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FINANCE ACT (NORTHERN IRELAND) 1965

FINANCE ACT (NORTHERN IRELAND) 1965 - 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.
[8th July 1965]
Part I (ss.13) Estate Duty

Conveyances and transfers.

FINANCE ACT (NORTHERN IRELAND) 1965 - SECT 4

4.(1) Subject to the provisions of this section, any instrument
whereby property is conveyed or transferred to any person in
contemplation of a sale of that property shall be treated for the
purposes of the Stamp Act 1891 as a conveyance or transfer on sale
of that property for a consideration equal to the value of that
property.

(2) If on a claim made to the Ministry of Finance not later than
two years after the making or execution of an instrument chargeable
with duty in accordance with subsection (1), it is shown to the
satisfaction of the Ministry

(a)that the sale in contemplation of which the instrument was made
or executed has not taken place and the property has been
re-conveyed or re-transferred to the person from whom it was
conveyed or transferred or to a person to whom his rights have
been transmitted on death or under the Bankruptcy Acts (Northern
Ireland) 1857 to 1964; or

(b)that the sale has taken place for a consideration which is less
than the value in respect of which duty was paid on the instrument
by virtue of this section;

(3) No instrument chargeable with duty in accordance with subsection
(1) shall be deemed to be duly stamped unless the Ministry of
Finance has been required to express its opinion thereon under
section 12 of the said Act of 1891 and has expressed its opinion
thereon in accordance with that section.

(4) Subsections (1) to (3) shall apply whether or not an instrument
conveys or transfers other property in addition to the property in
contemplation of the sale of which it is made or executed, but
those subsections shall not affect the stamp duty chargeable on the
instrument in respect of that other property.

(5) For the purposes of section 74 of the Finance (1909-10) Act
1910 and of subsection (1), the value of property conveyed or
transferred by an instrument chargeable with duty in accordance with
either of those provisions shall be determined without regard to

(a)any power (whether or not contained in the instrument) on the
exercise of which the property, or any part of or any interest in,
the property, may be revested in the person from whom it was
conveyed or transferred or in any person on his behalf;

(b)any annuity reserved out of the property or any part of it, or
any life or other interest so reserved, being an interest which is
subject to forfeiture;

(6) Commencement

FINANCE ACT (NORTHERN IRELAND) 1965 - SECT 5
Interest where stamp duty repaid under judgment.

5. Where under section 13(4) of the Stamp Act 1891 (appeals against
assessment of stamp duty) a court orders any sum to be repaid by
the Ministry of Finance, the court may order it to be repaid with
such interest as the court may determine.

Part III (ss.69) rep. by 1972 c.10 (NI) s.37(4) sch.10

S.10, with Schedule 2, effects repeals

FINANCE ACT (NORTHERN IRELAND) 1965 - SECT 11
Short title and construction.

11.(1) This Act may be cited as the Finance Act (Northern Ireland)
1965.

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