Modifications etc. (not altering text)
C1Pt. 4: construed as one with 1999 c. 16, Pt. VI (27.7.1999) by Finance Act 1999 (c. 16), s. 123(1)
C2Pt. 4: power to restrict conferred (27.7.1999) by Finance Act 1999 (c. 16), s. 119 (with s. 123(4))
C3Pt. 4: power to extend conferred (1.5.1995) by Finance Act 1995 (c. 4), s. 152(2)(b)(6)
(1)Section 87 above shall not apply as regards an agreement to transfer a unit under a unit trust scheme to the managers under the scheme.
(2)Section 87 above shall not apply as regards an agreement to transfer a unit under a unit trust scheme if at the time the agreement is made —
(a)all the trustees under the scheme are resident outside the United Kingdom, and
(b)the unit is not registered in a register kept in the United Kingdom by or on behalf of the trustees under the scheme.
(3)Section 87 above shall not apply as regards an agreement to transfer securities constituted by or transferable by means of —
(a)an overseas bearer instrument, within the meaning of the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891 F1;
(b)an inland bearer instrument, within the meaning of that heading, which does not fall within exemption 3 in that heading (renounceable letter of allotment etc. where rights are renounceable not later than six months after issue).
(4)Section 87 above shall not apply as regards an agreement which forms part of an arrangement falling within section 93(1) or 96(1) below.
[F2(5)Section 87 above shall not apply as regards an agreement to transfer securities which the Board are satisfied are held, when the agreement is made, by a person within subsection (6) below.
(6)A person is within this subsection if his business is exclusively that of holding shares, stock or other marketable securities —
(a)as nominee or agent for a person whose business is or includes the provision of clearance services for the purchase and sale of shares, stock or other marketable securities, and
(b)for the purpose of such part of the business mentioned in paragraph (a) above as consists of the provision of such clearance services (in a case where the business does not consist exclusively of that); and in this subsection, 'marketable securities' shall be construed in accordance with section 122(1) of the Stamp Act 1891 M1.]
[F3(7)Section 87 above shall not apply as regards an agreement to transfer securities to —
(a)a body of persons established for charitable purposes only, or
(b)the trustees of a trust so established, or
(c)the Trustees of the National Heritage Memorial Fund, or
(d)the Historic Buildings and Monuments Commission for England.]
Textual Amendments
F2S. 90(5)(6) substituted for s. 90(5) (retrospectively) by Finance Act 1987 (c. 16), s. 56, Sch. 7 para. 5
F3S. 90(5)(6) added (retrospectively) by Finance Act 1987 (c. 16), s. 56, Sch. 7 para. 6
Marginal Citations