Finance Act 2008 (c. 9)

SCHEDULES

SCHEDULE 32 U.K. Stamp duty: abolition of fixed duty on certain instruments

Part 2 U.K. Consequential provisions and saving

FA 1982 U.K.

12 U.K. In section 129(1) of FA 1982 (exemption from duty on grants, transfers to charities etc), omit “, or paragraph 16,”.

FA 1986 U.K.

13 U.K. Part 3 of FA 1986 (stamp duty) is amended as follows.

14 (1) Section 67 (stamp duty on certain transfers to depositary receipt systems) is amended as follows. U.K.

(2) In subsection (1), after “instrument” insert “ (other than a bearer instrument) ”.

(3) In subsection (3), for the words from the beginning to “then,” substitute “In any other case—

(a) stamp duty is chargeable on the instrument under this subsection, and

(b)  ”.

(4) After subsection (9) insert—

“(9A) In this section “bearer instrument” has the meaning given in paragraph 3 of Schedule 15 to the Finance Act 1999.”

15 (1) Section 70 (stamp duty on certain transfers to a clearance system) is amended as follows. U.K.

(2) In subsection (1), after “instrument” insert “ (other than a bearer instrument) ”.

(3) In subsection (3), for the words from the beginning to “then,” substitute “In any other case—

(a) stamp duty is chargeable on the instrument under this subsection, and

(b)  ”.

(4) After subsection (9) insert—

“(9A) In this section “bearer instrument” has the meaning given in paragraph 3 of Schedule 15 to the Finance Act 1999.”

FA 1987 U.K.

16 U.K. Part 3 of FA 1987 (stamp duty and stamp duty reserve tax) is amended as follows.

17 U.K. In section 50(1) (warrants to purchase Government stock, etc), omit “, or paragraph 16”.

18 U.K. In section 55(1) (Crown exemption), omit “, or paragraph 16”.

FA 1990 U.K.

19 U.K. In section 108(1) of FA 1990 (abolition of stamp duty on transfer of securities), insert at the end “ or section 67(3) or 70(3) of the Finance Act 1986 (stamp duty on certain transfers to depositary receipt systems and clearance systems) ”.

FA 1999 U.K.

20 U.K. In Schedule 14 to FA 1999, omit paragraphs 10(b), 11(b), 12(3) and 13(3).

FA 2003 U.K.

21 U.K. In Schedule 40 to FA 2003, omit paragraph 2(b).

Saving for certain land transactions U.K.

22 (1) The following provisions of this Schedule do not have effect in relation to an instrument effecting a land transaction or a duplicate or counterpart of such an instrument— U.K.

(a) paragraphs 1 to 3,

(b) paragraph 10,

(c) paragraph 12,

(d) paragraph 18, and

(e) the repeal of paragraphs 10(b) and 11(b) of Schedule 14 to FA 1999.

(2) In sub-paragraph (1) “land transaction” has the same meaning as in Part 4 of FA 2003, except that it does not include a transfer of an interest in a property-investment partnership (within the meaning of Schedule 15 of that Act).

Repeals on abolition day U.K.

23 U.K. If a day is appointed under section 111 of FA 1990 (abolition day), paragraphs 14 and 15 of this Schedule cease to have effect in accordance with section 108 of that Act.