SCHEDULES
SCHEDULE 26 Transfers: tax
Part VII Other provisions concerning transfers
Stamp duty and stamp duty reserve tax
40
1
Stamp duty is not to be chargeable on—
a
a scheme under paragraph 1 of Schedule 15, paragraph 31 of Schedule 17 or paragraph 1 of Schedule 19, 21 or 25, or
b
an instrument or agreement which is certified to the Commissioners of Inland Revenue by the Secretary of State as made in pursuance of such a scheme.
2
No such scheme, and no instrument or agreement which is certified as mentioned in sub-paragraph (1)(b), is to be taken to be duly stamped unless—
a
it has, in accordance with section 12 of the M1Stamp Act 1891, been stamped with a particular stamp denoting that it is not chargeable with that duty or that it is duly stamped, or
b
it is stamped with the duty to which it would be liable, apart from this paragraph.
3
Section 12 of the M2Finance Act 1895 is not to operate to require—
a
the delivery to the Inland Revenue of a copy of this Act, or
b
the payment of stamp duty under that section on any copy of this Act,
and is not to apply in relation to an instrument on which, by virtue of sub-paragraph (1), stamp duty is not chargeable.
4
An agreement to transfer chargeable securities, as defined in section 99 of the M3Finance Act 1986, to a person specified in sub-paragraph (2)(a) to (c) of paragraph 1 of Schedule 21 is not to give rise to a charge to stamp duty reserve tax if the agreement is made for the purposes of, or for purposes connected with, a scheme under that paragraph.