115 Levy on privatisation of certain ports.U.K.
(1)A levy shall be chargeable on the disposal of securities of a company which is, or has control of, a successor company to a relevant port authority if the disposal is made by—
(a)the relevant port authority,
(b)a company under the control of the relevant port authority, or
(c)a person constituted under a private Act, the Bill for which was promoted by the relevant port authority.
(2)For the purposes of this section and sections 116 to 120 below—
(a)“securities”, in relation to a company, includes shares, debentures, bonds and other securities of the company, whether or not constituting a charge on the assets of the company;
(b)“control” shall be construed in accordance with section 416 of the Taxes Act 1988;
(c)a company is a successor company to a relevant port authority if the whole or any part of the authority’s undertaking is transferred to it in accordance with the provisions of a private Act, the Bill for which was promoted by the authority;
(d)a relevant port authority is an authority which is a harbour authority within the meaning of the M1Harbours Act 1964 or the M2Harbours Act (Northern Ireland) 1970 but not a company having a share capital or a local authority (within the meaning of section 842A of the Taxes Act 1988); and
(e)“” include stock;
and in sections 116 to 120 below “levy” means levy under subsection (1) above.