Finance Act 1990

109 Stamp duty: other repeals

(1) Section 83 of the [1891 c. 39.] Stamp Act 1891 (fine for certain acts relating to securities) shall not apply where an instrument of assignment or transfer is executed, or a transfer or negotiation of the stock constituted by or transferable by means of a bearer instrument takes place, on or after the abolition day.

(2) The following provisions (which relate to the cancellation of certain instruments) shall not apply where the stock certificate or other instrument is entered on or after the abolition day—

(a) section 109(1) of the Stamp Act 1891,

(b) section 5(2) of the [1899 c. 9.] Finance Act 1899,

(c) section 56(2) of the Finance Act 1946, and

(d) section 27(2) of the [1946 c. 17(N.I.)] Finance (No. 2) Act (Northern Ireland) 1946.

(3) Section 67 of the [1963 c. 25.] Finance Act 1963 (prohibition of circulation of blank transfers) shall not apply where the sale is made on or after the abolition day; and section 16 of the [1963 c. 22(N.I.)] Finance Act (Northern Ireland) 1963 (equivalent provision for Northern Ireland) shall not apply where the sale is made on or after the abolition day.

(4) No person shall be required to notify the Commissioners under section 68(1) or (2) or 71(1) or (2) of the Finance Act 1986 (depositary receipts and clearance services) if he first issues the receipts, provides the services or holds the securities as there mentioned on or after the abolition day.

(5) No company shall be required to notify the Commissioners under section 68(3) or 71(3) of that Act if it first becomes aware as there mentioned on or after the abolition day.

(6) The following provisions shall cease to have effect—

(a) section 56(1), (3) and (4) and section 57(2) to (4) of the Finance Act 1946 (unit trusts),

(b) section 27(1), (3) and (4) and section 28(2) to (4) of the [1946 c. 17(N.I.)] Finance (No. 2) Act (Northern Ireland) 1946 (unit trusts),

(c) section 33 of the [1970 c. 24.] Finance Act 1970 (composition by financial institutions in respect of stamp duty),

(d) section 127(7) of the [1976 c. 40.] Finance Act 1976 (extension of composition provisions to Northern Ireland), and

(e) section 85 of the [1986 c. 41.] Finance Act 1986 (provisions about stock, marketable securities, etc.).

(7) The provisions mentioned in subsection (6) above shall cease to have effect as provided by the Treasury by order.

(8) An order under subsection (7) above—

(a) shall be made by statutory instrument;

(b) may make different provision for different provisions or different purposes;

(c) may include such supplementary, incidental, consequential or transitional provisions as appear to the Treasury to be necessary or expedient.

(9) Nothing in this section shall affect the application of section 56 of the [1946 c. 64.] Finance Act 1946 or section 27 of the Finance (No. 2) Act (Northern Ireland) 1946 by section 259 of the [1984 c. 51.] Inheritance Tax Act 1984.