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Finance Act 1997
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Finance Act 1997, Section 104 is up to date with all changes known to be in force on or before 02 March 2025. 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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Changes and effects yet to be applied to Section 104:
- s. 97-106 repealed (pt.prosp. for s.097-99) (pt.prosp.) by 1997 c. 16 s. 113 Sch. 18 Pt. 7 Notes 1 6
104 Depositary receipts and clearance services.U.K.
(1)Subsection (5) of section 93 of the M1Finance Act 1986 (depositary receipts: reduced rate of tax for qualified dealers other than market makers) shall be omitted.
(2)Accordingly—
(a)in subsection (4) of that section for “(5) to” there shall be substituted “ (6) and ”;
(b)in subsection (7)(a) of that section for “subsections (4) to” there shall be substituted “ subsections (4) and ”;
(c)subsections (5) to (7) of section 94 of that Act (definition of “qualified dealer” and “market maker” for the purposes of section 93(5) and power to substitute different definition) shall be omitted.
(3)Subsection (3) of section 96 of the M2Finance Act 1986 (clearance services: reduced rate of tax for qualified dealers other than market makers) shall be omitted.
(4)Accordingly—
(a)in subsection (2) of that section, for “(3) to” there shall be substituted “ (4) and ”;
(b)in subsection (5)(a) of that section for “subsections (2) to” there shall be substituted “ subsections (2) and ”;
(c)subsection (11) of that section (definition of “qualified dealer” and “market maker” for the purposes of that section) shall be omitted.
(5)This section applies where securities are transferred on or after the day which is the commencement day for the purposes of section 102 above, unless the securities were acquired by the transferor before that day.
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