PART IIISTAMP DUTY
Loan capital, letters of allotment etc.
85Supplementary
1
Section 42(1) of the Finance Act 1920 M1 (reduction of duty in case of certain transfers to jobbers or nominees or qualified dealers) shall have effect, in the case of any transfer giving effect to a transaction carried out on or after the day of The Stock Exchange reforms as if the following were omitted —
a
in that subsection, the words “ a jobber or his nominee or to”and in the proviso to it the words “jobber or”(in each place);
b
in subsection (3) of that section, paragraph (d) of the definition of “qualified dealer”(Stock Exchange brokers).
2
3
Section 42(1) of the Finance Act 1920 shall not apply to any transfer giving effect to a transaction carried out on or after such day as is specified for this purpose in regulations made under section 81(5) above; and different days may be so specified for different purposes.
4
Section 127(2) of the Finance Act 1976 M4 (transfer otherwise than on sale from stock exchange nominee to jobber) shall not apply to any transfer giving effect to a transaction carried out on or after the day of The Stock Exchange reforms.
5
In sections 81, 82 and 84 above and this section—
a
“the day of The Stock Exchange reforms” means the day on which the rule of The Stock Exchange that prohibits a person from carrying on business as both a broker and a jobber is abolished,
b
references to a recognised investment exchange are to a recognised investment exchange within the meaning F1given by section 285(1)(a) of the Financial Services and Markets Act 2000,
F2c
d
“stock” includes marketable security.