F1(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)Accordingly—
(a)in subsection (1) of each of those sections for the words “(2) and” there shall be substituted the words “(1A) to”;
(b)in subsection (2) of each of those sections for the words from “under” to “by reference to that heading” there shall be substituted the words “by reference to the heading mentioned in subsection (1) above.”
(3)This section applies to any instrument executed in pursuance of a contract made on or after the day on which the rule of The Stock Exchange that prohibits a person from carrying on business as both a broker and a jobber is abolished.
Textual Amendments
F1S. 64(1) repealed by Finance Act 1990 (c. 29, SIF 114), s. 132, Sch. 19 Pt. VI
(1)In the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891 M1, in column (2) (duty on certain overseas bearer instruments twice the transfer duty) for the word “twice” there shall be substituted the words “ three times ”.
(2)The following shall be inserted at the end of section 59(3) of the Finance Act 1963 (meaning of “transfer duty” for purposes of “Bearer Instrument” heading)— “ ; and the instrument so postulated shall be taken to transfer the stock on the day of issue or transfer (depending on whether section 60(1) or (2) of this Act applies) and to be executed in pursuance of a contract made on that day. ”
(3)The following shall be inserted at the end of section 8(3) of the Finance Act (Northern Ireland) 1963 (equivalent provision for Northern Ireland)— “ ; and the instrument so postulated shall be taken to transfer the stock on the day of issue or transfer (depending on whether paragraph (a) or (b) of section 9(1) applies) and to be executed in pursuance of a contract made on that day. ”
(4)This section applies to any instrument which falls within section 60(1) of the Finance Act 1963 M2 and is issued on or after the day of The Stock Exchange reforms.
(5)This section applies to any instrument which falls within section 60(2) of that Act if the stock constituted by or transferable by means of it is transferred on or after the day of The Stock Exchange reforms.
(6)In this section “the day of The Stock Exchange reforms” means the day on which the rule of The Stock Exchange that prohibits a person from carrying on business as both a broker and a jobber is abolished.
(7)In subsection (4) above the reference to section 60(1) of the Finance Act 1963 includes a reference to section 9(1 )(a) of the Finance Act (Northern Ireland) 1963 M3 and in subsection (5) above the reference to section 60(2) of the former Act includes a reference to section 9(1)(b) of the latter.
(1)This section applies where a company purchases its own shares under section 162 of the Companies Act 1985 M4 or Article 47 of the Companies (Northern Ireland) Order 1982 M5.
(2)The return which relates to the shares purchased and is delivered to the registrar of companies under section 169 of that Act or, as the case may be, Article 53 of that Order shall be charged with stamp duty, and treated for all purposes of the Stamp Act 1891 M6, as if it were an instrument transferring the shares on sale to the company in pursuance of the contract (or contracts) of purchase concerned.
(3)Subject to subsection (4) below, this section applies to any return under section 169 of the Companies Act 1985, or Article 53 of the Companies (Northern Ireland) Order 1982, which is delivered to the registrar of companies on or after the day of The Stock Exchange reforms.
(4)This section does not apply to any return to the extent that the shares to which it relates were purchased under a contract entered into before the day of The Stock Exchange reforms.
(5)In this section “the day of The Stock Exchange reforms” means the day on which the rule of The Stock Exchange that prohibits a person from carrying on business as both a broker and a jobber is abolished.