability in relation to the person carrying on the profession, and in particular that person shall not be required to disclose any information or professional advice of a confidential nature given to a client. (5) Where, in compliance with the requirements of a notice served on a person under subsection (2), the person makes available for inspection by an authorised officer, books, records or other documents, the person shall afford the authorised officer reasonable assistance, including information, explanations and particulars, in relation to the use of all the electronic or other automatic means, if any, by which the books, records or other documents, in so far as they are in a non-legible form, are capable of being reproduced in a legible form, and any data equipment or any associated apparatus or material. (6) Where, under subsection (2), a person makes books, records or other documents available for inspection by the authorised officer, the authorised officer may make extracts from or copies of all or any part of the books, records or other documents. (7) A person who refuses or fails to comply with a notice served on the person under subsection (2) or fails to afford the assistance referred to in subsection (5) shall be liable to a penalty of £1,500.”,

(b) by the substitution for section 901 of the following section:

“Application to High Court: production of books, information, etc.

901.—(1) An authorised officer may make an application to a judge for an order requiring a person, to do either or both of the following, namely— (a) to deliver to the authorised officer, or to make available for inspection by the authorised officer, such books, records or other documents as are in the person's power, possession or procurement and as contain, or may (in the authorised officer's opinion formed on reasonable grounds) contain, information relevant to a liability in relation to the person, (b) to furnish to the authorised officer such information, explanations and particulars as the authorised officer may reasonably require, being information, explanations and particulars that are relevant to any such liability, and which are specified in the application. (2) Where the judge, to whom an application is made under subsection (1), is satisfied that there are reasonable grounds for the application being made, that judge may, subject to such conditions as he or she may consider proper and specify in the order, make an order requiring the person to whom the application relates— (a) to deliver to the authorised officer, or to make available for inspection by the authorised officer, such books, records or other documents, and (b) to furnish to the authorised officer such information, explanations and particulars, as may be specified in the order. (3) Nothing in this section shall oblige a person who is carrying on a profession to furnish any information, explanations or particulars relating to a client to an authorised officer, or to deliver to, or make available for inspection by, an authorised officer any books, records or other documents relating to the client, without the consent of the client, other than such—. (a) as pertain to the payment of fees to the person carrying on the profession or to other financial transactions of the person carrying on the profession, or (b) as are otherwise material to the liability in relation to the person carrying on the profession, and in particular that person shall not be required to disclose any information or professional advice of a confidential nature given to the client.”,

(c) by the substitution for section 902 of the following section:

“Information to be furnished by third party: request of an authorised officer.

902.—(1) In this section and in section 902A— ‘authorised officer’ means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section, or as the case may be, section 902A; ‘books, records or other documents’ and ‘liability’, in relation to a person, have, respectively, the meaning assigned to them by section 900(1). (2) Notwithstanding any obligation as to secrecy or other restriction upon disclosure of information imposed by or under statute or otherwise, and subject to this section, an authorised officer may for the purpose of enquiring into a liability in relation to a person (in this section referred to as ‘the taxpaper’) serve on any other person (not being a financial institution within the meaning of section 906A) a notice in writing requiring that other person, within such period as may be specified in the notice, not being less than 30 days from the date of the service of the notice, to do either or both of the following, namely— (a) to deliver to, or make available for inspection by, the authorised officer, such books, records or other documents as are in the other person's power, possession or procurement and as contain, or may (in the authorised officer's opinion formed on reasonable grounds) contain, information relevant to a liability in relation to the taxpayer, (b) to furnish to the authorised officer, in writing or otherwise, such information, explanations and particulars as the authorised officer may reasonably require, being information, explanations and particulars that are relevant to any such liability, and which are specified in the notice. (3) A notice shall not be served on a person under subsection (2) unless the authorised officer concerned has reasonable grounds to believe that the person is likely to have information relevant to the establishment of a liability in relation to the taxpayer. (4) The persons who may be treated as a taxpayer for the purposes of this section include a company which has been dissolved and an individual who has died. (5) A notice under subsection (2) shall name the taxpayer in relation to whose liability the authorised officer is enquiring. (6) Where an authorised officer serves a notice under subsection (2), a copy of such notice shall be given by the authorised officer to the taxpayer concerned. (7) Where, under subsection (2), a person has delivered any books, records or other documents and those books, records or other documents are retained by the authorised officer, the person shall, at all reasonable times and subject to such reasonable conditions as may be determined by the authorised officer, be entitled to inspect those books, records or other documents and to obtain copies of them. (8) Where, under subsection (2), a person makes books, records or other documents available for inspection by the authorised officer, the authorised officer may make extracts from or copies of all or any part of the books, records or other documents. (9) Nothing in this section shall be construed as requiring any person carrying on a profession, and on whom a notice is served under subsection (2), to furnish any information, explanations and particulars relating to a client to an authorised officer or to deliver to, or make available for inspection by, an authorised officer any books, records or other documents relating to a client, other than such— (a) as pertain to the payment of fees or other financial transactions, or (b) as are otherwise material to a liability in relation to the client, and in particular such person shall not be required to disclose any information or professional advice of a confidential nature. (10) Where, in compliance with the requirements of a notice under subsection (2), a person makes available for inspection by an authorised officer, books, records or other documents, the person shall afford the authorised officer reasonable assistance, including information, explanations and particulars, in relation to the use of all the electronic or other automatic means, if any, by which the books, records or other documents, in so far as they are in non-legible form, are capable of being reproduced in a legible form and any data equipment or any associated apparatus or material. (11) A person who fails or refuses to comply with a notice served on the person under subsection (2) or to afford the assistance referred to in subsection (10) shall be liable to a penalty of £1,500, but nothing in section 1078 shall be construed as applying to such failure or refusal.”,

(d) by the insertion after section 902 of the following section:

“Application to High Court: information from third party.

902A.—(1) In this section— ‘the Acts’ has the meaning assigned to it by section 1078(1); ‘judge’ means a judge of the High Court; ‘a taxpayer’ means any person including a person whose identity is not known to the authorised officer, and a group or class of persons whose individual identities are not so known. (2) An authorised officer may make an application to a judge for an order requiring a person (other than a financial institution within the meaning of section 906A) to do either or both of the following, namely— (a) to deliver to the authorised officer, or to make available for inspection by the authorised officer, such books, records or other documents as are in the person's power, possession or procurement and as contain, or may (in the authorised officer's opinion formed on reasonable grounds) contain, information relevant to a liability in relation to a taxpayer, (b) to furnish to the authorised officer such information, explanations and particulars as the authorised officer may reasonably require, being information, explanations and particulars that are relevant to any such liability, and which are specified in the application. (3) An authorised officer shall not make an application under subsection (2) without the consent in writing of a Revenue Commissioner, and without being satisfied— (a) that there are reasonable grounds for suspecting that the taxpayer, or, where the taxpayer is a group or class of persons, all or any one of those persons, may have failed or may fail to comply with any provision of the Acts, (b) that any such failure is likely to have led or to lead to serious prejudice to the proper assessment or collection of tax (having regard to the amount of a liability in relation to the taxpayer, or where the taxpayer is a group or class of persons, the amount of a liability in relation to all or any one of those persons, that arises or might arise from such failure), and (c) that the information— (i) which is likely to be contained in the books, records or other documents to which the application relates, or (ii) which is likely to arise from the information, explanations and particulars to which the application relates, is relevant to the proper assessment or collection of tax. (4) Where the judge, to whom an application is made under subsection (2), is satisfied that there are reasonable grounds for the application being made, that judge may, subject to such conditions as he or she may consider proper and specify in the order, make an order requiring the person to whom the application relates— (a) to deliver to the authorised officer, or to make available for inspection by the authorised officer, such books, records or other documents, and (b) to furnish to the authorised officer such information, explanations and particulars, as may be specified in the order. (5) The persons who may be treated as a taxpayer for the purposes of this section include a company which has been dissolved and an individual who has died. (6) Nothing in this section shall oblige any person carrying on a profession to furnish any information, explanations or particulars relating to a client to an authorised officer, or to deliver to, or make available for inspection by, an authorised officer any books, records or other documents relating to a client, without the client's consent, other than such— (a) as pertain to the payment of fees or other financial transactions, or (b) as are otherwise material to a liability in relation to the client, and in particular such person shall not be required to disclose any information or professional advice of a confidential nature. (7) Every hearing of an application for an order under this section and of any appeal in connection with that application shall be held in camera.”,

(e) by the insertion after section 904 of the following section:

“Power of inspection: returns and collection of appropriate tax.

904A.—(1) In this section— ‘amount on account of appropriate tax’, ‘appropriate tax’, ‘deposit’, ‘interest’, ‘relevant deposit taker’, ‘relevant interest’ and ‘return’ have, respectively, the meaning assigned to them by section 256(1); ‘authorised officer’ means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section; ‘books, records or other documents’ includes— (a) any records used in the business of a financial institution, or used in the transfer department of a financial institution acting as registrar of securities, whether— (i) comprised in bound volume, loose-leaf binders or other loose-leaf filing system, loose-leaf ledger sheets, pages, folios or cards, or (ii) kept on microfilm, magnetic tape or in any non-legible form (by the use of electronics or otherwise) which is capable of being reproduced in a legible form, and (b) every electronic or other automatic means, if any, by which any such thing in non-legible form is so capable of being reproduced, and (c) documents in manuscript, documents which are typed, printed, stencilled or created by any other mechanical or partly mechanical process in use from time to time and documents which are produced by any photographic or photostatic process, and (d) correspondence and records of other communications between a relevant deposit taker and a person to whom it pays interest; ‘liability’ in relation to a person means any liability in relation to tax to which the person is or may be, or may have been, subject, or the amount of such liability; ‘tax’ means any tax, duty, levy or charge under the care and management of the Revenue Commissioners. (2) An authorised officer, having regard to Chapter 4 of Part 8, may at all reasonable times enter any premises or place of business of a relevant deposit taker for the purposes of auditing for a year of assessment— (a) the return made by the relevant deposit taker of— (i) the relevant interest paid by it in that year, (ii) the appropriate tax in relation to the payment of that interest, (iii) the amount of interest in respect of which an amount on account of appropriate tax is due and payable for that year, and (iv) the amount on account of appropriate tax so due and payable, and (b) whether payments of interest were properly made by the relevant deposit taker without deducting appropriate tax in relation to the payments. (3) Without prejudice to the generality of subsection (2), the authorised officer may— (a) examine the procedures put in place by the relevant deposit taker for the purpose of ensuring compliance by the relevant deposit taker with its obligations under section 257(2), and (b) check a sample of accounts into which deposits, which have not been treated by the relevant deposit taker as relevant deposits, have been paid, to determine whether— (i) the procedures referred to in paragraph (a) have been observed in practice and whether they are adequate, (ii) the relevant deposit taker is, in respect of each deposit in the sample of deposits, in possession of a declaration mentioned in section 263, 265 or 266, as the case may be, and (iii) there is information in the relevant deposit taker's possession which can reasonably be taken to indicate that one or more of such deposits is or may be a relevant deposit. (4) Where an authorised officer in exercising or performing his or her powers and duties under this section has reason to believe that in respect of one or more deposits, the relevant deposit taker has incorrectly treated them as not being relevant deposits, the authorised officer may make such further enquiries as are necessary to establish whether there is a liability in relation to any person. (5) An authorised officer may require a relevant deposit taker or an employee of the relevant deposit taker to produce books, records or other documents and to furnish information, explanations and particulars and to give all assistance, which the authorised officer reasonably requires for the purposes of his or her audit and examination under subsections (2) and (3), and, as the case may be, enquiries under subsection (4). (6) An employee of a relevant deposit taker who fails to comply with the requirements of the authorised officer in the exercise or performance of the authorised officer's powers or duties under this section shall be liable to a penalty of £1,000. (7) A relevant deposit taker which fails to comply with the requirements of the authorised officer in the exercise or performance of the authorised officer's powers or duties under this section shall be liable to a penalty of £15,000 and if that failure continues a further penalty of £2,000 for each day on which the failure continues.”,

(f) in section 905—

(i) in subsection (2) by the deletion of paragraph (d),

and

(ii) by the insertion after subsection (2) of the following subsection:

“(2A) (a) In this subsection ‘the Acts’ has the meaning assigned to it by section 1078(1).

(b) Without prejudice to any power conferred by subsection (2), if a Judge of the District Court is satisfied by information on oath that there are reasonable grounds for suspecting—

(i) that a person may have failed or may fail to comply with any provision of the Acts,

(ii) that any such failure is likely to have led or to lead to serious prejudice to the proper assessment or collection of tax (having regard to the amount of any tax liability that arises or might arise from such failure), and

(iii) that records, which are material to the proper assessment or collection of tax are likely to be kept or concealed at any premises or place,

the Judge may issue a search warrant.

(c) A search warrant issued under this subsection shall be expressed and shall operate to authorise an authorised officer accompanied by such other named officers of the Revenue Commissioners and such other named persons as the authorised officer considers necessary, at any time or times within one month of the date of issue of the warrant, to enter (if need be by force) the premises or other place named or specified in the warrant, to search such premises or other place, to examine anything found there, to inspect any records found there and, if there are reasonable grounds for suspecting that any records found there are material to the proper assessment or collection of tax, or that the records may be required for the purpose of any legal proceedings instituted by an officer of the Revenue Commissioners or for the purpose of any criminal proceedings, remove such records and retain them for so long as they are reasonably required for the purpose aforesaid.”,

(g) by the insertion after section 906 of the following section:

“Information to be furnished by financial institutions.

906A.—(1) In this section and in sections 907 and 908— ‘the Acts’ has the meaning assigned to it by section 1078(1); ‘authorised officer’ means an officer of the Revenue Commissioners authorised by them in writing to exercise the powers conferred by this section, or, as the case may be, section 907 or 908; ‘books, records or other documents’ includes— (a) any records used in the business of a financial institution, or used in the transfer department of a financial institution acting as registrar of securities, whether— (i) comprised in bound volume, loose-leaf binders or other loose-leaf filing system, loose-leaf ledger sheets, pages, folios or cards, or (ii) kept on microfilm, magnetic tape or in any non-legible form (by the use of electronics or otherwise) which is capable of being reproduced in a legible form, (b) every electronic or other automatic means, if any, by which any such thing in non-legible form is so capable of being reproduced, (c) documents in manuscript, documents which are typed, printed, stencilled or created by any other mechanical or partly mechanical process in use from time to time and documents which are produced by any photographic or photostatic process, and (d) correspondence and records of other communications between a financial institution and its customers; ‘connected person’ has the same meaning as in section 10; but an individual (other than in the capacity as a trustee of a settlement) shall be connected with another individual only if that other individual is the spouse of or a minor child of the first-mentioned individual; ‘deposit’ and ‘interest’ have, respectively, the meaning assigned to them by section 256(1); ‘financial institution’ means (a) a person who holds or has held a licence under section 9 of the Central Bank Act, 1971, and (b) a person referred to in section 7(4) of that Act; ‘liability’ in relation to a person means any liability in relation to tax to which the person is or may be, or may have been, subject, or the amount of such liability; ‘tax’ means any tax, duty, levy or charge under the care and management of the Revenue Commissioners. (2) Notwithstanding any obligation as to secrecy or other restriction upon disclosure of information imposed by or under statute or otherwise, and subject to this section, an authorised officer may, for the purpose of enquiring into a liability in relation to a person (in this section referred to as the ‘taxpayer’), serve on a financial institution a notice in writing requiring the financial institution, within such period as may be specified in the notice, not being less than 30 days from the date of the service of the notice, to do either or both of the following, namely— (a) to make available for inspection by the authorised officer such books, records or other documents as are in the financial institution's power, possession or procurement and as contain, or may (in the authorised officer's opinion formed on reasonable grounds) contain, information relevant to a liability in relation to the taxpayer, (b) to furnish to the authorised officer, in writing or otherwise, such information, explanations and particulars as the authorised officer may reasonably require, being information, explanations and particulars that are relevant to any such liability, and which are specified in the notice. (3) Where, in compliance with the requirements of a notice under subsection (2), a financial institution makes available for inspection by an authorised officer, books, records or other documents, it shall afford the authorised officer reasonable assistance, including information, explanations and particulars, in relation to the use of all the electronic or other automatic means, if any, by which the books, records or other documents, in so far as they are in a non-legible form, are capable of being reproduced in a legible form and any data equipment or any associated apparatus or material. (4) An authorised officer shall not serve a notice on a financial institution under subsection (2) without the consent in writing of a Revenue Commissioner and without having reasonable grounds to believe that the financial institution is likely to have information relevant to a liability in relation to the taxpayer. (5) Without prejudice to the generality of subsection (2), the books, records or other documents which a financial institution may be required by notice under that subsection to deliver or to make available and the information, explanations and particulars which it may likewise be required to furnish, may include books, records or other documents and information, explanations and particulars relating to a person who is connected with the taxpayer. (6) The persons who may be treated as a taxpayer for the purposes of this section include a company which has been dissolved and an individual who has died. (7) A notice served under subsection (2) shall name the taxpayer in relation to whose liability the authorised officer is enquiring. (8) Where an authorised officer serves a notice under subsection (2), a copy of such notice shall be given by the authorised officer to the taxpayer concerned. (9) Where, in compliance with a notice served under subsection (2), a financial institution makes books, records or other documents available for inspection by an authorised officer, the authorised officer may make extracts from or copies of all or any part of the books, records or other documents. (10) A financial institution which fails or refuses to comply with a notice issued under subsection (2) or which fails or refuses to afford reasonable assistance to an authorised officer as required under subsection (3), shall be liable to a penalty of £15,000 and, if the failure or refusal to comply with such notice continues after the expiry of the period specified in the notice served under subsection (2), a further penalty of £2,000 for each day on which the failure or refusal continues.”,

(h) by the substitution for section 907 of the following section:

“Application to Appeal Commissioners: information from financial institutions.

907.—(1) In this section ‘a taxpayer’ means any person including— (a) a person whose identity is not known to the authorised officer, and a group or class of persons whose individual identities are not so known, and (b) a person by or in respect of whom a declaration has been made under section 263(1) declaring that the person is beneficially entitled to all or part of the interest in relation to a deposit. (2) An authorised officer may, subject to this section, make an application to the Appeal Commissioners for their consent, under subsection (5), to the service by him or her of a notice on a financial institution requiring the financial institution to do either or both of the following, namely— (a) to make available for inspection by the authorised officer, such books, records or other documents as are in the financial institution's power, possession or procurement as contain, or may (in the authorised officer's opinion formed on reasonable grounds) contain, information relevant to a liability in relation to a taxpayer, (b) to furnish to the authorised officer such information, explanations and particulars as the authorised officer may reasonably require, being information, explanations and particulars that are relevant to any such liability, and which are specified in the application. (3) An authorised officer shall not make an application under subsection (2) without the consent in writing of a Revenue Commissioner, and without being satisfied— (a) that there are reasonable grounds for suspecting that the taxpayer, or where the taxpayer is a group or class of persons, all or any one of those persons, may have failed or may fail to comply with any provision of the Acts, (b) that any such failure is likely to have led or to lead to serious prejudice to the proper assessment or collection of tax (having regard to the amount of a liability in relation to the taxpayer, or where the taxpayer is a group or class of persons, the amount of a liability in relation to all or any one of those persons, that arises or might arise from such failure), and (c) that the information— (i) which is likely to be contained in the books, records or other documents to which the application relates, or (ii) which is likely to arise from the information, explanations and particulars to which the application relates, is relevant to the proper assessment or collection of tax. (4) Without prejudice to the generality of subsection (2), the authorised officer may make an application under that subsection to the Appeal Commissioners for their consent, under subsection (5), to the service by him or her of a notice on a financial institution in respect of the matters referred to in paragraphs (a) and (b) of subsection (2) in so far as they relate to a person who is connected with the taxpayer. (5) Where the Appeal Commissioners determine that in all the circumstances there are reasonable grounds for the application being made, they may give their consent to the service by the authorised officer concerned of a notice on the financial institution, requiring the financial institution— (a) to make available for inspection by the authorised officer, such books, records or other documents, and (b) to furnish to the authorised officer such information, explanations and particulars, of the kind referred to in subsection (2) as may, with the Appeal Commissioners' consent, be specified in the notice. (6) The persons who may be treated as a taxpayer for the purposes of this section include a company which has been dissolved and an individual who has died. (7) Where the Appeal Commissioners have given their consent in accordance with this section, the authorised officer shall, as soon as practicable, but not later than 14 days from the time that such consent was given, serve a notice on the financial institution concerned and stating that— (a) such consent has been given, and (b) the financial institution should, within a period of 30 days from the date of the service of the notice, comply with the requirements specified in the notice. (8) (a) Subject to paragraph (b), an application by an authorised officer under subsection (2) shall, with any necessary modifications, be heard by the Appeal Commissioners as if it were an appeal against an assessment to income tax. (b) Notwithstanding section 933(4), a determination by the Appeal Commissioners under this section shall be final and conclusive. (9) A financial institution which fails to comply with a notice served on the financial institution by an authorised officer in accordance with this section shall be liable to a penalty of £15,000 and, if the failure continues after the expiry of the period specified in subsection (7)(b), a further penalty of £2,000 for each day on which the failure so continues.”,

(i) by the substitution for section 908 of the following section:

“Application to High Court seeking order requiring information: financial institutions.

908.—(1) In this section— ‘judge’ means a judge of the High Court; ‘a taxpayer’ means any person including— (a) a person whose identity is not known to the authorised officer, and a group or class of persons whose individual identities are not so known, and (b) a person by or in respect of whom a declaration has been made under section 263(1) declaring that the person is beneficially entitled to all or part of the interest in relation to a deposit. (2) An authorised officer may, subject to this section, make an application to a judge for an order requiring a financial institution, to do either or both of the following, namely— (a) to make available for inspection by the authorised officer, such books, records or other documents as are in the financial institution's power, possession or procurement as contain, or may (in the authorised officer's opinion formed on reasonable grounds) contain information relevant to a liability in relation to a taxpayer, (b) to furnish to the authorised officer such information, explanations and particulars as the authorised officer may reasonably require, being information, explanations and particulars that are relevant to any such liability, and which are specified in the application. (3) An authorised officer shall not make application under subsection (2) without the consent in writing of a Revenue Commissioner, and without being satisfied— (a) that there are reasonable grounds for suspecting that the taxpayer, or, where the taxpayer is a group or class of persons, all or any one of those persons, may have failed or may fail to comply with any provision of the Acts, (b) that any such failure is likely to have led or to lead to serious prejudice to the proper assessment or collection of tax (having regard to the amount of a liability in relation to the taxpayer, or where the taxpayer is a group or class of persons, the amount of a liability in relation to all or any one of them, that arises or might arise from such failure), and (c) that the information— (i) which is likely to be contained in the books, records or other documents to which the application relates, or (ii) which is likely to arise from the information, explanations and particulars to which the application relates, is relevant to the proper assessment or collection of tax. (4) Without prejudice to the generality of subsection (2), the authorised officer may make an application under that subsection to the judge for an order in respect of the matters referred to in paragraphs (a) and (b) of that subsection in so far as they relate to a person who is connected with the taxpayer. (5) Where the judge, to whom an application is made under subsection (2), is satisfied that there are reasonable grounds for the application being made, the judge may, subject to such conditions as he or she may consider proper and specify in the order, make an order requiring the financial institution— (a) to make available for inspection by the authorised officer, such books, records or other documents, and (b) to furnish to the authorised officer such information, explanations and particulars, as may be specified in the order. (6) The persons who may be treated as a taxpayer for the purposes of this section include a company which has been dissolved and an individual who has died. (7) Every hearing of an application for an order under this section and of any appeal in connection with that application shall be held in camera. (8) Where a judge makes an order under this section, he or she may also, on the application of the authorised officer concerned, make a further order prohibiting, for such period as the judge may consider proper and specify in the order, any transfer of, or any dealing with, without the consent of the judge, any assets or moneys of the person to whom the order relates that are in the custody of the financial institution at the time the order is made. (9) (a) Where— (i) a copy of any affidavit and exhibits grounding an application under subsection (2) or (8) and any order made under subsection (5) or (8) are to be made available to the taxpayer, or the taxpayer's solicitor or to the financial institution or the financial institution's solicitor, as the case may be, and (ii) the judge is satisfied on the hearing of the application that there are reasonable grounds in the public interest that such copy of an affidavit, exhibits or order, as the case may be, should not include the name or address of the authorised officer, such copy, or copies or order shall not include the name or address of the authorised officer. (b) Where, on any application to the judge to vary or discharge an order made under this section, it is desired to cross-examine the deponent of any affidavit filed by or on behalf of the authorised officer and the judge is satisfied that there are reasonable grounds in the public interest to so order, the judge shall order either or both of the following— (i) that the name and address of the authorised officer shall not be disclosed in court, and (ii) that such cross-examination shall only take place in the sight and hearing of the judge and in the hearing only of all other persons present at such cross-examination.”,

(j) by the insertion after section 908 of the following section: