FINANCE ACT (NORTHERN IRELAND) 1965

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FINANCE ACT (NORTHERN IRELAND) 1965 - SECT 4



4.(1) Subject to the provisions of this section, any instrument whereby
property is conveyed or transferred to any person in contemplation of a sale
of that property shall be treated for the purposes of the Stamp Act 1891 as a
conveyance or transfer on sale of that property for a consideration equal to
the value of that property.

(2) If on a claim made to the Ministry of Finance not later than two years
after the making or execution of an instrument chargeable with duty in
accordance with subsection (1), it is shown to the satisfaction of the
Ministry

(a)that the sale in contemplation of which the instrument was made or executed
has not taken place and the property has been re-conveyed or re-transferred to
the person from whom it was conveyed or transferred or to a person to whom his
rights have been transmitted on death or under the Bankruptcy Acts (Northern
Ireland) 1857 to 1964; or

(b)that the sale has taken place for a consideration which is less than the
value in respect of which duty was paid on the instrument by virtue of this
section;

(3) No instrument chargeable with duty in accordance with subsection (1) shall
be deemed to be duly stamped unless the Ministry of Finance has been required
to express its opinion thereon under section 12 of the said Act of 1891 and
has expressed its opinion thereon in accordance with that section.

(4) Subsections (1) to (3) shall apply whether or not an instrument conveys or
transfers other property in addition to the property in contemplation of the
sale of which it is made or executed, but those subsections shall not affect
the stamp duty chargeable on the instrument in respect of that other property.

(5) For the purposes of section 74 of the Finance (1909-10) Act 1910 and of
subsection (1), the value of property conveyed or transferred by an instrument
chargeable with duty in accordance with either of those provisions shall be
determined without regard to

(a)any power (whether or not contained in the instrument) on the exercise of
which the property, or any part of or any interest in, the property, may be
revested in the person from whom it was conveyed or transferred or in any
person on his behalf;

(b)any annuity reserved out of the property or any part of it, or any life or
other interest so reserved, being an interest which is subject to forfeiture;

(6) Commencement

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Northern Irish Legislation

FINANCE ACT (NORTHERN IRELAND) 1965 - SECT 4