Finance Act 1973 (c. 51)

Part V U.K. Stamp Duty

47, 48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1 U.K.

Textual Amendments

F1 Ss. 47, 48 repealed by Finance Act 1988 (c. 39, SIF 114), ss. 14(1)(2)(6), 148, Sch. 14 Pt. XI

49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2 U.K.

Textual Amendments

F2 S. 49 repealed by Finance Act 1988 (c. 39, SIF 114), s. 148, Sch. 14 Pt. XI

50 Temporary statutory effect of House of Commons resolution affecting stamp duties. U.K.

(1) Where the House of Commons passes a resolution which—

(a) provides for the variation or abolition of an existing stamp duty . . . F3 ; and

(b) is expressed to have effect for a period stated in the resolution in accordance with the following provisions of this section; and

(c) contains a declaration that it is expedient in the public interest that the resolution should have statutory effect under the provisions of this section;

then, subject to subsection (3) of this section, the resolution shall for the period so stated have statutory effect as if contained in an Act of Parliament.

(2) The period to be stated in a resolution is a period expressed as beginning on a date so stated and ending on, or thirty-one days or such less number of days as may be so stated after, the earliest of the dates mentioned in this subsection; and those dates are—

(a) the [F4 thirtieth] day on which, after the day the resolution is passed, the House of Commons sits without a Bill containing provisions to the same effect as the resolution being read a second time and without a Bill being amended (whether by the House or a Committee of the House or a Standing Committee) so as to include such provisions;

(b) the rejection of such provisions during the passage through the House of a Bill containing them;

(c) the dissolution or prorogation of Parliament; and

(d) the expiration of the period of [F5 six] months beginning with the day on which the resolution takes effect.

(3) A resolution shall cease to have statutory effect under this section if an Act comes into operation varying or abolishing the duty.

(4) The ending of the period for which a resolution has statutory effect under the provisions of this section shall not affect the validity of anything done during that period.

Textual Amendments

F3 Words repealed by Finance Act 1975 (c. 7), Sch. 13 Pt. I

F4 Word in s. 50(2)(a) substituted (27.7.1993 with application in relation to resolutions passed after that day) by 1993 c. 34, s. 207(1)(a)(2).

F5 Word in s. 50(2)(d) substituted (27.7.1993 with application in relation to resolutions passed after that day) by 1993 c. 34, s. 207(1)(b)(2).

Modifications etc. (not altering text)

C1 S. 50 extended (N.I.) by Finance (No. 2) Act 1975 (c. 45), s. 72.