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

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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

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Northern Irish Legislation

FINANCE ACT (NORTHERN IRELAND) 1956 - SECT 6