- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (10/03/1992)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 27/07/1999
Point in time view as at 10/03/1992. This version of this provision has been superseded.
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(1)This section applies where a company (the acquiring company) acquires the whole or part of an undertaking of another company (the target company).
(2)If the condition mentioned in subsection (3) below is fulfilled, and stamp duty under the heading “Conveyance or Transfer on Sale” in Schedule 1 to the M1Stamp Act 1891 is chargeable on an instrument executed for the purposes of or in connection with—
(a)the transfer of the undertaking or part, or
(b)the assignment to the acquiring company by a creditor of the target company of any relevant debts (secured or unsecured) owed by the target company,
the rate at which the duty is charged under that heading shall not exceed that mentioned in subsection (4) below.
(3)The condition is that the registered office of the acquiring company is in the United Kingdom and that the consideration for the acquisition—
(a)consists of or includes the issue of shares in the acquiring company to the target company or to all or any of its shareholders;
(b)includes nothing else (if anything) but cash not exceeding 10 per cent. of the nominal value of those shares, or the assumption or discharge by the acquiring company of liabilities of the target company, or both.
(4)The rate is the rate of 50p for every £100 or part of £100 of the amount or value of the consideration for the sale to which the instrument gives effect.
(5)An instrument on which, by virtue only of subsection (2) above, the rate at which stamp duty is charged is not to exceed that mentioned in subsection (4) above shall not be taken to be duly stamped unless it is stamped with the duty to which it would be liable but for subsection (2) above or it has, in accordance with section 12 of the Stamp Act 1891, been stamped with a particular stamp denoting that it is duly stamped.
(6)In subsection (2)(b) above “relevant debts” means—
(a)any debt in the case of which the assignor is a bank or trade creditor, and
(b)any other debt incurred not less than two years before the date on which the instrument is executed.
(7)This section applies to any instrument executed on or after 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.
Modifications etc. (not altering text)
C1S. 76 excluded (28.4.1997) by S.I. 1997/1156, reg. 12
Marginal Citations
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