Stamp Duty Consolidation Act, 1999 (Number 31 of 1999)
130 Assignment of policy of life insurance to be stamped before payment of money assured.
[SA1891 s118; FA 1924 s38(1)]
(1) No assignment of a policy of life insurance which is chargeable to stamp duty shall confer on the assignee named in that assignment, the assignee’s executors, administrators, or assigns, any right to sue for the moneys assured or secured by the policy, or to give a valid discharge for the moneys, or any part of the moneys, unless the assignment is duly stamped, and no payment shall be made to any person claiming under any such assignment unless the same is duly stamped.
(2) If any payment is made in contravention of this section, the stamp duty not paid on the assignment, together with the[1]> penalty<[1] [1]>interest and penalty<[1] payable on stamping the same, shall be a debt due to the Minister for the benefit of the Central Fund from the person by whom the payment is made and shall be payable to the Commissioners and may (without prejudice to any other mode of recovery of the duty or of the[1]> penalty<[1] [1]>interest and penalty<[1] payable on stamping) be sued for and recovered by action, or other appropriate proceeding, at the suit of the Attorney General in any court of competent jurisdiction.
[1]
Substituted by F(No.2)A08 sched5(part5)(chap2)(7)(z). Note F(No.2)A08 sched5 (part5)(chap 2)(7). As respects paragraph 7 of this Schedule subparagraphs (a) to (aa) (other than subparagraph (c)(i)(I)) of that paragraph have effect as on and from the passing of this Act and to the extent that Chapter 3A (being inserted into Part 47 of the Taxes Consolidation Act 1997 by Part 1 of this Schedule) applies to penalties incurred under the Stamp Duties Consolidation Act 1999 before the passing of this Act which on the passing of this Act have not been paid, it shall not apply to such penalties which are in the form of interest accrued under any provisions of the said Act.