Stamp Duties Consolidation Act 1999 section 116

Charge of stamp duty

Section 116 set out the transactions on which companies capital duty was chargeable, and was repealed for transactions taking place on or after 7 December 2005.

• Identified three main groups of chargeable transactions: formation of a capital company, increases in issued share capital or assets, and certain transfers of management or registered office to the State.
• Charged duty only where the capital company had (or ended up with) its effective centre of management in the State, or its registered office in the State where its effective centre of management was in a non-EU country.
• Excluded a number of transactions, including bonus/scrip issues, shares issued on redemption, treasury shares, issues of loan or debenture stock, and gifts of cash with no strings attached.
• Did not extend to unlimited companies or to the bodies listed in sections 115 and 120, and Revenue practice was to ignore the conversion of a private unlimited company into a public unlimited company.