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Finance Act 1999

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Changes over time for: Paragraph 7

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Point in time view as at 31/01/2013.

Changes to legislation:

Finance Act 1999, Paragraph 7 is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

7(1)In section 95 of the Finance Act 1986 (exceptions from charge to stamp duty reserve tax on entry into depositary receipt system), for subsection (2) substitute—U.K.

(2)There shall be no charge to tax under section 93 above in respect of a transfer, issue or appropriation of a UK bearer instrument, except in the case of—

(a)an instrument within the exemption conferred by paragraph 16 of Schedule 15 to the Finance Act 1999 (renounceable letters of allotment etc. where rights are renounceable not later than six months after issue), or

(b)an instrument within the exemption conferred by paragraph 17 of that Schedule (non-sterling instruments) which—

(i)does not raise new capital, and

(ii)is not issued in exchange for an instrument raising new capital..

(2)There shall be no charge to tax under section 93 of that Act by virtue of paragraph (b) of subsection (2) of section 95 as substituted by sub-paragraph (1) above in the case of an instrument which gives effect to an agreement for a company merger or takeover entered into in writing by the companies involved before 30th January 1999.

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