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Finance Act 1976
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- 1976 c. 40
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127Stamp duty: stock exchange transfersU.K.
(1)Stamp duty shall not be chargeable on any transfer to a stock exchange nominee which is executed for the purposes of a stock exchange transaction.
(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1
(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2
(4)In section 33(1) of the Finance Act 1970 (composition by Stock Exchange in respect of transfer duty) after the words “" the heading ” “Conveyance or Transfer on Sale ” there shall be inserted the words “ ““or”Conveyance or Transfer of any kind not hereinbefore described ” ”and the words “being instruments executed for the purposes of stock exchange transactions as defined in section 4(1) of the Stock Transfer Act 1963 ” shall be omitted.
(5)This section shall be construed as one with the Stamp Act 1891 F3 and in this section—
“ jobber” means a member of The Stock Exchange who is recognised by the Council thereof as carrying on the business of a jobber and carries on that business in the United Kingdom;
“stock exchange nominee” means any person designated for the purposes of this section as a nominee of The Stock Exchange by an order made by the Secretary of State;
“stock exchange transaction ” has the meaning given in section 4 of the Stock Transfer Act 1963 F4.
(6)The power to make an order under subsection (5) above shall be exercisable by statutory instrument and includes power to vary or revoke a previous order.
(7)Section 33 of the Finance Act 1970 F5 shall extend to Northern Ireland; and in the application of that section and this section to Northern Ireland for any reference to the Stock Transfer Act 1963 there shall be substituted a reference to the Stock Transfer Act (Northern Ireland) 1963 F6.
Textual Amendments
F1S. 127(2) repealed by Finance Act 1986 (c. 41, SIF 114), ss. 85(4), 114, Sch. 23 Pt. IX(4)
F2S. 127(3) repealed by Finance Act 1986 (c. 41, SIF 114), s. 114, Sch. 23 Pt. IX(4)
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