PART IIIStamp Duty

Changes in financial institutions

83Composition agreements

1

In section 33(1) of the [1970 c. 24.] Finance Act 1970 (composition by stock exchanges in respect of transfer duty)—

a

for the words "any recognised stock exchange" there shall be substituted "any recognised investment exchange or recognised clearing house", and

b

the following shall be substituted for the words from In this subsection" to the end—

In this subsection 'recognised investment exchange' and 'recognised clearing house' have the same meanings as in the Financial Services Act 1986.

2

The words "recognised investment exchange or recognised clearing house" shall be substituted for the words "stock exchange" in section 33(2)(b), (c) and (d), (4) and (5) of the Finance Act 1970.

3

This section shall come into force on such day as the Commissioners may appoint by order made by statutory instrument.