Part V Stamp Duty

47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

50 Temporary statutory effect of House of Commons resolution affecting stamp duties. C1

1

Where the House of Commons passes a resolution which—

a

provides for the variation or abolition of an existing stamp duty . . . F3; and

b

is expressed to have effect for a period stated in the resolution in accordance with the following provisions of this section; and

c

contains a declaration that it is expedient in the public interest that the resolution should have statutory effect under the provisions of this section;

then, subject to subsection (3) of this section, the resolution shall for the period so stated have statutory effect as if contained in an Act of Parliament.

2

The period to be stated in a resolution is a period expressed as beginning on a date so stated and ending on, or thirty-one days or such less number of days as may be so stated after, the earliest of the dates mentioned in this subsection; and those dates are—

a

the F4thirtieth day on which, after the day the resolution is passed, the House of Commons sits without a Bill containing provisions to the same effect as the resolution being read a second time and without a Bill being amended (whether by the House or a Committee of the House or a Standing Committee) so as to include such provisions;

b

the rejection of such provisions during the passage through the House of a Bill containing them;

c

the dissolution or prorogation of Parliament; and

d

the expiration of the period of F5six months beginning with the day on which the resolution takes effect.

3

A resolution shall cease to have statutory effect under this section if an Act comes into operation varying or abolishing the duty.

4

The ending of the period for which a resolution has statutory effect under the provisions of this section shall not affect the validity of anything done during that period.