Select Committee on Finance and General Affairs díospóireacht -
Thursday, 25 Apr 1996

SECTION 91.

Mr. Quinn

I move amendment No. 78:

In page 102, between lines 24 and 25, to insert the following subsection:

"(3) Where no operator-instruction is generated in connection with the transfer through a relevant system of an equitable interest in securities, that transfer shall, for the purposes of this Chapter, be deemed to have been effected by an operator-instruction generated on the date of the transfer.".

Mr. M. McDowell

As far as I can see, the purpose of the amendment is to maintain the stamp duty tax base in respect of electronic transfers.

Mr. Quinn

Exactly. Even though there has been a reduction in the use of cheques, the amendment seeks to maintain the stamp duty base. This duty is being transferred to the electronic transfer system, as distinct from the paper transfer system.

Amendment agreed to.