I move:—
(1) That whenever and so often as the rent for the time being payable in respect of any lease first executed on or after the 3rd day of May, 1950, is reduced on or after that date in consideration of any money, stock or security moving either to the lessor or to any other person, the instrument (in the subsequent paragraphs of this Resolution referred to as the said instrument) on or after that date acknowledging the receipt of the consideration for the reduction (or, where the consideration is payable by instalments, of the instalment after payment of which the reduction becomes effective) or recording directly or indirectly that the rent has been reduced shall, notwithstanding anything in any Act (other than the Act giving effect to this Resolution), be charged with the same stamp duty, and be subject to the provisions of the Stamp Act, 1891 (as amended by subsequent enactments), as if, instead of being such instrument, it were—
(a) a lease of lands, tenements or hereditaments which had been made in consideration of the rent reduced as aforesaid and the consideration for the reduction, and for an indefinite term, and under which the person beneficially entitled at the date of the taking effect of the reduction of the rent to the lessee's interest in the property out of which the rent so reduced issues was the lessee, or
(b) in the case specified in paragraph (2) of this Resolution, a lease such as is referred to in the foregoing sub-paragraph and containing such a statement as is referred to in sub-section (4) of Section 24 of the Finance Act, 1949 (No. 13 of 1949).
(2) That the case referred to in sub-paragraph (b) of paragraph (1) of this Resolution is that in which the said instrument contains a statement, by the person entitled at the date of the taking effect of the reduction of the rent to the beneficial interest in the lessee's interest in the property out of which the rent so reduced issues, that he is within one of the classes specified in paragraphs (a) to (f) of sub-section (4) of Section 24 of the Finance Act, 1949, or, where two or more persons were so entitled, contains a statement by each of them such as aforesaid.
(3) (a) That the said instrument, if executed before the passing of the Act giving effect to this Resolution, shall be deemed for the purposes of that Act to have been first executed on the passing of that Act, and shall be charged with the stamp duty specified in paragraph (1) of this Resolution accordingly.
(b) That the provisions contained in sub-paragraph (a) of this paragraph shall have effect in relation to the said instrument, if executed before the passing of the Act giving effect to this Resolution, notwithstanding that, before such passing, it may have been stamped with a particular stamp denoting either that it is not chargeable with any duty or is duly stamped.
(c) That notwithstanding any of the provisions contained in the foregoing sub-paragraphs of this paragraph, the total stamp duty chargeable on the said instrument, if executed before the passing of the Act giving effect to this Resolution, shall not exceed the amount with which it would have been charged if it had in fact been executed after the passing of that Act.
(d) That where, at the expiration of 30 days after the passing of the Act giving effect to this Resolution, the said instrument, if executed before such passing, is not stamped with the stamp duty charged thereon by virtue of that Act, a sum equal to twice the unpaid stamp duty shall thereupon be a debt due to the Minister for Finance for the benefit of the Central Fund by the person beneficially entitled at the date of the taking effect of the reduction of the rent to the lessee's interest in the property out of which the rent so reduced issues or, where two or more persons were so entitled, by those persons jointly and severeally, and the said sum shall be recoverable at the suit of the Attorney-General in any court of competent jurisdiction.
(e) That the Revenue Commissioners may, if they think fit, mitigate or remit any sum recoverable under the provisions contained in sub-paragraph (d) of this paragraph
This is to defeat the evasion I mentioned with regard to redemption. It is rather lengthy and very involved, and I do not think this is the time to explain it.
