Finance Act 1987

Stamp duty U.K.

48 Unit trusts. U.K.

—In section of the M1 Finance Act 1946 and in section 28 of the M2 Finance (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.”.

Marginal Citations

M1 1946 c. 64.

M2 1946 c. 17 (N.I.)9.

F1 49 Contract notes. U.K.

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

Textual Amendments

F1 S. 49 repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(2) notes 1, 2 of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(2)

50 Warrants to purchase Government stock, etc. U.K.

(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 [F3 Part I, or paragraph 16, of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale or otherwise)]

(2) No stamp duty under [F5 Schedule 15 to the Finance Act 1999 (bearer instruments)] shall be chargeable —

(a) on the issue of an instrument which relates to such an interest, right or option as is mentioned in subsection (1) above, or

(b) on the transfer of the interest, right or option constituted by, or transferable by means of, such an instrument.

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

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

(b) securities constituted by or transferable by means of an instrument the issue of which is by virtue of section 30 of the Finance Act 1967 F6 or section 7 of the Finance Act (Northern Ireland) 1967 F7 [F8 or section 79(2) of the Finance Act 1986] exempt from stamp duty under the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891 F9 , or

(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 [F10 or section 79(2) of the Finance Act 1986] from stamp duty under that heading;

and “securities” means stock or marketable securities and includes loan capital as defined in section 78(7) of the Finance Act 1986 F11 .

(4) F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) F12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2 S. 50(1) words inserted by 1987 c. 51 s. 99(1)

F3 Words in s. 50(1) substituted (with effect in accordance with s. 112(6) of the amending Act) by Finance Act 1999 (c. 16) ss. 112(4), 122, {Sch. 14 para. 21}

F4 1891 c. 39.

F5 Words in s. 50(2) substituted (with application in accordance with s. 113(4) of the amending Act) by Finance Act 1999 (c. 16) s. 113(3), {Sch. 16 para. 10}

F6 1967 c. 54.

F7 1967 c. 20 (N. I.).

F8 S. 50(3) words inserted by 1987 c. 51 s. 99(2)

F9 1891 c. 39.

F10 S. 50 (3) words inserted by 1987 c. 51 s. 99(2)

F11 1986 c. 41.

F12 S. 50(4)(5) 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. V(5)}

51 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F13 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)}

52 Clearance services U.K.

(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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

F14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F14 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}

54 Shared ownership transactions. U.K.

(1) In section 97 of the M3 Finance Act 1980 (which provides for certain leases to be stamped as conveyances) in subsection (3)(b)—

(a) for the words “registered under” there shall be substituted the words “ within the meaning of ”, and

(b) for the words “Article 124” there shall be substituted the words “ Part VII ”.

(2) Section 97 of the Finance Act 1980 and section 108(5) and (6) of the M4 Finance Act 1981 shall apply to a lease within subsection (3) below as they apply to a lease granted by a body mentioned in section 97(3) of the Finance Act 1980.

(3) A lease is within this subsection if it is granted—

(a) by a person against whom the right to buy under Part V of the M5 Housing Act 1985 is exercisable by virtue of section 171A of that Act (preservation of right to buy on disposal to private sector landlord), and

(b) to a person who is the qualifying person for the purposes of the preserved right to buy and in relation to whom that dwelling-house is the qualifying dwelling-house.(4) This section applies to leases granted on or after 1st August 1987.

Marginal Citations

M3 1980 c.48.

M4 1981 c.35.

M5 1985 c.68.

55 Crown exemption. U.K.

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

[F15 (a)] to a Minister of the Crown or

[F16 (b)] to the solicitor for the affairs of Her Majesty’s Treasury, [F17 or

[F18 (c)] to the [F19 Welsh Ministers, the First Minister for Wales, the Counsel General to the Welsh Assembly Government or the National Assembly for Wales Commission],][F20 or

(d) to the Northern Ireland Assembly Commission]

no stamp duty shall be chargeable [F21 under 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 M6 Crown Act 1975.

(3) Article 3(6) of the Secretary of State for the M7 Environment Order 1970 and Article 4(5) of the M8 Secretary 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.

Textual Amendments

F15 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)

F16 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)

F17 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

F18 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)

F19 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.

F20 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)

F21 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

M6 1975 c.26.

M7 S.I. 1970/1681.

M8 S.I. 1976/1775.

56 Stamp duty reserve tax U.K.

Schedule 7 to this Act (which contains miscellaneous amendments of Part IV of the Finance Act 1986 F22 ) shall have effect.

Textual Amendments

F22 1986 c. 41.