The Gazette 1995

MAY/JUNE 1995

GAZETTE

N O T E S

C T I C

P R

This committee utterly condemns such practice which obviously not only is not in accordance with good conveyancing practice but also constitutes fraudulent and unprofessional conduct which would render practitioners assisting in such practice liable to serious sanctions by the Law Society.

(Additional Category of Qualified Persons) Regulations, 1972 (S.I. No. 332 of 1972), the Land Act, 1965 (Additional Category of Qualified Person) Regulations, 1983 (S.I. No. 144 of 1983), the Land Act, 1965 (Additional Category of Qualified Person) Regulations, 1994 (S.I. No. 67 of 1994) and these Regulations may be cited together as the Land Act, 1965 (Additional Categories of Qualified Persons) Regulations, 1970 to 1995.

Stamp Duty Evasion

The Conveyancing Committee considers that the attention of members j be drawn to the provisions of the j following memorandum recently I issued by the D.S.B.A. j Practitioners are reminded of the Statement of Practice regarding Stamp Duties issued by the Revenue Commissioners consequent upon the Finance Act 1991. It has been brought to the notice of this Committee that breaches of the Revenue Guidelines are becoming increasingly prevalent particularly in transactions Practitioners should be aware that apportionment of sale considerations in such transactions only should be made on the basis that realistic and correct values are'attributed to such contents based, if considered necessary, on valuations from reputable auctioneers. Any apportionments made on the basis of spurious or excessive valuations of contents in such transactions clearly constitute evasion and are in breach of the Revenue Guidelines. Practitioners also are reminded of the powers avail- able to the Revenue Commissioners to impose substantial financial penalties and other sanctions not only against the parties involved in such transactions but also against their solicitors and other professional advisers. Artificial Contract Prices for Loan Purposes It also has been brought to the notice of this committee that there is an increasing prevalence on the part of purchasers engaging in and assisting the practice of deliberately inflating sale prices of properties in excess of their actual real prices to facilitate purchasers | seeking and obtaining increased loans to I finance purchase of properties. relating to the sale of residential properties inclusive of contents.

Conveyancing

Committee

Land Act 1965

Practitioners attention is drawn to the following:-

2. For the purpose of the definition of a "qualified person" in Section 45 of the Land Act, 1965 (No. 2 of 1965), the following categories are hereby declared to be additional categories, namely:-

S.I. No. 56 of 1995

Land Act, 1965 (Additional Categories of Qualified Persons) Regulations, 1995 I, Ivan Yates, Minister for Agriculture, Food and Forestry, in exercise of the power conferred on me by Section 45(1 )(X) of the Land Act, 1965 (No. 2 of 1965), and the Land (Transfer of Departmental Administration and Ministerial Functions) Order, 1977 (S.I. No. 28 of 1977), as adapted by the j Agriculture and Fisheries (Alteration of Name of Department and Title of Minister) Order, 1977 (S.I. No. 31 of 1977), the Agriculture (Alteration of j Minister) Order, 1987 (S.I. No. 97 of 1987) and the Agriculture and Food (Alteration of Name of Department and Title of Minister) Order, 1993, (S.I. No. 11 of 1993), hereby make the following Regulations: 1. (a) These Regulations may be cited as the Land Act, 1965 (Additional Categories of Qualified Persons) Regulations, 1995. (b) The Land Act, 1965 (Additional Category of Qualified Person) Regulations, 1970 (S.I. No. 40 of 1970), the Land Act, 1965 j Name of Department and Title of

(a) a person (other than a body corporate) whose principal place of residence is in a

Member State of the European Communities or other European State which is a contracting party to the European Economic Area Agreement, (b) a body corporate incorporated in a Member State of the European Communities or other European State which is a contracting party to the

European Economic Area Agreement and having its registered office, central administration or principal place of business within the territory of those States.

Given under my Official Seal, this 16th day of February, 1995.

IVAN YATES, TD, Minister for Agriculture, Food and Forestry.

Conveyancing

Committee

159