Finance Act, 1993

Exemption from stamp duty of certain loan capital and securities.

106.—(1) In this section “loan capital” means any debenture stock, bonds or funded debt, by whatever name known, of a company or other body corporate or any capital raised by a company or other body corporate which is borrowed or has the character of borrowed money, whether it is in the form of stock or in any other form.

(2) Stamp duty shall not be chargeable on the issue or transfer of—

(a) loan capital which—

(i) is dealt in and quoted on a recognised stock exchange,

(ii) does not carry a right of conversion into—

(I) the stocks or marketable securities of a company having a register in the State, or

(II) any stocks or marketable securities which are not dealt in and quoted on a recognised stock exchange,

including loan capital having such a right,

(iii) does not carry rights of the same kind as shares in the capital of a company, including rights such as voting rights, a share in the profits or a share in the surplus upon liquidation,

(iv) is redeemable within 30 years of the date of issue and not thereafter,

(v) is issued for a price which is not less than 90 per cent. of its nominal value, and

(vi) does not carry a right to a sum in respect of repayment or interest which is related to certain movements in an index or indices specified in any instrument or other document relating to the loan capital,


(b) securities issued by a qualifying company within the meaning of section 31 of the Finance Act, 1991 , where the money raised by such securities is used in the course of its business.