Part V Miscellaneous and Supplementary
127Stamp duty: stock exchange transfers
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.