Stamp Duty Consolidation Act, 1999 (Number 31 of 1999)
This section has been repealed.
Repealed by FA01 s203(1). Applies and has effect in relation to instruments executed and policies of life insurance varied on or after 1 January 2001.
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60 Short-term life insurance policies.
[FA1970 s43(1) and (2)]
(1) For the purpose of the charge to stamp duty a policy of life insurance shall be treated as made for a period exceeding 2 years if it contains any provision whereby it may become available for a period exceeding 2 years in all.
(2) Where, at any time after the making of a policy for a period not exceeding 2 years, the policy is varied so that it becomes or may become available for a period exceeding 2 years in all, the policy shall become chargeable with the same duty as would have been chargeable if it had been made on the date of the variation for a period exceeding 2 years, and may be stamped accordingly, without penalty, at any time within 30 days after that date.
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Repealed by FA01 s203(1). Applies and has effect in relation to instruments executed and policies of life insurance varied on or after 1 January 2001.