Finance Act 1999

Duty chargeable on issue of instrument U.K.

21 (1) This paragraph applies where duty is chargeable under paragraph 1 of this Schedule. U.K.

(2) The instrument—

(a) shall before being issued be produced to the Commissioners, together with such particulars in writing of the instrument as the Commissioners may require, and

(b) shall be deemed to be duly stamped if and only if it is stamped with a particular stamp denoting that it has been produced to the Commissioners.

(3) Within six weeks of the date on which the instrument is issued, or such longer time as the Commissioners may allow, a statement in writing containing the date of the issue and such further particulars as the Commissioners may require in respect of the instrument shall be delivered to the Commissioners.

(4) The duty chargeable in respect of the instrument shall be paid to the Commissioners on delivery of that statement or within such longer time as the Commissioners may allow.

22 (1) If default is made in complying with paragraph 21— U.K.

(a) the person by whom or on whose behalf the instrument is issued, and

(b) any person who acts as the agent of that person for the purposes of the issue,

are each liable to a penalty not exceeding the aggregate of £300 and the duty chargeable.

(2) Those persons are also jointly and severally liable to pay to Her Majesty—

(a) the duty chargeable, and

(b) interest on the unpaid duty from the date of the default until the duty is paid.