asked the Minister for Finance the reason why there was a fall of over twenty per cent in the last quarter of 1965 compared with the last quarter in 1964 in the amount received by way of stamp duties on land and property transactions, other than stocks and shares.
Ceisteanna—Questions. Oral Answers. - Land and Property Transactions.
10.
The fall to which the Deputy refers is due principally to the virtual disappearance during the last quarter of 1965 of transactions of the kind which would have attracted duty at the £25 per cent rate in the last quarter of 1964. Moreover, acquisitions of land by non-nationals in the last quarter of 1964 reached an inordinately high level, probably because it was during that quarter that section 45 of the Land Act was introduced. The Deputy will recall that section 45, which became law on 9th March, 1965, provided that an interest in land in a rural area could not vest in a non-national without Land Commission consent. There were no transactions entered into since that date, which would have attracted the £25 per cent rate of duty even if that duty had not been repealed by the Finance Act, 1965.
The Minister repealed it as from August last?
Yes.
So there could not be any transactions then?
Even if it were not repealed, there would not have been any such transactions because of the provisions of the Land Act.
There might be in the Land Commission——
Then the 25 per cent rate would not apply.
The Minister's predecessor refused to accept the certificates of the Lay Commissioners and waive the duties in two instances of which I am aware.
I have not done so; I had not, rather, up to the time——
I do not think the Minister would dare to do it. It was before the Minister came into his present office.