1920 c. 18.

1961 c. 36.

1961 c. 10 (N. I.).

1976 c. 40.

Words in s. 85(5)(b) substituted (with effect as mentioned in art. 8(4) of the amending S.I.) by S.I. 2001/3629, art. 8(2)

S. 85(5)(c) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 4(3) (with regs. 7(4), 9(1))

Words in s. 85(5)(c) omitted (31.12.2020) by virtue of The Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/662), regs. 1(3), 21(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Words in s. 85(5)(c) omitted (31.12.2020) by virtue of The Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/662), regs. 1(3), 21(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

http://www.legislation.gov.uk/ukpga/1986/41/section/85Finance Act 1986An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.1986-07-25texttext/xmlenStatute Law Database2024-10-23Expert Participation2024-02-22PART IIISTAMP DUTY Loan capital, letters of allotment etc.
85Supplementary1

Section 42(1) of the Finance Act 1920 (reduction of duty in case of certain transfers to jobbers or nominees or qualified dealers) shall have effect, in the case of any transfer giving effect to a transaction carried out on or after the day of The Stock Exchange reforms as if the following were omitted —

a

in that subsection, the words “ a jobber or his nominee or to”and in the proviso to it the words “jobber or”(in each place);

b

in subsection (3) of that section, paragraph (d) of the definition of “qualified dealer”(Stock Exchange brokers).

2

Section 34 of the Finance Act 1961 and section 4 of the Finance Act (Northern Ireland) 1961 (borrowing of stock by jobbers) shall not apply where stock is transferred in discharge of an undertaking given on or after the day of The Stock Exchange reforms.

3

Section 42(1) of the Finance Act 1920 shall not apply to any transfer giving effect to a transaction carried out on or after such day as is specified for this purpose in regulations made under section 81(5) above; and different days may be so specified for different purposes.

4

Section 127(2) of the Finance Act 1976 (transfer otherwise than on sale from stock exchange nominee to jobber) shall not apply to any transfer giving effect to a transaction carried out on or after the day of The Stock Exchange reforms.

5

In sections 81, 82 and 84 above and this section—

a

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,

b

references to a recognised investment exchange are to a recognised investment exchange within the meaning given by section 285(1)(a) of the Financial Services and Markets Act 2000,

c

“recognised clearing house”, “recognised CSD”, ... and “third country CSD” have the meanings given by section 285(1)(b), (e)... and (g) of the Financial Services and Markets Act 2000,

d

stock” includes marketable security.

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<p>
Words in s. 85(5)(b) substituted (with effect as mentioned in art. 8(4) of the amending S.I.) by
<ref href="http://www.legislation.gov.uk/id/uksi/2001/3629">S.I. 2001/3629</ref>
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<ref href="http://www.legislation.gov.uk/id/uksi/2001/3629/article/8/2">art. 8(2)</ref>
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<p>
S. 85(5)(c) substituted (28.11.2017) by
<ref href="http://www.legislation.gov.uk/id/uksi/2017/1064">The Central Securities Depositories Regulations 2017 (S.I. 2017/1064)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/1064/regulation/1">reg. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/1064/schedule/paragraph/4/3">Sch. para. 4(3)</ref>
(with
<ref href="http://www.legislation.gov.uk/id/uksi/2017/1064/regulation/7/4">regs. 7(4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2017/1064/regulation/9/1">9(1)</ref>
)
</p>
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<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/1986/41/section/85/5/c">s. 85(5)(c)</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/662">The Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/662)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/662/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/662/regulation/21/3">21(3)</ref>
(with savings in
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
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<note class="commentary F" eId="M_F_0ff26064-c674-4dd4-fd3a-84d14b9b9ef8">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/ukpga/1986/41/section/85/5/c">s. 85(5)(c)</ref>
omitted (31.12.2020) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2019/662">The Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/662)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/662/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/662/regulation/21/3">21(3)</ref>
(with savings in
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680">S.I. 2019/680</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</ref>
);
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
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<num>PART III</num>
<heading>STAMP DUTY</heading>
<hcontainer name="crossheading" eId="part-III-crossheading-loan-capital-letters-of-allotment-etc" period="#period2">
<heading> Loan capital, letters of allotment etc.</heading>
<section eId="section-85" period="#period1">
<num>85</num>
<heading>Supplementary</heading>
<subsection eId="section-85-1">
<num>1</num>
<intro>
<p>
Section 42(1) of the Finance Act 1920
<noteRef href="#c22124121" marker="M1" class="commentary M"/>
(reduction of duty in case of certain transfers to jobbers or nominees or qualified dealers) shall have effect, in the case of any transfer giving effect to a transaction carried out on or after the day of The Stock Exchange reforms as if the following were omitted —
</p>
</intro>
<paragraph eId="section-85-1-a">
<num>a</num>
<content>
<p>in that subsection, the words “ a jobber or his nominee or to”and in the proviso to it the words “jobber or”(in each place);</p>
</content>
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<paragraph eId="section-85-1-b">
<num>b</num>
<content>
<p>
in subsection (3) of that section, paragraph (d) of the definition of “
<term refersTo="#term-qualified-dealer">qualified dealer</term>
”(Stock Exchange brokers).
</p>
</content>
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<subsection eId="section-85-2">
<num>2</num>
<content>
<p>
Section 34 of the Finance Act 1961
<noteRef href="#c22124131" marker="M2" class="commentary M"/>
and section 4 of the Finance Act (Northern Ireland) 1961
<noteRef href="#c22124141" marker="M3" class="commentary M"/>
(borrowing of stock by jobbers) shall not apply where stock is transferred in discharge of an undertaking given on or after the day of The Stock Exchange reforms.
</p>
</content>
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<subsection eId="section-85-3">
<num>3</num>
<content>
<p>Section 42(1) of the Finance Act 1920 shall not apply to any transfer giving effect to a transaction carried out on or after such day as is specified for this purpose in regulations made under section 81(5) above; and different days may be so specified for different purposes.</p>
</content>
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<num>4</num>
<content>
<p>
Section 127(2) of the Finance Act 1976
<noteRef href="#c22124151" marker="M4" class="commentary M"/>
(transfer otherwise than on sale from stock exchange nominee to jobber) shall not apply to any transfer giving effect to a transaction carried out on or after the day of The Stock Exchange reforms.
</p>
</content>
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<subsection eId="section-85-5">
<num>5</num>
<intro>
<p>In sections 81, 82 and 84 above and this section—</p>
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<paragraph eId="section-85-5-a">
<num>a</num>
<content>
<p>
<term refersTo="#term-the-day-of-the-stock-exchange-reforms">the day of The Stock Exchange reforms</term>
” 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,
</p>
</content>
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<paragraph eId="section-85-5-b">
<num>b</num>
<content>
<p>
references to a recognised investment exchange are to a recognised investment exchange within the meaning
<ins class="substitution d29p3015 first last">
<noteRef href="#c22550011" marker="F1" class="commentary attribute F"/>
given by section 285(1)(a) of the Financial Services and Markets Act 2000
</ins>
,
</p>
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<ins class="substitution key-e38d8829c6078ca26607e42d32d8cc67-1565693377865 first">
<noteRef href="#key-e38d8829c6078ca26607e42d32d8cc67" marker="F2" class="commentary attribute F"/>
c
</ins>
</num>
<content>
<p>
<ins class="substitution key-e38d8829c6078ca26607e42d32d8cc67-1565693377865">“recognised clearing house”, “recognised CSD”, </ins>
<noteRef href="#key-d650d59285819b1b446781a64187cff6" marker="F3" class="commentary F"/>
<ins class="substitution key-e38d8829c6078ca26607e42d32d8cc67-1565693377865">... and “third country CSD” have the meanings given by section 285(1)(b), (e)</ins>
<noteRef href="#M_F_0ff26064-c674-4dd4-fd3a-84d14b9b9ef8" marker="F4" class="commentary F"/>
<ins class="substitution key-e38d8829c6078ca26607e42d32d8cc67-1565693377865 last">... and (g) of the Financial Services and Markets Act 2000</ins>
,
</p>
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<num>d</num>
<content>
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<term refersTo="#term-stock">stock</term>
” includes marketable security.
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