Finance Act 1999

Part III U.K. Supplementary provisions

F1 ... U.K.

Textual Amendments

F1 Sch. 15 para. 21 cross-heading omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 19(7)

F2 21 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F2 Sch. 15 para. 21 omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 19(8)

F3 22 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F3 Sch. 15 para. 22 omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 19(9)

Duty chargeable on transfer of stock by means of instrument U.K.

23 (1) This paragraph applies where duty is chargeable under paragraph 2 of this Schedule. U.K.

(2) Where the instrument is presented to the Commissioners for stamping—

(a) the person presenting it, and

(b) the owner of the instrument,

shall furnish to the Commissioners such particulars in writing as the Commissioners may require for determining the amount of duty chargeable.

(3) If the instrument is not duly stamped each person who in the United Kingdom—

(a) transfers any stock by or by means of the instrument, or

(b) is concerned as broker or agent in any such transfer,

is liable to a penalty not exceeding the aggregate of £300 and the amount of duty chargeable.

(4) 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 transfer in question until the duty is paid.

Supplementary provisions as to interest U.K.

24 (1) The following provisions apply to interest under paragraph 22(2) or 23(4). U.K.

(2) If an amount is lodged with the Commissioners in respect of the duty, the amount on which interest is payable is reduced by that amount.

(3) Interest is payable at the rate prescribed under section 178 of the M1 Finance Act 1989 for the purposes of section 15A of the M2 Stamp Act 1891 (interest on late stamping).

(4) The amount of interest shall be rounded down (if necessary) to the nearest multiple of £5.

No interest is payable if the amount is less than £25.

(5) The interest shall be paid without any deduction of income tax and shall not be taken into account in computing income or profits for any tax purposes.

Marginal Citations

M1 1989 c.26.

M2 1891 c.39.

Penalty for false statement U.K.

25 U.K. A person who in furnishing particulars under this Part of this Schedule wilfully or negligently furnishes particulars that are false in any material respect is liable to a penalty not exceeding the aggregate of £300 and twice the amount by which the stamp duty chargeable exceeds that paid.

26 U.K. An instrument in respect of which duty is chargeable under paragraph 2 of this Schedule which—

(a) has been stampedad valorem, F4 ...

F4 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

shall be treated as duly stamped for all purposes other than paragraph 25.

Textual Amendments

F4 Sch. 15 para. 26(b) and word omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 11(5)