Part III Stamp Duty and Stamp Duty Reserve Tax

Stamp duty

48 Unit trusts.

—In section of the M1Finance Act 1946 and in section 28 of the M2Finance (No. 2) Act (Northern Ireland) 1946—

a

for the definition in subsection (1) of “unit trust scheme” there shall be substituted—

“unit trust scheme” has the same meaning as in the Financial Services Act 1986 (but subject to subsection (1A) of this section)

b

in the definition in subsection (1) of “trust instrument”, for the words from “by virtue” to “aforesaid” there shall be substituted the words “ on which the property in question is held ”;

c

after subsection (1) there shall be inserted—

1A

The Treasury may by regulations provide that any scheme of a description specified in the regulations shall be treated as not being a unit trust scheme for the purposes of this Part of this Act.

1B

Regulations under this section—

a

may contain such supplementary and transitional provisions as appear to the Treasury to be necessary or expedient, and

b

shall be made by statutory instrument, which shall be subject to annulment in pursuance of a resolution of the House of Commons.

F149 Contract notes.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

50Warrants to purchase Government stock, etc.

1

Where an interest in, a right to an allotment of or to subscribe for, or an option to acquire F2 or to dispose of, exempt securities is transferred to or vested in any person by any instrument, no stamp duty shall be chargeable on the instrument by virtue of F3Part I F18..., of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale or otherwise)

2

No stamp duty under F4Schedule 15 to the Finance Act 1999 (bearer instruments) shall be chargeable —

F20a

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

b

on the transfer of the interest, right or option constituted by, or transferable by means of, F21an instrument which relates to an interest, right or option within subsection (1).

3

For the purposes of this section, “exempt securities” means —

a

securities the transfer of which is exempt from all stamp duties,

F22b

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

c

securities the transfer of which is exempt by virtue of section 30 of the Finance Act 1967 or section 7 of the Finance Act (Northern Ireland) 1967 F5 or section 79(2) of the Finance Act 1986 from stamp duty F23under Schedule 15 to the Finance Act 1999 (stamp duty: bearer instruments);

and “securities” means stock or marketable securities and includes loan capital as defined in section 78(7) of the Finance Act 1986 F6.

4

F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5

F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations:
Amendments (Textual)
F8

S. 51 repealed (with effect as mentioned in Sch. 20 Pt. V(2) notes 1, 2 of the amending Act) by Finance Act 1999 (c. 16) s. 138, {Sch. 20 Pt. 5(5)}

52Clearance services

1

In section 70(6) of the Finance Act 1986 (transfer of securities to clearance system), for the word “relevant” (in each place where it occurs) there shall be substituted the words “shares, stock or other marketable”.

2

The amendments made by this section have effect in relation to instruments executed on or after 1st August 1987.

53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations:
Amendments (Textual)
F9

S. 53 repealed (with effect as mentioned in Sch. 18 Pt. VII note 4 of the amending Act) by Finance Act 1997 (c. 16) s. 113, {Sch. 18 Pt. 7}

F1954 Shared ownership transactions.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C155 Crown exemption.

1

Where any conveyance, transfer or lease is made or agreed to be made

F10a

to a Minister of the Crown or

F11b

to the solicitor for the affairs of Her Majesty’s Treasury, F12or

F13c

to the F17Welsh Ministers, the First Minister for Wales, the Counsel General to the Welsh Assembly Government or the National Assembly for Wales Commission,F14or

d

to the Northern Ireland Assembly Commission

no stamp duty shall be chargeable F15under Part I or II, paragraph 16, of Schedule 13 to the Finance Act 1999 on the instrument by which the conveyance, transfer or lease, or the agreement for it is effected.

2

In this section “Minister of the Crown” has the same meaning as in the Ministers of the M3Crown Act 1975.

3

Article 3(6) of the Secretary of State for the M4Environment Order 1970 and Article 4(5) of the M5Secretary of State for Transport Order 1976 (which excempt transfers by, to or with those Ministers) shall cease to have effect.

4

This section applies to instruments executed on or after 1st August 1987.

Annotations:
Amendments (Textual)
F10

S. 55(1): words re-numbered as sub-paragraph (a) (retrospective to 28.3.2000 with effect as mentioned in s. 132(4) of the amending Act) by virtue of 2000 c. 17, s. 132(2)(a)

F11

S. 55(1): words re-numbered as sub-paragraph (b) (retrospective to 28.3.2000 with effect as mentioned in s. 132(4) of the amending Act) by virtue of 2000 c. 17, s. 132(2)(b)

F12

Words in s. 55(1) inserted (1.4.1999) by 1998 c. 38, s. 125, Sch. 12 para. 25 (with ss. 137(1), 139(2), 143(2)); S.I. 1999/782, art. 2

F13

S. 55(1): words re-numbered as sub-paragraph (c) (retrospective to 28.3.2000 with effect as mentioned in s. 132(4) of the amending Act) by virtue of 2000 c. 17, s. 132(2)(c)

F17

Words in s. 55(1)(c) inserted by Government of Wales Act 2006 (c. 32), s. 160, Sch. 10 para. 20 (with Sch. 11 para. 22), the amending provision coming into force immediately after "the 2007 election" (held on 3.5.2007) subject to s. 161(1)(4)(5) of the amending Act, which provides for certain provisions to come into force for specified purposes immediately after the end of "the initial period" (which ended with the day of the first appointment of a First Minister on 25.5.2007) - see ss. 46, 161(4)(5) of the amending Act.

F14

S. 55(1)(d) and the word “or”immediately preceding it inserted (retrospective to 28.3.2000 with effect as mentioned in s. 132(4) of the amending Act) by 2000 c. 17, s. 132(3)

F15

Words in s. 55(1) substituted for the words “by virtue of any of the following headings”to “Lease of Tack”(27.7.1999) by 1999 c. 16, s. 139, Sch. 14 para. 22

Modifications etc. (not altering text)
C1

S. 55 extended (20.5.1999) by c. 46, s. 123 (with s. 126(3)-(11)); S.I. 1998/3178, art. 2(2), Sch. 4

Marginal Citations

56Stamp duty reserve tax

Schedule 7 to this Act (which contains miscellaneous amendments of Part IV of the Finance Act 1986 F16) shall have effect.