Finance Act, 1990

Relief from transfer stamp duty in the case of reconstructions or amalgamations of certain companies.

117.—(1) Where in the course of a bona fide reconstruction or amalgamation of companies which, except for the fact that the particular existing company is not registered in the State but is duly registered in another Member State of the European Economic Community, is in accordance with the provisions of section 31 of the Finance Act, 1965 (as amended by the Finance Act, 1989 ), a transferee company acquires the undertaking, or part of the undertaking, situate in the State of the particular existing company, then stamp duty under the heading “CONVEYANCE or TRANSFER on sale of any stocks or marketable securities” or the heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities” in the First Schedule (as amended by the Finance Act, 1970 , and subsequent enactments) to the Stamp Act, 1891, shall not be chargeable on any instrument made for the purposes of or in connection with the transfer of such undertaking or part of undertaking.

(2) This section shall be deemed to have effect with respect to instruments executed on or after the 20th day of April, 1990.