The Gazette 1980

GAZETTE

APRIL 1980

It is also felt that, once the Companies Office has expressed its approval of any proposed name, that name should be reserved exclusively for the applicant for a period of, say, fourteen days from the date of the Companies Office's notification of such approval. To whatever extent the implementation of any such proposal may require a change in law, representations will be made appropriately.

CONVEYANCING NOTE

Transfers between Related Persons Application of 1% Duty It has come to the notice of the Conveyancing Committee that some practitioners may not be conscious of the true position relating to the 1% stamp duty payable on Transfers or Conveyances between related persons or that such rate applies whether the transaction is a sale or a voluntary transaction. In such transactions, to obtain the 1% rate of duty all of the parties to the transaction must come within the specified degrees of relationship, that is the person or each of the persons becoming entitled to the entire beneficial interest in the property on foot of the Transfer or Conveyance must be related to the person or to each of the persons who was or were immediately therefore entitled, 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. If there is a person or persons involved in the transaction, either as transferor/s or as transferee/s who is not within the relationship specified, then the Transfer or Conveyance will be liable to stamp duty at the full appropriate rate and not at the 1% reduced rate. The above principle applies, irrespective of whether the property is transferred or conveyed to parties to hold as joint tenants or as tenants in common. Should a client wish to transfer property to a relative and to a non-relative either as joint tenant or as tenants in common, the use of two deeds will effect a saving in Stamp Duty. For example, a father if he transfers property to the value of £25,000.00p to his daughter and her husband in one deed Stamp Duty will be payable at 4% and will amount to £l,000.00p. If the father transfers to his daughter first, that deed will attract Stamp Duty of £250.00p (1% of £25,OOO.OOp). The daughter can then transfer a moiety to her husband which will attract Stamp Duty of £125.OOp (1% of £12,500.00p) or nil if the exemption in the Family Home Protection Act applies. If the above transfer was made to a daughter and an intended son-in-law in consideration of an intended marriage between the parties, then the Stamp Duty payable is limited to 5Op being the duty payable on transfers in consideration of marriage. (See Sect. 74 Finance (1909/10) Act, 1910 as amended by Section 32 Finance Act, 1978).

Arran House, 35 & 36 Arran Quay, Dublin 7. 18th April 1980

The Editor, The Law Society Gazette, Blackhall Place,

Dublin 7. Dear Sir,

It is a pity that so many of the profession, particularly the younger members, so not seem to be acquainted with the traditional mode of tilting a letter. I always understood that in titling a letter one put the name of one's own client first, for example, in acting for a Plaintiff one would put Murphy v. Jones, but, if acting for the Defendant, Jones v. Murphy. Similarly in conveyancing when acting for the Vendor or Lessor it would be Murphy to Jones, but, if acting for the purchaser or Lessee, it would be Jones from Murphy. Further the traditional method of amending documents seems to be completely forgotten, which only adds to the labour of all concerned when reading a number of amendments. Again I understand the correct procedure to be, the first amendment in red ink, the second amendment in green ink, the third amendment in purple ink. If this rule is followed in a document which is complicated and has several amendments it is easy to immediately follow the series of the amendments, when they were made and by whom and this facilitates one's work. I feel that I am not being pedantic in suggesting that these traditional methods be observed, but that they would simplify a great deal of correspondence and amendments.

Yours faithfully, Desmond Moran.

Independent Actuarial Advice regarding Interests in Settled Property and Claims for Damages

NAT IONWIDE INVESTIGATIONS LIMITED Working in closest co-operation with the Legal Profession

BACON & WOODROW Consulting Actuaries 58 Fltzwilliam Square . Dublin 2 (Telephone 762031)

126 Broadford Rise Ballinteer, Dublin 16 01 9 8 9 9 64

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