(1)The stamp duties chargeable by virtue of section 47 of the M1Finance Act 1973 and Article 8 of the M2Finance (Miscellaneous Provisions) (Northern Ireland) Order 1973 (stamp duties on documents relating to chargeable transactions of capital companies) are abolished; and accordingly—
(a)that section, section 48 of that Act and Schedule 19 to that Act; and
(b)that Article, Article 9 of that Order and Schedule 2 to that Order,
shall cease to have effect.
(2)Subsection (1) above shall have effect in relation to—
(a)any transaction occurring on or after 22nd March 1988;
(b)any transaction occurring on or after 16th March 1988 in respect of which the relevant document is not stamped before22nd March 1988;
(c)any exempt transaction occurring before 22nd March 1988 in respect of which a relevant event occurs on or after 22nd March 1988; and
(d)any exempt transaction occurring before 16th March 1988 in respect of which a relevant event occurs on or after 16th March 1988 and the relevant duty is not paid before 22nd March 1988.
(3)For the purposes of section 14(4) of the M3Stamp Act 1891 (instruments not to be given in evidence etc. unless stamped in accordance with the law in force at the time of execution), the law in force—
(a)in a case falling within subsection (2)(b) above, at the time of execution of the relevant document ; or
(b)in a case falling within subsection (2)(d) above, on the day on which the relevant event occurs,
shall be deemed to be that as varied in accordance with this section.
(4)In this section—
“exempt transaction” means a transaction which is exempt by virtue of paragraph 10(1) of Schedule 19 to the M4Finance Act 1973;
“relevant document” has the meaning given by section 47 of that Act;
“relevant duty” means the duty payable under paragraph 10(4) of Schedule 19 to that Act;
“relevant event” means such an event as is mentioned in paragraph 10(3)(a) or (b) of Schedule 19 to that Act,
and any reference in this subsection to section 47 of or Schedule 19 to that Act includes a reference to Article 8 of or Schedule 2 to the M5Finance (Miscellaneous Provisions) (Northern Ireland) Order 1973.
(5)This section shall be construed as one with the Stamp Act 1891.
(6)This section shall be deemed to have come into force on22nd March 1988.
Marginal Citations