Part III General

Financial provisions

43 Payment of fees into Consolidated Fund.

Any sums received by the Chief Inspector under—

a

section 7(4)(b), or

b

paragraph 4(2) or 5(2) of Schedule 3,

shall be paid into the Consolidated Fund.

44 Stamp duty.

1

Subject to subsection (2) below, stamp duty shall not be chargeable in respect of—

a

any transfer effected under section 39;

b

any transfer—

i

to a funding authority, or

ii

to the governing body of a grant-maintained school,

by virtue of section 38(3); or

c

any transfer to a local education authority by virtue of section 38(3) of property which immediately after the transfer is held by the authority for the purposes of—

i

a county or voluntary school or maintained special school not established in a hospital, or

ii

a new county school.

2

No instrument (other than a statutory instrument) made or executed under or in pursuance of any of the provisions mentioned in subsection (1) shall be treated as duly stamped unless—

a

it is stamped with the duty to which it would, but for this section (and, if applicable, section 129 of the M1Finance Act 1982), be liable, or

b

it has, in accordance with the provisions of section 12 of the M2Stamp Duty Act 1891, been stamped with a particular stamp denoting that it is not chargeable with any duty or that it has been duly stamped.