Part III Stamp Duty and Stamp Duty Reserve Tax
Stamp duty
48 Unit trusts.
—In section of the M1Finance Act 1946 and in section 28 of the M2Finance (No. 2) Act (Northern Ireland) 1946—
(a)
““unit trust scheme” has the same meaning as in the Financial Services Act 1986 (but subject to subsection (1A) of this section)”;
(b)
in the definition in subsection (1) of “trust instrument”, for the words from “by virtue” to “aforesaid” there shall be substituted the words “
on which the property in question is held
”
;
(c)
“(1A)
The Treasury may by regulations provide that any scheme of a description specified in the regulations shall be treated as not being a unit trust scheme for the purposes of this Part of this Act.
(1B)
Regulations under this section—
(a)
may contain such supplementary and transitional provisions as appear to the Treasury to be necessary or expedient, and
(b)
shall be made by statutory instrument, which shall be subject to annulment in pursuance of a resolution of the House of Commons.”.
F149 Contract notes.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
50Warrants to purchase Government stock, etc.
(1)
Where an interest in, a right to an allotment of or to subscribe for, or an option to acquire F2 or to dispose of, exempt securities is transferred to or vested in any person by any instrument, no stamp duty shall be chargeable on the instrument by virtue of F3either of the following headings in Schedule 1 to the Stamp Act 1891 F4— F3Part I, or paragraph 16, of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale or otherwise)
(2)
No stamp duty under F5Schedule 15 to the Finance Act 1999 (bearer instruments) shall be chargeable —
(a)
on the issue of an instrument which relates to such an interest, right or option as is mentioned in subsection (1) above, or
(b)
on the transfer of the interest, right or option constituted by, or transferable by means of, such an instrument.
(3)
For the purposes of this section, “exempt securities” means —
(a)
securities the transfer of which is exempt from all stamp duties,
(b)
securities constituted by or transferable by means of an instrument the issue of which is by virtue of section 30 of the Finance Act 1967 F6 or section 7 of the Finance Act (Northern Ireland) 1967 F7F8 or section 79(2) of the Finance Act 1986 exempt from stamp duty under the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891 F9, or
(c)
securities the transfer of which is exempt by virtue of section 30 of the Finance Act 1967 or section 7 of the Finance Act (Northern Ireland) 1967 F10 or section 79(2) of the Finance Act 1986 from stamp duty under that heading;
and “securities” means stock or marketable securities and includes loan capital as defined in section 78(7) of the Finance Act 1986 F11.
(4)
F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)
F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
52Clearance services
(1)
In section 70(6) of the Finance Act 1986 (transfer of securities to clearance system), for the word “relevant”
(in each place where it occurs) there shall be substituted the words “shares, stock or other marketable”
.
(2)
The amendments made by this section have effect in relation to instruments executed on or after 1st August 1987.
53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
54 Shared ownership transactions.
(1)
In section 97 of the M3Finance Act 1980 (which provides for certain leases to be stamped as conveyances) in subsection (3)(b)—
(a)
for the words “registered under” there shall be substituted the words “
within the meaning of
”
, and
(b)
for the words “Article 124” there shall be substituted the words “
Part VII
”
.
(2)
Section 97 of the Finance Act 1980 and section 108(5) and (6) of the M4Finance Act 1981 shall apply to a lease within subsection (3) below as they apply to a lease granted by a body mentioned in section 97(3) of the Finance Act 1980.
(3)
A lease is within this subsection if it is granted—
(a)
by a person against whom the right to buy under Part V of the M5Housing Act 1985 is exercisable by virtue of section 171A of that Act (preservation of right to buy on disposal to private sector landlord), and
(b)
to a person who is the qualifying person for the purposes of the preserved right to buy and in relation to whom that dwelling-house is the qualifying dwelling-house.(4) This section applies to leases granted on or after 1st August 1987.
55 Crown exemption.
(1)
Where any conveyance, transfer or lease is made or agreed to be made
F15(a)
to a Minister of the Crown or
F18(c)
(d)
to the Northern Ireland Assembly Commission
no stamp duty shall be chargeable F21under Part I or II, paragraph 16, of Schedule 13 to the Finance Act 1999 on the instrument by which the conveyance, transfer or lease, or the agreement for it is effected.
(2)
In this section “Minister of the Crown” has the same meaning as in the Ministers of the M6Crown Act 1975.
(3)
Article 3(6) of the Secretary of State for the M7Environment Order 1970 and Article 4(5) of the M8Secretary of State for Transport Order 1976 (which excempt transfers by, to or with those Ministers) shall cease to have effect.
(4)
This section applies to instruments executed on or after 1st August 1987.
56Stamp duty reserve tax
Schedule 7 to this Act (which contains miscellaneous amendments of Part IV of the Finance Act 1986 F22) shall have effect.