Stamp Duties Consolidation Act 1999 section 120

Exemption for certain companies

Section 120 exempted certain capital companies from companies capital duty where their business consisted of supplying essential public services with majority State ownership, or where their objects were exclusively cultural, charitable or educational.

• Exempted transactions by capital companies whose exclusive business was supplying public services (such as transport, port facilities, water, gas or electricity), provided at least 50% of issued capital was owned by the State or a local authority.
• Also exempted capital companies whose objects were exclusively cultural, charitable or educational.
• Adjudication by the Revenue Commissioners was required before the exemption could be claimed.
• Companies capital duty itself was abolished for transactions taking place on or after 7 December 2005.