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FINANCE ACT (NORTHERN IRELAND) 1954

FINANCE ACT (NORTHERN IRELAND) 1954 - LONG TITLE

An Act to amend the law relating to estate duty, stamp duties and
entertainments duty, and to make further provision in connection with
finance.
[29th October 1954]
Part I (ss.18)Estate Duty

S.9 amends sch.1 to 1891 c.39. S.10 rep. by 1958 c.14 (NI) s.14(2)
sch.2 Pt.II

FINANCE ACT (NORTHERN IRELAND) 1954 - SECT 11
Relief from stamp duty in case of transfer of property between
associated companies.

11.(1) Stamp duty shall not be chargeable under or by reference to
the heading "Conveyance or Transfer on sale" in the First Schedule
to the Stamp Act, 1891, on any instrument to which this section
applies.

(2) This section applies to any instrument as respects which it is
shown to the satisfaction of the Ministry that

(a)the effect thereof is to convey or transfer, or demise for any
term exceeding one hundred years, a beneficial interest in property
from one [body corporate] (in this section referred to as "the
transferor") to another [body corporate] associated therewith (in this
section referred to as "the transferee"); and

Para.(b) rep. by 1968 c.17 (NI) s.23 sch.6 Pt.II

(c)the instrument was not executed in pursuance of or in connection
with an arrangement whereunder

(i)the consideraton [or any part of the consideration] for the
conveyance, transfer or lease was to be provided [or received]
directly or indirectly by a person other than a [body corporate]
which at the time of the execution of the instrument was associated
with either the transferor or the transferee; or

(ii)the beneficial interest in the property was previously conveyed,
transferred or demised directly or indirectly by such a person as
aforesaid [; or

<(iii)the transferor and the transferee were to cease to be associated by reason of a change in the percentage of the issued share capital of the transferee in the beneficial ownership of the transferor or a third body corporate;

(c)and, without prejudice to the generality of sub-paragraph (i), an
arrangement shall be treated as within that sub-paragraph if it is
one whereunder the transferor or the transferee, or a body corporate
associated with either, was to be enabled to provide any of the
consideration, or was to part with any of it, by or in consequence
of the carrying out of a transaction or transactions involving, or
any of them involving, a payment or other disposition by a person
other than a body corporate so associated].

(3) For the purpose of this section, a [body corporate] shall be
deemed to be associated with another [body corporate], if, but not
unless, ... either

(i)one of them is the beneficial owner of not less than ninety per
cent. of the issued share capital of the other; or

(ii)not less than ninety per cent. of the issued share capital of
each of them is in the beneficial ownership of a third company
....

[(3A) The ownership referred to in paragraphs (i) and (ii) of
sub-section (3) is ownership either directly or through another body
corporate or other bodies corporate, or partly directly and partly
through another body corporate or other bodies corporate, and Part I
of Schedule 4 to the Finance Act 1938 (determination of amount of
capital held through other bodies corporate) shall apply for the
purposes of this section with the substitution of references to
issued share capital for references to ordinary share capital.]

Subs.(3B) rep. by 1968 c.17 (NI) s.23 sch.6 Pt.II

(4) An instrument to which this section applies shall not be deemed
to be duly stamped unless either

(a)it is stamped with the stamp duty to which it would but for
this section be liable; or

(b)it has in accordance with the provisions of section twelve of
the Stamp Act, 1891, been stamped with a particular stamp denoting
either that it is not chargeable with any duty or that it is duly
stamped.

Subs.(5) repeals s.2 of 1954 c.3 (NI)

S.16 rep. by SLR 1973

FINANCE ACT (NORTHERN IRELAND) 1954 - SECT 17
Short title and construction.

17.(1) This Act may be cited as the Finance Act (Northern Ireland),
1954.

Subs.(2)Estate Duty

(3) Part II of this Act shall be construed as one with the Stamp
Act, 1891.

Subs.(4) rep. by 1961 c.10 (NI) s.14 sch.3 Pt.II; subs.(5)(7) rep.
by SLR 1973