The Gazette 1987

GAZETTE

MARCH 1 9 87

sideration will be set out in the con- tract or conveyance. The First Schedule to the Stamp Act, 1891, provides that Stamp Duty is payable on "Conveyance or Transfer on Sale of any property (except such Stock as aforesaid) - where the amount or value of the consideration for the sale . . . ". Irish Conveyancing Law by J. G. W. Wylie at Paragraph 16, 108 states, "Stamp Duty is payable in respect of conveyances on sale . . . on an ad valorem basis, i.e. ac- cording to rates varying according to the amount of the consideration". Section 54, Stamp Act, 1891 - For the purposes of this Act the ex- pression "Conveyance on Sale" in- dues every Instrument, and every Decree or Order of any Court or of any Commissioners, whereby any property, or any estate or interest in any property, upon the sale thereof is transferred to or vested in a purchaser, or any other person on his behalf or by his direction. Where the leaseholder, therefore purchased the freehold the con- sideration will be £ 100.00 and the appropriate Certificate of Value will be utilised. There is, of course, no transfer or vesting of the leasehold

interest which can be charged under the main charging provisions. The leasehold interest has already been transferred to and vested in the "purchaser" and the only property that is being transferred to or vested in him is the superior interest. There is therefore no sale (legal or equitable) of the leasehold interest which can be charged. In short, therefore, the following appears to be the position: (1) The creation of a leasehold term to reduce Stamp Duty on the conveyance of the superior interest will be ignored and the conveyance will be charged ad valorem. (2) The Declaration by Deed only affects certain leases for valueless rent and is not sub- ject to ad valorem Stamp Duty if it is made outside the period of 6 years of the crea- tion of the term. (3) In the absence of a Deed, the Instrument evidencing a sur- render or merger of an inferior interest is stampable as a con- veyance on sale, i.e. on the consideration passing or, in the case of a voluntary disposition, on the value of the property conveyed or transferred. í I

INCORPORATED LAW SOCIETY OF IRELAND

FINAL EXAMINATION - FIRST PART

The Society wishes to recruit an Assistant Examiner in Company Law. Applicants for the post must be qualified solicitors, preferably with at least three years experience in this subject. Applications with Curriculum Vitae in each case should reach the undersigned not later than two weeks from the date of general distribution of this Gazette.

| Professor Richard Woulfe, Incorporated Law Society of Ireland, Blackhall Place, Dublin 7.

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