Finance Act , 1990

(3) Sections 182 (3) and 184 (3) of the said Act shall have effect for any accounting period beginning on or after the 1st day of April, 1991, as if the standard rate were 25 per cent. for the year 1991-92 and each subsequent year of assessment.

PART II Amendment of Chapter VI (Corporation Tax: Relief in relation to Certain Income of Manufacturing Companies) of Part I of Finance Act, 1980

“shall be reduced—

(a) by thirty-three-forty-thirds, in so far as it is corporation tax charged on profits which, under section 6 (3) of the Corporation Tax Act, 1976, are apportioned to the period beginning on the 1st day of January, 1990, and ending on the 31st day of March, 1991, and

(b) by three-quarters, in so far as it is corporation tax charged on profits which, under the said section 6 (3), are apportioned to the period beginning on the 1st day of April, 1991, and ending on the 31st day of December, 1992,

and the corporation tax referable to the income from the sale of those goods—

(i) shall, for the purposes of paragraph (a), be such an amount as bears to the part of the relevant corporation tax charged on profits which, under the said section 6 (3), are apportioned to the period beginning on the 1st day of January, 1990, and ending on the 31st day of March, 1991, the same proportion as the income from the sale of those goods bears to the total income brought into charge to corporation tax for the relevant accounting period, and

(ii) shall, for the purposes of paragraph (b), be such an amount as bears to the part of the relevant corporation tax charged on profits which, under the said section 6 (3), are apportioned to the period beginning on the 1st day of April, 1991, and ending on the 31st day of December, 1992, the same proportion as the income from the sale of those goods bears to the total income brought into charge to corporation tax for the relevant accounting period.”.

(2) Section 41 (2) is hereby amended as respects any accounting period beginning on or after the 1st day of April, 1991, by the substitution of “three-quarters” for “thirty-three-forty-thirds”.

(a) in paragraph (i) of section 47 (2), by the substitution of “4/3” for “43/33”,

(b) in paragraph (ii) of the said section 47 (2), by the substitution of “1/3” for “10/33”, and

(c) in paragraph (ii) of the said section 48 (2), by the substitution of “1/3” for “10/33”.

(2) Where by virtue of paragraph 2 (1) of Part I a part of an accounting period is treated as a separate accounting period for the purposes of sections 182 and 184 of the Corporation Tax Act, 1976, that part shall also be treated as a separate accounting period for the purposes of this paragraph and for the purposes of sections 47 (2) and 48 (2) of the Finance Act, 1980, and the corporation tax charged for a part of an accounting period which is so treated shall, in so far as it is affected by the rate of corporation tax which is taken to have been charged, be taken, for the purposes of the said sections 47 (2) and 48 (2), to be the corporation tax which would have been charged if that part were a separate accounting period.

THIRD SCHEDULE Building Societies: Change of Status

Capital allowances

(2) There shall be made to or on the successor company in accordance with the said section 14 all such allowances and charges as would, if the society had continued to carry on the trade, have fallen to be made to or on it, and the amount of any such allowance or charge shall be computed as if the successor company had been carrying on the trade since the society began to do so and as if everything done to or by the society had been done to or by the successor company.

(3) The conversion of the society into the successor company shall not be treated as giving rise to any such allowance or charge.

Financial assets

(2) Where a society converts itself into the successor company, the vesting in the successor of any financial assets, the profits or gains on the disposal of which would be chargeable to tax under Case I of Schedule D, shall be treated, for the purposes of corporation tax, as not constituting a disposal of those assets by the society; but on the disposal of any of those assets by the successor, the profits or gains accruing to the successor shall be calculated (for the purposes of corporation tax) as if those assets had been acquired by the successor at their cost to the society.

(3) In this paragraph—

“financial assets” means such assets as are held by the society in accordance with the provisions of subsections (1) and (3) of section 39 of the Building Societies Act, 1989;

“financial trading stock” means such of the financial assets of the society as would constitute trading stock for the purposes of section 62 of the Income Tax Act, 1967.

Capital gains: assets vested in the successor company, etc.

(a) a disposal by the society of assets owned by it immediately before the conversion, or

(b) the acquisition at that time by the successor company of assets which, immediately before the conversion, were owned by the society.

(2) The provisions of the Capital Gains Tax Acts and of the Corporation Tax Act, 1976, in so far as it relates to capital gains, shall apply where a society has converted itself into the successor company as if the successor company—

(a) had acquired the assets which vested in the successor company on conversion at the same time and for the same consideration at which they were acquired by the society,

(b) had been in existence as a company at all times since the society was incorporated,

(c) had done all things done by the society relating to the acquisition and disposal of the assets which vested in the successor company on conversion, and

(d) had done all other things done by the society prior to the conversion.

Capital gains: shares, and rights to shares, in successor company

(a) to acquire shares in the successor company in priority to other persons, or

(b) to acquire shares in that company for consideration of an amount or value lower than the market value of the shares, or

(c) to free shares in that company,

any such rights so conferred on a member shall be regarded for the purposes of capital gains tax as an option (within the meaning of section 47 of the Capital Gains Tax Act, 1975) granted to and acquired by him for no consideration and having no value at the time of that grant and acquisition.

(2) Where, in connection with the conversion, shares in the successor company are issued by that company to a member of the society concerned, those shares shall be regarded for the purposes of capital gains tax—

(a) as acquired by the member for a consideration of an amount or value equal to the amount or value of any new consideration given by him for the shares or, if no new consideration is given, as acquired for no consideration, and

(b) as having, at the time of their acquisition by the member, a value equal to the amount or value of the new consideration so given or, if no new consideration is given, as having no value:

Provided that this subparagraph is without prejudice to the operation, where applicable, of subparagraph (1).

(3) Subparagraph (4) shall apply in any case where—

(a) in connection with the conversion, shares in the successor company are issued by that company to trustees on terms which provide for the transfer of those shares to members of the society for no new consideration, and

(b) the circumstances are such that in the hands of the trustees the shares constitute settled property, within the meaning of the Capital Gains Tax Acts.

(4) Where this subparagraph applies, then, for the purposes of capital gains tax—

(a) the shares shall be regarded as acquired by the trustees for no consideration;

(b) the interest of any member in the settled property constituted by the shares shall be regarded as acquired by him for no consideration and as having no value at the time of its acquisition; and

(c) where on the occasion of a member becoming absolutely entitled as against the trustees to any of the settled property, both the trustees and the member shall be treated as if, on his becoming so entitled, the shares in question had been disposed of and immediately reacquired by the trustees, in their capacity as trustees within section 8 (3) of the Capital Gains Tax Act, 1975, for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss would accrue to the trustees and, accordingly, section 15 (3) of that Act shall not apply in relation to that occasion.

(5) In this paragraph—

“free shares”, in relation to a member of the society, means any shares issued by the successor company to that member in connection with the conversion but for no new consideration;

“member”, in relation to the society, means a person who is or has been a member of it, in that capacity, and any reference to a member includes a reference to a member of any particular class or description;

“new consideration” means consideration other than—

(a) consideration provided directly or indirectly out of the assets of the society or the successor company, or

(b) consideration derived from a member's shares or other rights in the society or the successor company.

(6) Reference in this paragraph to the case where a member becomes absolutely entitled to settled property as against the trustees shall be taken to include references to the case where he would become so entitled but for being a minor or otherwise under a legal disability.

FOURTH SCHEDULE Reorganisation into Companies of Trustee Savings Banks

Interpretation

“bank” means either or both a trustee savings bank and a bank within the meaning of section 57 (3) (c) (i) of the Trustee Savings Banks Act, 1989, as the context requires;

“successor” means the company to which any property, rights, liabilities and obligations are transferred in the course of a transfer;

“transfer” means the transfer by a trustee savings bank of all or part of its property and rights and all of its liabilities or obligations under an order made by the Minister for Finance in accordance with the provisions of section 57 of the Trustee Savings Banks Act, 1989, authorising the reorganisation of one or more trustee savings banks into a company or the reorganisation of a company referred to in subsection (3) (c) (i) of that section into a company referred to in subsection (3) (c) (ii) of that section.

Capital Allowances

(a) of allowances and charges provided for in Parts XIII, XIV, XV, XVI, XVII and XVIII of the Income Tax Act, 1967, or any other provision of the Income Tax Acts relating to the making of allowances or charges under or in accordance with those Parts, and

(b) of allowances or charges provided for by section 14 of the Corporation Tax Act, 1976.

(2) The transfer shall not be treated as giving rise to any such allowance or charge which is provided for under subparagraph (1).

(3) There shall be made to or on the successor in accordance with the said section 14 all such allowances and charges as would, if the bank had continued to carry on the trade, have fallen to be made to or on it, and the amount of any such allowance or charge shall be computed as if the successor had been carrying on the trade since the trustee savings bank began to do so and as if everything done to or by the bank had been done to or by the successor:

Provided that the successor shall not be entitled to any amount which would have fallen to be made to the trustee savings bank by virtue only of subsection (3) of section 241 of the Income Tax Act, 1967.

Trading Losses

(a) a company referred to in subsection (3) (c) (i) of section 57 of the Trustee Savings Banks Act, 1989, which becomes a company referred to in subsection (3) (c) (ii) of that section shall not be entitled to relief under subsection (1) of section 16 of the Corporation Tax Act, 1976, in respect of any loss incurred by it in a trade in any accounting period or part of an accounting period in which it was a company referred to in the said subsection (3) (c) (i), and

(b) a company referred to in subsection (3) (c) (ii) of the said section 57 shall not be entitled to relief under section 16 (1) of the Corporation Tax Act, 1976, in respect of any loss incurred by a company referred to in subsection (3) (c) (i) of that section.

Financial Assets

(2) The acquisition, in the course of a transfer, by the successor of any assets, the profits or gains on the disposal of which by the bank would be chargeable to tax under Case I of Schedule D, shall be treated, for the purposes of income tax and corporation tax, as not constituting a disposal of those assets by that bank; but on the disposal of any of those assets by the successor, the profits or gains accruing to the successor shall be calculated (for the purposes of corporation tax) as if those assets had been acquired by the successor at their cost to the bank.

(3) In this paragraph “financial trading stock” means such of the assets of the bank as would constitute trading stock for the purposes of section 62 of the Income Tax Act, 1967.

Capital Gains

(2) The disposal of an asset by a bank to a company in the course of a transfer shall be deemed to be for a consideration of such amount as would secure that on the disposal neither a gain nor a loss would accrue to the bank.

(3) Where subparagraph (2) has had effect in relation to the disposal of an asset by the bank, then in relation to a subsequent disposal of the asset, the successor shall be treated as if the acquisition or provision of the asset by—

(a) the trustee savings bank, or

(b) if it was not acquired or provided by the trustee savings bank, the bank within the meaning of section 57 (3) (c) (i) of the Trustee Savings Banks Act, 1989,

were the successor's acquisition or provision of it.

(4) Any allowable losses accruing at any time to a bank shall, on a transfer and so far as they have not been allowed as a deduction from chargeable gains, be treated as allowable losses which accrued at that time to the successor.

(5) For the purposes of section 28 (as amended by section 9 of the Capital Gains Tax (Amendment) Act, 1978) of the Capital Gains Tax Act, 1975, the bank and the successor shall be treated as if they were the same person.

(6) Where the liability in respect of any debt owed to a bank is transferred in the course of a transfer to a successor, the successor shall be treated as the original creditor for the purposes of section 46 of the Capital Gains Tax Act, 1975.

FIFTH SCHEDULE Offshore Funds: Distributing Funds

PART I The Distribution Test

Requirements as to distributions

(a) a distribution is made for the account period or for some other period which, in whole or in part, falls within that account period, and

(b) subject to Part II of this Schedule, the amount of the distribution which is paid to the holders of material and other interests in the fund—

(i) represents at least 85 per cent. of the income of the fund for the period, and

(ii) is not less than 85 per cent. of the fund's Irish equivalent profits for the period,

and

(c) the distribution is made during the account period or not more than 6 months after the expiry of that period, and

(d) the form of the distribution is such that, if any sum forming part of it were received in the State by a person resident there and did not form part of the profits of a trade, profession or vocation, that sum would fall to be chargeable to tax under Case III of Schedule D

and any reference in this subparagraph to a distribution made for an account period includes a reference to any two or more distributions so made or, in the case of clause (b), the aggregate of them.

(2) Subject to subparagraph (3), with respect to any account period for which—

(a) there is no income of the fund, and

(b) there are no Irish equivalent profits of the fund,

the fund shall be treated as pursuing a full distribution policy notwithstanding that no distribution is made as mentioned in subparagraph (1).

(3) For the purposes of Chapter VII of Part I, an offshore fund shall be regarded as not pursuing a full distribution policy with respect to an account period for which the fund does not make up accounts.

(4) For the purposes of this paragraph—

(a) where a period for which an offshore fund makes up accounts includes the whole or part of two or more account periods of the fund, then, subject to clause (c), income shown in those accounts shall be apportioned between those account periods on a time basis according to the number of days in each period which are comprised in the period for which the accounts are made up,

(b) where a distribution is made for a period which includes the whole or part of two or more account periods of the fund, then, subject to subparagraph (5), the distribution shall be apportioned between those account periods on a time basis according to the number of days in each period which are comprised in the period for which the distribution is made,

(c) where a distribution is made out of specified income but is not made for a specified period, that income shall be attributed to the account period of the fund in which it in fact arose and the distribution shall be treated as made for that account period, and

(d) where a distribution is made neither for a specified period nor out of specified income, then, subject to subparagraph (5), it shall be treated as made for the last account period of the fund which ended before the distribution was made.

(5) If, but for this subparagraph, the amount of a distribution made, or treated by virtue of subparagraph (4) as made, for an account period would exceed the income of that period, then, for the purposes of this paragraph—

(a) if the amount of the distribution was determined by apportionment under subparagraph (4) (b), the excess shall be re-apportioned, as may be just and reasonable, to any other account period which, in whole or in part, falls within the period for which the distribution was made or, if there is more than one such period, between those periods, and

(b) subject to clause (a), the excess shall be treated as an additional distribution or series of additional distributions made for preceding account periods in respect of which the distribution or the aggregate distributions (as the case may be) would otherwise be less than the income of the period, applying the excess to later account periods before earlier ones, until it is exhausted.

(6) In any case where—

(a) for a period which is or includes an account period, an offshore fund is subject to any restriction as regards the making of distributions, being a restriction imposed by the law of any territory, and

(b) the fund is subject to that restriction by reason of an excess of losses over profits (applying the concepts of “profits” and “losses” in the sense in which and to the extent to which they are relevant for the purposes of the law in question),

then, in determining for the purposes of the preceding provisions of this paragraph the amount of the fund's income for that account period, there shall be allowed as a deduction any amount which, apart from this subparagraph, would form part of the income of the fund for that account period and which cannot be distributed by virtue of the restriction.

Funds operating equalisation arrangements

(2) Subparagraph (1) applies to a disposal—

(a) which is a disposal of a material interest in the offshore fund concerned, and

(b) which is a disposal to which Chapter VII of Part I applies (whether by virtue of subsection (3) of section 64 or otherwise) or is one to which that Chapter would apply if subsections (5) and (6) of that section applied generally and not only for the purpose of determining whether, by virtue of the said subsection (3), there is a disposal to which the said Chapter applies, and

(c) which is not a disposal with respect to which the conditions in subsection (4) of section 64 are fulfilled, and

(d) which is a disposal to the fund itself or to the persons concerned in the management of the fund (hereafter in this paragraph referred to as “the managers of the fund”) in their capacity as such.

(3) On a disposal to which subparagraph (1) applies, the part of the consideration which represents income accrued to the date of the disposal is, subject to subparagraph (4) and paragraph 4 (4), the amount which would be credited to the equalisation account of the offshore fund concerned in respect of accrued income if, on the date of the disposal, the material interest which is disposed of were acquired by another person by way of initial purchase.

(4) Where, after the beginning of the period by reference to which the accrued income referred to in subparagraph (3) is calculated, the material interest disposed of by a disposal to which subparagraph (1) applies was acquired by way of initial purchase (whether or not by the person making the disposal), then—

(a) there shall be deducted from the amount which, in accordance with subparagraph (3), would represent income accrued to the date of the disposal, the amount which on that acquisition was credited to the equalisation account in respect of accrued income, and

(b) if in that period there has been more than one such acquisition of that material interest by way of initial purchase, the deduction to be made under this subparagraph shall be the amount so credited to the equalisation account on the latest such acquisition prior to the disposal in question.

(5) Where, by virtue of this paragraph, an offshore fund is treated for the purposes of this Part of this Schedule as making a distribution on the occasion of a disposal, the distribution shall be treated for those purposes as—

(a) complying with paragraph 1 (1) (d),

(b) made out of the income of the fund for the account period in which the disposal occurs, and

(c) paid, immediately before the disposal, to the person who was then the holder of the interest disposed of.

(6) In any case where—

(a) a distribution in respect of an interest in an offshore fund is made to the managers of the fund,

(b) their holding of that interest is in their capacity as such, and

(c) at the time of the distribution, the fund is operating equalisation arrangements,

then the distribution shall not be taken into account for the purposes of paragraph 1 (1) except to the extent that the distribution is properly referable to that part of the period for which the distribution is made during which that interest has been held by the managers of the fund in their capacity as such.

(7) Subsection (2) of section 64 applies for the purposes of this paragraph as it applies for the purposes of that section.

Income taxable under Case III of Schedule D

(a) the holders of interests in the fund who are either companies resident in the State or individuals domiciled and resident therein—

(i) are chargeable to tax under Case III of Schedule D in respect of such of those sums as are referable to their interests, or

(ii) if any of that income is derived from assets within the State, would be so chargeable had the assets been outside the State,

and

(b) the holders of interests, who are not such companies or individuals, would be chargeable as mentioned in subclause (i) or (ii) of clause (a) if they were resident in the State or, in the case of individuals, if they were domiciled and both resident and ordinarily resident there.

(2) To the extent that sums falling within subparagraph (1) do not actually form part of a distribution complying with clauses (c) and (d) of subparagraph (1) of paragraph 1, they shall be treated for the purposes of this Part of this Schedule—

(a) as a distribution complying with those clauses and made out of the income of which they form part, and

(b) as paid to the holders of the interests to which they are referable.

Commodity income

(a) the income of the fund for that period, and

(b) the fund's Irish equivalent profits for that period:

Provided that in any account period in which an offshore fund incurs a loss in dealing in commodities the amount of that loss shall not be varied by virtue of this paragraph.

(2) In this paragraph—

“commodities” means tangible assets which are dealt with on a commodity exchange in any part of the world other than currency, securities, debts or other assets of a financial nature;

“dealing” in relation to dealing in commodities, includes dealing by way of futures contracts and traded options.

(3) Where the income of an offshore fund for any account period consists of profits from dealing in commodities and other income, then—

(a) in determining whether the condition in paragraph 1 (1) (b) is fulfilled with respect to that account period, the expenditure of the fund shall be apportioned in such manner as is just and reasonable between the profits from dealing in commodities and the other income, and

(b) in determining whether, and to what extent, any expenditure is deductible under section 15 of the Corporation Tax Act, 1976, in computing the fund's Irish equivalent profits for that period, so much of the business of the fund as does not consist of dealing in commodities shall be treated as a business carried on by a separate company.

(4) Where there is a disposal to which paragraph 2 (1) applies, then, to the extent that any amount which was or would be credited to the equalisation account in respect of accrued income, as mentioned in subparagraph (3) or (4) of that paragraph, represents profits from dealing in commodities, one half of that accrued income shall be left out of account in determining under those subparagraphs the part of the consideration for the disposal which represents income accrued to the date of the disposal.

(2) In this paragraph “profits” does not include chargeable gains.

(3) The assumptions referred to in subparagraph (1) are that—

(a) the offshore fund is a company which, in the account period, is resident in the State,

(b) the account period is an accounting period of that company, and

(c) any dividends or distributions which, by virtue of section 2 of the Corporation Tax Act, 1976, should be left out of account in computing income for corporation tax purposes are nevertheless to be brought into account in that computation in like manner as if they were dividends or distributions of a company resident outside the State.

(4) Without prejudice to any deductions available apart from this subparagraph, the deductions referred to in subparagraph (1) include—

(a) a deduction equal to any amount which, by virtue of paragraph 1 (6), is allowed as a deduction in determining the income of the fund for the account period in question,

(b) a deduction equal to any amount of Irish income tax paid by deduction or otherwise by, and not repaid to, the offshore fund in respect of the income of the account period, and

(c) a deduction equal to any amount of tax (paid under the law of a territory outside the State) which was taken into account as a deduction in determining the income of the fund for the account period in question but which, because it is referable to capital rather than income, does not fall to be taken into account by virtue of section 76 (1) of the Income Tax Act, 1967, or section 12(6) of the Corporation Tax Act, 1976:

Provided that the provisions of section 171 of the Corporation Tax Act, 1976, shall be disregarded for the purposes of clause (b).

(5) For the avoidance of doubt it is hereby declared that, if any sums forming part of the offshore fund's income for any period have been received by the fund without any deduction of or charge to tax by virtue of section 462, 464, 470, or 474 of the Income Tax Act, 1967, the effect of the assumption in subparagraph (3) (a) is that those sums are to be brought into account in determining the total profits referred to in subparagraph (1).

PART II Modifications of Conditions for Certification in Certain Cases

Exclusion of investments in distributing offshore funds

(a) in an account period of an offshore fund (hereafter in this Part of this Schedule referred to as the “primary fund”), the assets of the fund consist of or include interests in another offshore fund, and

(b) those interests (together with other interests which the primary fund may have) are such that, by virtue of paragraph (a) of subsection (3) of section 66 or, if the other fund concerned is a company, paragraph (b) or (c) of that subsection, the primary fund could not, apart from this paragraph, be certified as a distributing fund in respect of the account period, and

(c) without regard to the provisions of this paragraph, that other fund could be certified as a distributing fund in respect of its account period or, as the case may be, each of its account periods which comprises the whole or any part of the account period of the primary fund,

then, in determining whether in section 66 (3) (other than paragraph (d)) anything prevents the primary fund being certified as mentioned in clause (b), the interests of the primary fund in that other fund shall be left out of account except for the purposes of determining the total value of the assets of the primary fund.

(2) In this Part of this Schedule an offshore fund falling within subparagraph (1) (c) is referred to as a “qualifying fund”.

(3) In a case falling within subparagraph (1)—

(a) section 66 (3) (other than paragraph (d)) shall have effect in relation to the primary fund with the modification in paragraph 7 (in addition to that provided for by subparagraph (1) above), and

(b) Part I of this Schedule shall have effect in relation to the primary fund with the modification in paragraph 8.

(a) at any time in the account period referred to in paragraph 6 (1), the assets of the primary fund include an interest in an offshore fund or in any company (whether an offshore fund or not), and

(b) that interest falls to be taken into account in determining whether in section 66 (3) (other than paragraph (d)) anything prevents the primary fund being certified as a distributing fund in respect of that account period, and

(c) at any time in that account period the assets of the qualifying fund include an interest in the offshore fund or company referred to in clause (a),

then, for the purposes of the application in relation to the primary fund of section 66 (3) (other than paragraph (d)), at any time when the assets of the qualifying fund include the interest referred to in clause (c), the primary fund's share of that interest shall be treated as an additional asset of the primary fund.

(2) For the purposes of this paragraph, the excess income of the qualifying fund for any account period of that fund is the amount (if any) by which its Irish equivalent profits for that account period exceed the amount of the distributions made for that period, as determined for the purposes of the application of paragraph 1 (1) to the qualifying fund.

(3) If an account period of the qualifying fund coincides with an account period of the primary fund, then the excess income (if any) of the qualifying fund for that period is the excess income which is attributable to that period of the primary fund.

(4) In a case where subparagraph (3) does not apply, the excess income of the qualifying fund which is attributable to an account period of the primary fund is the appropriate fraction of the excess income (if any) of the qualifying fund for any of its account periods which comprises the whole or any part of the account period of the primary fund and, if there is more than one such account period of the qualifying fund, the aggregate of the excess income (if any) of each of them.

(5) For the purposes of subparagraph (4), the appropriate fraction shall be calculated by reference to the formula—

A __ B

where—

A is the number of days in the account period of the primary fund which are also days in an account period of the qualifying fund, and

B is the number of days in that account period of the qualifying fund or, as the case may be, in each of those account periods of that fund which comprises the whole or any part of the account period of the primary fund.

(a) an interest forming part of the assets of the qualifying fund, or

(b) the excess income (within the meaning it has in paragraph 8) of the qualifying fund,

shall be construed as references to the fraction specified in subparagraph (2) of that interest or excess income.

(2) In relation to any account period of the primary fund, the fraction referred to in subparagraph (1) shall be calculated by reference to the formula—

C __ D

where—

C is the average value of the primary fund's holding of interests in the qualifying fund during that period, and

D is the average value of all the interests of the qualifying fund held by any persons during that period.

Offshore funds investing in trading companies

(2) In the application of section 66 (3) (b) to so much of the assets of an offshore fund as for the time being consists of interests in a single trading company, for the words “10 per cent.” there shall be construed the words “20 per cent.”.

(3) In the application of section 66 (3) (c) to an offshore fund, for the words “more than 10 per cent.”, in so far as they would otherwise refer to the share capital of a trading company or to any class of such share capital, there shall be construed the words “50 per cent. or more”.

(4) In this paragraph—

“commodities” has the same meaning as it has in paragraph 4 (2);

“dealing”, in relation to commodities, currency, securities, debts or other assets of a financial nature, includes dealing by way of futures contracts and traded options;

“trading company” means a company whose business consists wholly of the carrying on of a trade or trades and does not to any extent consist of—

(a) dealing in commodities, currency, securities, debts or other assets of a financial nature, or

(b) banking or money-lending.

Offshore funds with wholly-owned subsidiaries

(2) Subject to subparagraph (3), for the purposes of this paragraph, a company is a wholly-owned subsidiary of an offshore fund if and so long as the whole of the issued share capital of the company is—

(a) in the case of an offshore fund falling within section 65 (1) (a), directly and beneficially owned by the fund, and

(b) in the case of an offshore fund falling within section 65 (1) (b), directly owned by the trustees of the fund for the benefit of the fund, and

(c) in the case of an offshore fund falling within section 65 (1) (c), owned in a manner which, as near as may be, corresponds either to clause (a) or (b).

(3) In the case of a company which has only one class of issued share capital, the reference in subparagraph (2) to the whole of the issued share capital shall be construed as a reference to at least 95 per cent. of that share capital.

(4) The modifications referred to in subparagraph (1) are that, for the purposes of section 66 (3) and Part I of this Schedule—

(a) that percentage of the receipts, expenditure, assets and liabilities of the subsidiary which is equal to the percentage of the issued share capital of the company concerned which is owned as mentioned in subparagraph (2) shall be regarded as the receipts, expenditure, assets and liabilities of the fund, and

(b) there shall be left out of account the interest of the fund in the subsidiary and any distributions or other payments made by the subsidiary to the fund or by the fund to the subsidiary.

Offshore funds with interests in dealing and management companies

(a) a wholly-owned subsidiary of the fund which falls within subparagraph (2), or

(b) a subsidiary management company of the fund, as defined in subparagraph (3).

(2) A company which is a wholly-owned subsidiary of an offshore fund is one to which subparagraph (1) (a) above applies if—

(a) the business of the company consists wholly of dealing in material interests in the offshore fund for the purposes of and in connection with the management and administration of the business of the fund, and

(b) the company is not entitled to any distribution in respect of any material interest for the time being held by it,

and paragraph 11 (2) shall apply to determine whether a company is, for the purposes of this paragraph, a wholly-owned subsidiary of an offshore fund.

(3) A company (being a company in which an offshore fund has an interest) shall, for the purposes of subparagraph (1) (b), be a subsidiary management company of the fund if—

(a) the company carries on no business other than providing services falling within subparagraph (4) either for the fund alone or for the fund and for any other offshore fund which has an interest in the company, and

(b) the company's remuneration for the services which it provides to the fund is not greater than it would be if it were determined at arm's length between the fund and a company in which the fund has no interest.

(4) The services referred to in subparagraph (3) are—

(a) holding property (being property of any description) which is occupied or used in connection with the management or administration of the fund, and

(b) providing administrative, management and advisory services to the fund.

(5) In determining, in accordance with subparagraph (3), whether a company in which an offshore fund has an interest is a subsidiary management company of that fund—

(a) every business carried on by a wholly-owned subsidiary of the company shall be treated as carried on by the company,

(b) no account shall be taken of so much of the company's business as consists of holding its interests in a wholly-owned subsidiary, and

(c) any reference in subparagraph (3) (b) to the company shall be taken to include a reference to a wholly-owned subsidiary of the company.

(6) A reference in subparagraph (5) to a wholly-owned subsidiary of a company shall be construed as a reference to another company, the whole of the issued share capital of which is for the time being directly and beneficially owned by the first-mentioned company.

Disregarding of certain investments forming less than 5 per cent. of a fund

(a) in any account period of an offshore fund, the assets of the fund include a holding of issued share capital (or any class of issued share capital) of a company, and

(b) that holding is such that by virtue of section 66 (3) (c) the fund could not (apart from this paragraph) be certified as a distributing fund in respect of that account period,

then, if the condition in subparagraph (3) is fulfilled, that holding shall be disregarded for the purposes of section 66 (3) (c).

(2) In this paragraph “excess holding” means any holding falling within subparagraph (1).

(3) The condition referred to in subparagraph (1) is that at no time in the account period in question does that portion of the fund which consists of—

(a) excess holdings, and

(b) interests in other offshore funds which are not qualifying funds,

exceed 5 per cent. by value of all the assets of the fund.

Power of Revenue Commissioners to disregard certain breaches of conditions

(a) occurred inadvertently, and

(b) was remedied without unreasonable delay,

then, they may disregard the failure for the purposes of determining whether to certify the fund as a distributing fund in respect of that account period.

PART III Certification Procedure

Application for certification

(a) an application in respect of that period is made under this paragraph,

(b) the application is accompanied by the accounts of the fund for, or for a period which includes, the account period to which the application relates,

(c) there is furnished to the Revenue Commissioners such information as they may reasonably require for the purpose of determining whether the fund should be so certified, and

(d) they are satisfied that nothing in subsection (2) or (3) of section 66 prevents the fund being so certified.

(2) An application under this paragraph shall be made to the Revenue Commissioners by the fund or by a trustee or officer thereof on behalf of the fund and may be so made before—

(a) the 1st day of January, 1991, or

(b) the expiry of the period of 6 months beginning at the end of the account period to which the application relates,

whichever is the later.

(3) In any case where, on an application under this paragraph, the Revenue Commissioners determine that the offshore fund concerned should not be certified as a distributing fund in respect of the account period to which the application relates, they shall give notice of that determination to the fund.

(4) If at any time it appears to the Revenue Commissioners that—

(a) the accounts accompanying an application under this paragraph in respect of any account period of an offshore fund are not such, or

(b) any information furnished to them in connection with such an application is not such,

as to make full and accurate disclosure of all facts and considerations relevant to the application, they shall give notice to the fund accordingly, specifying the period concerned.

(5) Where a notice is given by the Revenue Commissioners under subparagraph (4), they shall be deemed never to have certified the offshore fund in respect of the account period in question.

Appeals

(a) against such a determination as is referred to in paragraph 15 (3), or

(b) against a notification under paragraph 15 (4),

may be made by the offshore fund or by a trustee or officer thereof on behalf of the fund, and shall be so made by notice specifying the grounds of appeal and given to the Revenue Commissioners within 30 days of the date of the notice under subparagraph (3) or (4) of paragraph 15 as the case may be.

(2) The Appeal Commissioners shall hear and determine an appeal under subparagraph (1) in accordance with the principles to be followed by the Revenue Commissioners in determining applications under paragraph 15 and, subject thereto, in like manner as in the case of an appeal to them against an assessment to income tax, and the provisions of the Income Tax Act, 1967, relating to such an appeal (including the provisions relating to the rehearing of an appeal and to the statement of a case for the opinion of the High Court on a point of law) shall apply accordingly with any necessary modifications.

(3) The jurisdiction of the Appeal Commissioners on an appeal under this paragraph shall include jurisdiction to review any decision of the Revenue Commissioners which is relevant to a ground of the appeal.

PART IV Supplementary

Assessment: effect of non-certification

(2) Subject to subparagraphs (3) and (5), if the Revenue Commissioners receive a notice under subparagraph (1) they shall by notice, given in such manner as they consider appropriate in the circumstances, invite the offshore fund concerned to make an application under paragraph 15 in respect of the period in question.

(3) Where subparagraph (2) applies, the Revenue Commissioners shall not be required to give notice under that subparagraph before the expiry of the account period to which the notice is to relate nor if an application under paragraph 15 has already been made:

Provided that where notice is given under subparagraph (2), an application under paragraph 15 shall not be out of time under paragraph 15 (2) if it is made within 90 days of the date of that notice.

(4) If an offshore fund to which notice is given under subparagraph (2) does not make, within the time allowed by subparagraph (3) or paragraph 15 (2) (as the case may be), an application under paragraph 15 in respect of the account period in question, the Revenue Commissioners shall proceed to determine the question of certification in respect of that period as if such an application had been made.

(5) Where the Revenue Commissioners receive more than one notice under subparagraph (1) with respect to the same account period of the same offshore fund, their obligations under subparagraphs (2) and (4) shall be taken to be fulfilled with respect to each of those notices if they are fulfilled with respect to any one of them.

(6) Notwithstanding anything contained in subparagraph (5), for the purpose of a determination under subparagraph (4) with respect to an account period of an offshore fund, the Revenue Commissioners shall have regard to accounts and other information furnished by all persons who have given notice under subparagraph (1) with respect to that account period; and paragraph 15 shall apply as if accounts and information so furnished had been furnished in compliance with subparagraph (1) of that paragraph.

(7) Without prejudice to subparagraph (5), in any case where—

(a) at a time after the Revenue Commissioners have made a determination under subparagraph (4) that an offshore fund should not be certified as a distributing fund in respect of an account period, notice is given under subparagraph (1) with respect to that period, and

(b) the person giving that notice furnishes the Revenue Commissioners with accounts or information which had not been furnished to them at the time of the earlier determination,

then, the Revenue Commissioners shall reconsider their previous determination in the light of the new accounts or information and, if they consider it appropriate, may determine to certify the fund accordingly.

(8) Where any person has given notice to the Revenue Commissioners under subparagraph (1) with respect to an account period of an offshore fund and no application has been made under paragraph 15 with respect to that period, then—

(a) the Revenue Commissioners shall notify that person of their determination with respect to certification under subparagraph (4), and

(b) paragraph 16 shall not apply in relation to that determination.

(a) any determination of the Revenue Commissioners or (on appeal) the Appeal Commissioners as to whether an offshore fund should or should not be certified as a distributing fund in respect of any account period, or

(b) the content and effect of any notice given by the Revenue Commissioners under paragraph 15 (4).

SIXTH SCHEDULE Offshore Funds: Computation of Offshore Income Gains

PART I Disposals of Interests in Non-Qualifying Funds

Interpretation

Calculation of unindexed gain

(2) Subject to subsections (3), (4), (5) and (6) of section 63 and paragraph 3, the unindexed gain accruing on a material disposal is the amount which would be the gain on that disposal for the purposes of the Principal Act if it were computed—

(a) without regard to any charge to income tax or corporation tax by virtue of section 67, and

(b) without regard to any adjustment (hereafter in this Part of this Schedule referred to as “the indexation allowance”), made under section 3 (1) of the Capital Gains Tax (Amendment) Act, 1978, to sums allowable as deductions in the computation of chargeable gains.

(2) Notwithstanding section 12 of the Principal Act if, apart from this subparagraph, the effect of any computation under the preceding provisions of this Part of this Schedule would be to produce a loss, the unindexed gain on the material disposal shall be treated as nil and, accordingly, for the purposes of this Part of this Schedule no loss shall be treated as accruing on a material disposal.

Gains since the 6th day of April, 1990

(a) the interest in the offshore fund which is disposed of by the person making a material disposal was acquired by him before the 6th day of April, 1990, or

(b) he is treated by virtue of any provision of subparagraph (3) and (4) as having acquired the interest before that date.

(2) Where this paragraph applies, there shall be determined for the purposes of this Part of this Schedule the amount which would have been the gain on the material disposal—

(a) on the assumption that, on the 6th day of April, 1990, the interest was disposed of and immediately reacquired for a consideration equal to its market value at that time, and

(b) subject to that assumption, on the basis that the gain is computed in like manner as, under paragraphs 2 and 3, the unindexed gain on the material disposal is determined,

and that amount is in paragraph 5 (2) referred to as “the gain since the 6th day of April, 1990”.

(3) Where the person making the material disposal acquired the interest disposed of—

(a) on or after the 6th day of April, 1990, and

(b) in such circumstances that by virtue of any enactment other than section 3 (3) of the Capital Gains Tax (Amendment) Act, 1978, he and the person from whom he acquired it (hereafter in this subparagraph and subparagraph (4) referred to as “the previous owner”) fell to be treated for the purposes of the Principal Act as if his acquisition were for a consideration of such an amount as would secure that, on the disposal under which he acquired it, neither a gain nor a loss accrued to the previous owner,

then, the previous owner's acquisition of the interest shall be treated as his acquisition of it.

(4) If the previous owner acquired the interest disposed of on or after the 6th day of April, 1990, and in circumstances similar to those referred to in subparagraph (3), then, his predecessor's acquisition of the interest shall be treated for the purposes of this paragraph as the previous owner's acquisition, and so on back through previous acquisitions in similar circumstances until the first such acquisition before the 6th day of April, 1990, or, as the case may be, until an acquisition on a material disposal on or after that date.

The offshore income gain

(2) In any case where—

(a) paragraph 4 applies, and

(b) the gain since the 6th day of April, 1990 (as defined in paragraph 4 (2)) is less than the unindexed gain on the disposal,

the offshore income gain to which the disposal gives rise shall be an amount equal to the gain since the 6th day of April, 1990 (as so defined).

PART II Disposals Involving an Equalisation Element

(2) Subject to subparagraphs (4), (5) and (6), the equalisation element relevant to the asset disposed of by a disposal falling within subparagraph (1) shall be the amount which would be credited to the equalisation account of the offshore fund concerned in respect of accrued income if, on the date of the disposal, the asset which is disposed of were acquired by another person by way of initial purchase.

(3) In the following provisions of this Part of this Schedule, a disposal falling within subparagraph (1) is referred to as a “disposal involving an equalisation element”.

(4) Where the asset disposed of by a disposal involving an equalisation element was acquired by the person making the disposal after the beginning of the period by reference to which the accrued income referred to in subparagraph (2) is calculated, the amount which, apart from this subparagraph, would be the equalisation element relevant to that asset shall be reduced by the following amount, that is to say—

(a) if that acquisition took place on or after the 6th day of April, 1990, the amount which, on that acquisition, was credited to the equalisation account of the offshore fund concerned in respect of accrued income or, as the case may be, would have been so credited if that acquisition had been an acquisition by way of initial purchase, and

(b) in any other case, the amount which would have been credited to that account in respect of accrued income if that acquisition had been an acquisition by way of initial purchase taking place on the 6th day of April, 1990.

(5) In any case where—

(a) the asset disposed of by a disposal involving an equalisation element was acquired by the person making the disposal at or before the beginning of the period by reference to which the accrued income referred to in subparagraph (2) is calculated, and

(b) that period began before the 6th day of April, 1990, and ends after that date,

the amount which, apart from this subparagraph, would be the equalisation element relevant to that asset shall be reduced by the amount which would have been credited to the equalisation account of the offshore fund concerned in respect of accrued income if the acquisition referred to in clause (a) above had been an acquisition by way of initial purchase taking place on the 6th day of April, 1990.

(6) Where there is a disposal involving an equalisation element, then, to the extent that any amount which was or would be credited to the equalisation account of the offshore fund in respect of accrued income (as mentioned in subparagraph (2), (3), (4) or (5)) represents profits from dealing in commodities, within the meaning of paragraph 4 of the Fifth Schedule, one half of that accrued income shall be left out of account in determining under those subparagraphs the equalisation element relevant to the asset disposed of by that disposal.

(2) Notwithstanding anything in paragraph 6 above—

(a) if there is no Part I gain on a disposal involving an equalisation element, that disposal shall not give rise to an offshore income gain, and

(b) if, apart from this paragraph, the offshore income gain on a disposal involving an equalisation element would exceed the Part I gain on that disposal, the offshore income gain to which that disposal gives rise shall be reduced to an amount equal to that Part I gain.

(2) For the purposes only of the application of Part I of this Schedule to determine the Part I gain (if any) on a disposal involving an equalisation element, subsections (5) and (6) of section 64 shall have effect as if, in the said subsection (5), the words “by virtue of subsection (3) above” were omitted.

(3) If a disposal involving an equalisation element is one which, by virtue of any enactment other than section 3 (3) of the Capital Gains Tax (Amendment) Act, 1978, is treated for the purposes of the Principal Act as one on which neither a gain nor a loss accrues to the person making the disposal, then, for the purpose only of determining the Part I gain (if any) on the disposal, that enactment shall be deemed not to apply to it (but without prejudice to the application of that enactment to any earlier disposal).

SEVENTH SCHEDULE Rates of Excise Duty on Televisions

Description of Televisions	Rate of Duty
Colour televisions:
with a screen the maximum dimension of which exceeds seventeen inches and does not exceed twenty-four inches	£30 the television
with a screen the maximum dimension of which exceeds twenty-four inches	£45 the television

EIGHTH SCHEDULE

Section 96.

Description of Product	Rate of Duty
Cigarettes	£39.59 per thousand together with an amount equal to 14.7 per cent. of the price at which the cigarettes are sold by retail
Cigars	£60.217 per kilogram
Sweetened pipe tobacco	£60.851 per kilogram
Hard pressed tobacco	£38.914 per kilogram
Other pipe tobacco	£48.916 per kilogram
Other smoking or chewing tobacco	£50.814 per kilogram

NINTH SCHEDULE Stamp Duty on Instruments

PART I Bonds, Covenants, etc.

“BOND, COVENANT, or INSTRUMENT of any kind whatsoever.
(1) Being the only or principal or primary security for any annuity (except upon the original creation thereof by way of sale or security, and except a superannuation annuity), or for any sum or sums of money at stated periods, not being interest for any principal sum secured by a duly stamped instrument, nor rent reserved by a lease.
For a definite and certain period, so that the total amount to be ultimately payable can be ascertained—
where the total amount does not exceed £20,000	Exempt
where the total amount exceeds £20,000:
for every £1,000, or any fractional part of £1,000, of the amount secured	£1.00
Provided that the duty so charged shall not exceed £3,000.
For the term of life or any other indefinite period:
for every £100, or any fractional part of £100, of the annuity or sum periodically payable	£2.50
Provided that the duty so charged shall not exceed £3,000.
(2) Being a collateral or auxiliary or additional or substituted security for any of the above-mentioned purposes where the principal or primary instrument is duly stamped.
Where the amount secured does not exceed £20,000	Exempt
Where the total amount to be ultimately payable can be ascertained and exceeds £20,000	£10.00
(3) In any other case:
for every £100, or any fractional part of £100, of the annuity or sum periodically payable	50p
Provided that the duty so charged shall not exceed £3,000.
(4) Being a grant or contract for payment of a superannuation annuity, that is to say, a deferred life annuity granted or secured to any person in consideration of annual premiums payable until he attains a specified age and so as to commence on his attaining that age.
For every £100 or any fractional part of £100 of the annuity	50p

”.

PART II Conveyance or Transfer on Sale of any Stocks or Marketable Securities

“CONVEYANCE or TRANSFER on sale of any stocks or marketable securities.
(1) Where a conveyance or transfer is on a sale of units in a collective investment undertaking within the meaning of section 18 of the Finance Act, 1989	Exempt
(2) Of any other kind whatsoever not herein-before described:
for every £100, or any fractional part of £100, of the consideration	£1.00

”.

PART III Conveyance or Transfer on Sale of other Property

“CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities.
(1) Where the amount or value of the consideration for the sale does not exceed £5,000 and the instrument contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions, in respect of which the amount or value, or the aggregate amount or value, of the consideration exceeds £5,000	Exempt
(2) Where the amount or value of the consideration for the sale exceeds £5,000 but does not exceed £10,000 and the instrument contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration exceeds £10,000:
for every £100, or any fractional part of £100, of the consideration	£1.00
(3) Where the amount or value of the consideration for the sale exceeds £10,000 but does not exceed £15,000 and the instrument contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration exceeds £15,000:
for every £100, or any fractional part of £100, of the consideration	£2.00
(4) Where the amount or value of the consideration for the sale exceeds £15,000 but does not exceed £25,000 and the instrument contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration exceeds £25,000:
for every £100, or any fractional part of £100, of the consideration	£3.00
(5) Where the amount or value of the consideration for the sale exceeds £25,000 but does not exceed £50,000 and the instrument contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration exceeds £50,000:
for every £100, or any fractional part of £100, of the consideration	£4.00
(6) Where the amount or value of the consideration for the sale exceeds £50,000 but does not exceed £60,000 and the instrument contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration exceeds £60,000:
for every £100, or any fractional part of £100, of the consideration	£5.00
(7) Of any other kind whatsoever not hereinbefore described:
for every £100, or any fractional part of £100, of the consideration	£6.00
(8) Where in the case of a conveyance or transfer on sale or in the case of a conveyance or transfer operating as a voluntary disposition inter vivos the consideration for the sale or the value of the property exceeds £5,000 and the instrument contains a certificate by the party to whom the property is being conveyed or transferred to the effect that the person becoming entitled to the entire beneficial interest in the property (or, where more than one person becomes entitled to a beneficial interest therein, each of them) is related to the person or each of the persons immediately theretofore entitled to the entire beneficial interest in the property in one or other of the following ways, that is to say, as a lineal descendant, parent, grandparent, step-parent, husband or wife, brother or sister of a parent or brother or sister, or lineal descendant of a parent, husband or wife or brother or sister:
a duty of an amount equal to one-half of the ad valorem stamp duty which, but for the provisions of this paragraph, would be chargeable under this Heading.

”.

PART IV Duplicate or Counterpart

“DUPLICATE or COUNTERPART of any instrument chargeable with any duty.
(1) Where such duty does not amount to £10	The same duty as the original instrument
(2) In any other case	£10.00

”.

PART V Leases

“LEASE
(1)For any indefinite term or any term not exceeding 35 years:
of any dwelling house, part of a dwelling house, or apartment at a rent not exceeding £6,000 per annum	Exempt
(2) For any definite term or for any indefinite term of any lands, tenements, or heritable subjects—
(a) where the consideration, or any part of the consideration (other than rent), moving either to the lessor or to any other person, consists of any money, stock or security, and—
(i) the amount or value of such consideration does not exceed £5,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions, in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds £5,000	Exempt
(ii) the amount or value of such consideration exceeds £5,000 but does not exceed £10,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds £10,000:
for every £100, or any fractional part of £100, of the consideration	£1.00
(iii) the amount or value of such consideration exceeds £10,000 but does not exceed £15,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, of the aggregate amount or value, of the consideration other than rent exceeds £15,000:
for every £100, or any fractional part of £100, of the consideration	£2.00
(iv) the amount or value of such consideration exceeds £15,000 but does not exceed £25,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds £25,000:
for every £100, or any fractional part of £100, of the consideration	£3.00
(v) the amount or value of such consideration exceeds £25,000 but does not exceed £50,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds £50,000:
for every £100, or any fractional part of £100, of the consideration	£4.00
(vi) the amount or value of such consideration exceeds £50,000 but does not exceed £60,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds £60,000:
for every £100, or any fractional part of £100, of the consideration	£5.00
(vii) the case is of any other kind whatsoever not hereinbefore described:
for every £100, or any fractional part of £100, of the consideration	£6.00
(b) where the consideration or any part of the consideration is any rent, and in respect of such consideration where the rent, whether reserved as a yearly rent or otherwise, is at a rate or average rate:
(i) if the term does not exceed 35 years or is indefinite:
for every £100, or any fractional part of £100 of the rent	£1.00
(ii) if the term exceeds 35 years but does not exceed 100 years:
for every £100 or any fractional part of £100 of the rent	£6.00
(iii) if the term exceeds 100 years:
for every £100 or any fractional part of £100 of the rent	£12.00
(3) Lease made subsequent to, and in conformity with, an agreement duly stamped under the provisions of section 75 of the Stamp Act, 1891	£1.00
(4) Of any other kind whatsoever not hereinbefore described	£1.00

”.

PART VI Mortgages, Bonds, Debentures and certain Covenants and Warrants of Attorney

“MORTGAGE, BOND, DEBENTURE, COVENANT (except a marketable security) and WARRANT OF ATTORNEY to confess and enter up judgment.
(1) Being the only or principal or primary security (other than an equitable mortgage) for the payment or repayment of money:
where the amount secured does not exceed £20,000	Exempt
where the amount secured exceeds £20,000:
for every £1,000, or any fractional part of £1,000, of the amount secured	£1.00
Provided that the duty so charged shall not exceed £3,000.
(2) Being a collateral, or auxiliary, or additional, or substituted security (other than an equitable mortgage), or by way of further assurance for the above-mentioned purpose where the principal or primary security is duly stamped:
where the amount secured does not exceed £20,000	Exempt
where the amount secured exceeds £20,000	£10.00
(3) Being an equitable mortgage:
where the amount secured does not exceed £20,000	Exempt
where the amount secured exceeds £20,000
for every £1,000 or any fractional part of £1,000, of the amount secured	50p
Provided that the duty so charged shall not exceed £3,000.
(4) TRANSFER, ASSIGNMENT or DISPOSITION of any mortgage, bond, debenture, or covenant (except a marketable security) or of any money or stock secured by any such instrument, or by any warrant of attorney to enter up judgment, or by any judgment:
where the amount secured does not exceed £20,000	Exempt
where the amount secured exceeds £20,000:
for every £1,000, or any fractional part of £1,000, of the amount transferred, assigned, or disposed, exclusive of interest which is not in arrear	50p
Provided that the duty so charged shall not exceed £3,000.
(5) Where any further money is added to the money already secured	The same duty as a principal security for such further money.

”.

PART VII Release or Renunciation of any Property, etc.

“RELEASE or RENUNCIATION of any property, or of any right or interest in any property—
upon a sale See CONVEYANCE ON SALE in any other case	£5.000

”.

PART VIII Surrender of any Property, or of any Right or Interest in any Property

“SURRENDER of any property, or of any right or interest in any property—
upon a sale See CONVEYANCE ON SALE in any other case	£5.00

”.

PART IX Share Warrant and Stock Certificate to Bearer

“SHARE WARRANT issued under the provisions of the Companies Acts, and STOCK CERTIFICATE to bearer, expressed in the currency of the State	A duty of an amount equal to 3 times the amount of the ad valorem stamp duty which would be chargeable on a deed transferring the share or shares or stock specified in the warrant or certificate if the consideration for the transfer were the nominal value of such share or shares or stock.

”.