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section 116 of the Stamp Duties Consolidation Act, 1999

“stamp duty” means the stamp duty imposed by section 116;

“transaction” means a transaction to which section 116(1) applies.

(a) in the case of a transaction specified in paragraph (a), (c) or (d) of section 116(1), in respect of the amount of the actual value, at the date of the transaction, of the assets of any kind contributed or to be contributed in connection with the transaction by the members of the capital company concerned after the deduction of the liabilities attaching to such assets and assumed by the capital company and of the expenses incurred by the capital company in connection with such contribution;

(b) in the case of a transaction specified in paragraph (b), (e), (f), (g) or (h) of section 116(1), in respect of the amount of the actual value, at the date of the transaction, of the assets of any kind of the capital company concerned after the deduction of its liabilities on that date and of the expenses incurred by the company in connection with the transaction.

The statement required to be delivered pursuant to this Part in respect of a transaction specified in section 116(1)(c) shall, in any case where, within the period of 4 years immediately before the date of the transaction and on or after 4 August 1973, there has been a reduction in the issued capital of the capital company concerned as a result of losses sustained by the company, be charged at the rate of zero per cent in respect of so much of the amount determined in accordance with section 118 as corresponds to the reduction in issued capital or to so much of the reduction in issued capital to which the rate of zero per cent had not been applied in respect of an earlier transaction occurring since the reduction in capital.

(b) transactions, within the meaning of section 116, taking place before the date of the passing of this Act,