(1)Section 93 of the Finance Act 1986 (depositary receipts) shall be amended in accordance with the following provisions of this section.
(2)In subsection (1) (charge to stamp duty reserve tax where certain things are done in pursuance of an arrangement) in paragraph (b) (transfer or issue to, or appropriation by, a person falling within subsection (3))—
(a)after “transferred or issued to” there shall be inserted “ the person mentioned in paragraph (a) above or ”; and
(b)for “such a person” there shall be substituted “ the person mentioned in paragraph (a) above or a person falling within subsection (3) below ”.
(3)In subsection (6) (payment by instalments) in paragraph (d) (instrument received by person falling within subsection (3)) for “subsection (3)” there shall be substituted “ subsection (2) or (3) ”.
(4)This section has effect—
(a)so far as relating to the charge to tax under section 93(1) of the M1Finance Act 1986, where securities are transferred, issued or appropriated on or after 1st July 1996 (whenever the arrangement was made);
(b)so far as relating to the charge to tax under section 93(10) of that Act, in relation to instalments payable on or after 1st July 1996.]
Textual Amendments
F1Ss. 186-196 repealed (with effect as mentioned in Sch. 41 Pt. VII, Note 4 of the amending Act) by 1996 c. 8, s. 205, Sch. 41 Pt. VII
Marginal Citations