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31B. Licence agreements.
(1) In this section "development", in relation to any land, means -
(a) the construction, demolition, extension, alteration or reconstruction of any building on the land, or
(b) any engineering or other operation in, on, over or under the land to adapt it for materially altered use.
(2) Where -
(a) the holder of an estate or interest in land in the State enters into an agreement with another person under which that other person, or a nominee of that other person, is entitled to enter onto the land to carry out development on that land, and
(b) by virtue of the agreement, otherwise than as consideration for the sale of all or part of the estate or interest in the land, the holder of the estate or interest in the land receives at any time a payment which amounts to, or as the case may be payments which together amount to, 25 per cent or more of the market value of the land concerned,
then within 30 days of the first such time, the agreement shall be chargeable with the same stamp duty, to be paid by that other person, as if it were a conveyance or transfer of the estate or interest in the land.
(3) The stamp duty paid on any agreement, in accordance with subsection (2), shall, subject to section 159A, be repaid where it is shown to the satisfaction of the Commissioners that the agreement has been rescinded or annulled.