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)Where securities are transferred —
(a)to a company which at the time of the transfer falls within subsection (6) of section 70 above and is resident in the United Kingdom, and
(b)from a company which at that time falls within that subsection and is so resident,
there shall be no charge to tax under section 96 above in respect of the transfer
(2)There shall be no charge to tax under section 96 above in respect of a transfer effected by an instrument on which stamp duty is not chargeable by virtue of —
(a)section 127(1) of the Finance Act 1976 F1 (transfer to stock exchange nominee), or
(b)section 84(2) or (3) above.
(3)There shall be no charge to tax under section 96 above in respect of a transfer or issue of an inland bearer instrument, within the meaning of the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891 F2, 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)There shall be no charge to tax under section 96 above in respect of an issue by a company (company X) of securities in exchange for shares in another company (company Y) where company X —
(a)has control of company Y, or
(b)will have such control in consequence of the exchange or of an offer as a result of which the exchange is made.
(5)For the purposes of subsection (4) above company X has control of company Y if company X has power to control company Y's affairs by virtue of holding shares in, or possessing voting power in relation to, company Y or any other body corporate.