- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (27/07/1999)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 27/07/1999.
Finance Act 1999, Cross Heading: Finance Act 1986 (c.41) is up to date with all changes known to be in force on or before 05 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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5U.K.In section 79(2) of the Finance Act 1986 (exemption for instruments relating to loan capital), for “the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891” substitute “ Schedule 15 to the Finance Act 1999 (bearer instruments) ”.
6(1)Section 90 of the Finance Act 1986 (exceptions from general charge to stamp duty reserve tax) is amended as follows.U.K.
(2)In subsection (3) for paragraph (a) substitute—
“(a)a non-UK bearer instrument;”.
(3)In subsection (3A) for “an inland bearer instrument within the meaning of the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891” substitute “ a UK bearer instrument ”.
(4)In subsection (3B) for “exemption 3 in the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891” substitute “ the exemption conferred by paragraph 16 of Schedule 15 to the Finance Act 1999 (renounceable letters of allotment etc.) ”.
(5)In subsection (3C) for paragraph (b) substitute—
“(b)stamp duty under Schedule 15 to the Finance Act 1999 was not chargeable on the issue of the instrument by virtue only of the exemption conferred by paragraph 17 of that Schedule (non-sterling bearer instruments); and”.
(6)In subsection (3E) for paragraph (b) substitute—
“(b)stamp duty under Schedule 15 to the Finance Act 1999 was not chargeable on the issue of the instrument—
(i)by virtue only of the exemption conferred by section 79(2) above (bearer instruments relating to loan capital), or
(ii)by virtue only of that provision and paragraph 17 of that Schedule (non-sterling bearer instruments);”.
7(1)In section 95 of the Finance Act 1986 (exceptions from charge to stamp duty reserve tax on entry into depositary receipt system), for subsection (2) substitute—U.K.
“(2)There shall be no charge to tax under section 93 above in respect of a transfer, issue or appropriation of a UK bearer instrument, except in the case of—
(a)an instrument within the exemption conferred by paragraph 16 of Schedule 15 to the Finance Act 1999 (renounceable letters of allotment etc. where rights are renounceable not later than six months after issue), or
(b)an instrument within the exemption conferred by paragraph 17 of that Schedule (non-sterling instruments) which—
(i)does not raise new capital, and
(ii)is not issued in exchange for an instrument raising new capital.”.
(2)There shall be no charge to tax under section 93 of that Act by virtue of paragraph (b) of subsection (2) of section 95 as substituted by sub-paragraph (1) above in the case of an instrument which gives effect to an agreement for a company merger or takeover entered into in writing by the companies involved before 30th January 1999.
8(1)In section 97 of the Finance Act 1986 (exceptions from charge to stamp duty reserve tax on entry into clearance system), for subsection (3) substitute—U.K.
“(3)There shall be no charge to tax under section 96 above in respect of a transfer or issue of a UK bearer instrument, except in the case of—
(a)an instrument within the exemption conferred by paragraph 16 of Schedule 15 to the Finance Act 1999 (renounceable letters of allotment etc. where rights are renounceable not later than six months after issue), or
(b)an instrument within the exemption conferred by paragraph 17 of that Schedule (non-sterling instruments) which—
(i)does not raise new capital, and
(ii)is not issued in exchange for an instrument raising new capital.”.
(2)There shall be no charge to tax under section 96 of that Act by virtue of paragraph (b) of subsection (3) of section 97 as substituted by sub-paragraph (1) above in the case of an instrument which gives effect to an agreement for a company merger or takeover entered into in writing by the companies involved before 30th January 1999.
9U.K.In section 99 of the Finance Act 1986 (interpretation of Part IV), after subsection (1) insert—
“(1A)“Bearer instrument” has the same meaning as in Schedule 15 to the Finance Act 1999.
An instrument is a “UK bearer instrument” or “non-UK bearer instrument” according to whether it is issued by or on behalf of a UK company or a non-UK company within the meaning of that Schedule.”.
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