asked the Minister for Finance if he has considered the possibility of the transfer of capital from the State owing to the extra tax imposed on cheques on Irish Banks on and after 1st August, 1961; and, if so, what action he proposes to take.
Ceisteanna—Questions. Oral Answers. - Transfer of Capital.
7.
The extra tax to which the Deputy refers is imposed not only on cheques drawn on Irish Banks but on all cheques and all other bills of exchange drawn in the State.
If a cheque drawn on a bank outside the State is expressed to be drawn in the State it must be stamped at the threepenny rate. The factor which determines liability to duty is the physical location of the person drawing the cheque and not the location of the bank on which the cheque is drawn.
Do I understand from that reply that a cross-Channel cheque or one from the Six Counties, paid to someone here has to have a penny stamp put on it as well?
If it is drawn here, yes.
If the cheque is written there and sent here must it have this penny stamp as well?
If it is drawn here it must have a 3d. stamp.
What does the Minister mean by a cheque drawn here? Does he mean written here on a bank here?
A cheque signed here must bear a 3d. stamp.
My question applies to cheques written outside the State.
The law applies in that case.
The Minister has not answered my question.
It is no good. They are not very bright over there today.