PART VI MISCELLANEOUS AND SUPPLEMENTARY

Miscellaneous

P1126 Tax exemptions in relation to designated international organisations.

C1P21

Where—

a

the United Kingdom or any of F7the European Union is a member of an international organisation; and

b

the agreement under which it became a member provides for exemption from tax, in relation to the organisation, of the kind for which provision is made by this section; the Treasury may, by order made by statutory instrument, designate that organisation for the purposes of this section.

2

Where an organisation has been so designated, the provisions mentioned in subsection (3) below shall, with the exception of any which may be excluded by the designation order, apply in relation to that organisation.

3

The provisions are—

F1a

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

b

any security issued by the organisation shall be taken, for the purposes of capital transfer tax F2. . ., to be situated outside the United Kingdom; and

c

no stamp duty shall be chargeable under F3Schedule 15 to the Finance Act 1999 (bearer instruments)in Schedule 1 to the Stamp Act 1891F8... on the transfer of the stock constituted by, or transferable by means of, any instrument issued by the organisation.

F9d

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F44

The Treasury may, by order made by statutory instrument, designate any of F7the European Union or the European Investment Bank for the purposes of this section, and references in subsections (2) and (3) above to an organisation designated for the purposes of this section include references to a body so designated by virtue of this subsection.

F55

Subsection (3) above, as it applies by virtue of subsection (4) above, shall be read as if the words F6Schedule 15 to the Finance Act 1999 (bearer instruments) were omitted