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Amendment of Schedule 1 to Principal Act.
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114.—(1) Schedule 1 to the Principal Act is amended—
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(a) under the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance”—
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(i) in paragraph (1) by substituting—
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“exceeds €127,000:
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for the consideration which is attributable to
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residential property .........Exempt.”
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for
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“exceeds €127,000 ....................9 per cent of the consideration which is attributable to residential property but where the calculation results in an amount which is not a multiple of €1 the amount so calculated shall be rounded down to the nearest €.”,
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(ii) in paragraph (2) by substituting “3 per cent” for “9 per cent”,
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(iii) in paragraph (3) by substituting “4 per cent” for “9 per cent”,
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(iv) in paragraph (4) by substituting “5 per cent” for “9 per cent”,
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(v) in paragraph (5) by substituting “6 per cent” for “9 per cent”, and
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(vi) in paragraph (6) by substituting “7.5 per cent” for “9 per cent”,
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(b) under the Heading “LEASE”—
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(i) in clause (i) of paragraph (3)(a) by substituting—
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“exceeds €127,000:
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for the consideration which is attributable to
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residential property .........Exempt.”
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for
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“exceeds €127,000 ....................9 per cent of the consideration which is attributable to residential property but where the calculation results in an amount which is not a multiple of €1 the amount so calculated shall be rounded down to the nearest €.”,
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(ii) in clause (ii) of paragraph (3)(a) by substituting “3 per cent” for “9 per cent”,
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(iii) in clause (iii) of paragraph (3)(a) by substituting “4 per cent” for “9 per cent”,
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(iv) in clause (iv) of paragraph (3)(a) by substituting “5 per cent” for “9 per cent”,
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(v) in clause (v) of paragraph (3)(a) by substituting “6 per cent” for “9 per cent”, and
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(vi) in clause (vi) of paragraph (3)(a) by substituting “7.5 per cent” for “9 per cent”.
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(2) (a) Paragraphs (a)(i) and (b)(i) of subsection (1) apply to instruments executed on or after 6 December 2001 subject to substituting, in paragraph (1) of the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance” (amended by subsection (1)) and in clause (i) of paragraph (3)(a) of the Heading “LEASE” (amended by subsection (1)), “£100,000” for “€127,000” for instruments executed on or after 6 December 2001 and before 1 January 2002.
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(b) Paragraphs (a)(ii), (a)(iii), (a)(iv), (a)(v), (a)(vi), (b)(ii), (b)(iii), (b)(iv), (b)(v) and (b)(vi) of subsection (1) apply to instruments executed on or after 6 December 2001.
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