SCHEDULES

SCHEDULE 17 Stamp duty: penalties other than on late stamping

Part I Amendments of penalties

Introduction

1

The amendments in this Part of this Schedule—

(a)

replace administrative fines by penalties;

(b)

amend provisions imposing a fine or penalty of a specified amount so as to impose a penalty not exceeding a specified amount;

(c)

increase or modernise in certain cases the maximum penalty.

Stamp Duties Management Act 1891 (c.38)

2

(1)

The Stamp Duties Management Act 1891 is amended as follows.

(2)

In section 12A (lost or spoiled instruments), in subsection (2)(b) for “, fine or penalty” (twice) substitute “ or penalty ”.

(3)

In section 21 (penalty for frauds in relation to duties), for “a fine of fifty pounds” substitute “ a penalty not exceeding £3,000 ”.

Stamp Act 1891 (c.39)

3

(1)

The Stamp Act 1891 is amended as follows.

(2)

In section 5 (failure to set out in instrument facts and circumstances affecting duty), for “a fine of ten pounds” substitute “ a penalty not exceeding £3,000 ”.

(3)

In section 9(1) (penalty for frauds in relation to instrument bearing adhesive stamp), for the words from “he shall” to the end substitute “ he is liable to a penalty not exceeding £3,000 ”.

(4)

In section 16 (rolls, books, etc. to be open to inspection), for “a fine of ten pounds” substitute “ a penalty not exceeding £300 ”.

(5)

In section 17 (penalty for enrolling, etc. instrument not duly stamped), for “a fine of ten pounds” substitute “ a penalty not exceeding £300 ”.

(6)

In section 83 (penalty on issuing etc. foreign etc. security not duly stamped), for “a fine of twenty pounds” substitute “ a penalty not exceeding £300 ”.

Finance Act 1946 (c.64)

F14

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Finance (No. 2) Act (Northern Ireland) 1946 (c.17 (N.I.))

F25

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Finance Act 1963 (c.25)

6

In section 67(1) of the Finance Act 1963 (prohibition of circulation of blank transfers), for “fine” substitute “ penalty ” and for “£50” substitute “ £300 ”.

Finance Act (Northern Ireland) 1963 (c.22 (N.I.))

7

In section 16(1) of the Finance Act (Northern Ireland) 1963 (prohibition of circulation of blank transfers), for “fine” substitute “ penalty ” and for “fifty pounds” substitute “ £300 ”.

Finance Act 1986 (c.41)

8

In section 68(4) and (5) and section 71(4) and (5) of the Finance Act 1986 (depositary receipts and clearance services: failure to comply with requirements as to notification), for “fine” substitute “ penalty ”.