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FINANCE ACT (NORTHERN IRELAND) 1956

FINANCE ACT (NORTHERN IRELAND) 1956 - LONG TITLE

An Act to amend the law relating to estate duty, stamp duties and
excise duties on mechanically-propelled vehicles, and to make further
provision in connection with finance.
[4th December 1956]
Part I (ss.14)Estate Duty

S.5 rep. by 1958 c.14 (NI) s.14(2) sch.2 Pt.II

FINANCE ACT (NORTHERN IRELAND) 1956 - SECT 6
Annuity contracts and life insurance policies.

6.(1) An instrument being a grant or contract for payment of a
purchased life annuity shall be chargeable with stamp duty under
paragraph (3) of the heading "Bond, Covenant or Instrument of any
kind whatsoever" in the First Schedule to the Stamp Act, 1891, and
not otherwise, whether or not the annuity is a superannuation
annuity as defined in that paragraph.

(2) Where, in the opinion of the Ministry of Finance (in this Part
referred to as "the Ministry"), any body of persons carrying on the
business of granting life annuities or the business of issuing
policies of life insurance so carries on that business as to render
it impracticable or inexpedient to require that the stamp duties
chargeable on grants or contracts for payment of such annuities or
on policies of life insurance should be charged and paid on such
instruments issued by the body in the course of that business, the
Ministry may enter into an agreement with that body for the
delivery to the Ministry of periodical accounts giving such
particulars as may be required of those instruments.

(3) The agreement shall be in such form and shall contain such
terms and conditions as the Ministry thinks proper.

(4) Where an agreement has been entered into under this section
between the Ministry and any body of persons, any instrument to
which the agreement relates and which contains a statement that the
appropriate stamp duty has been or will be paid to the Ministry in
accordance with the provisions of this section shall not be
chargeable with any stamp duty, but the aggregate of the sums
which, but for the provisions of this sub-section, would have been
chargeable by way of stamp duty on any such instruments issued
during the period to which any account delivered under the agreement
relates shall, by way of composition, be paid by the body to the
Ministry on the delivery of the account.

(5) Where a body makes default in delivering any account required
by any such agreement or in paying the duty payable on the
delivery of any such account, the body shall be liable to a fine
not exceeding fifty pounds for every day during which the default
continues and shall also be liable to pay to [Her Majesty], in
addition to the duty, interest thereon at the rate of five per
cent. per annum from the date when the default begins.

(6) In this section "purchased life annuity" means a life annuity
granted for consideration in money or money's worth in the ordinary
course of a business of granting annuities on human life.

(7) Any agreement made before the commencement of this Act under
section nine of the Finance Act (Northern Ireland), 1948 (which in
relation to industrial assurance policies makes provisions similar to
those of sub-sections (2) to (5) of this section), shall be treated
as having been made under this section.

S.7 rep. by 1970 c.21 (NI) s.19 sch.3 Pt.III

S.9 rep. by SLR 1973

FINANCE ACT (NORTHERN IRELAND) 1956 - SECT 10
Short title and construction.

10.(1) This Act may be cited as the Finance Act (Northern Ireland),
1956.

Subs.(2)Estate Duty

(3) Part II shall be construed as one with the Stamp Act, 1891.

Subs.(4) rep. by 1972 c.10 (NI) s.37(4) sch.10