19 Property.E+W
(1)The [F1Secretary of State] may by order make a scheme—
(a)for the transfer to the [F1Secretary of State] or the Service of any property belonging to the old employer,
(b)for the transfer to the [F1Secretary of State] or the Service of any liabilities to which the old employer is subject,
(c)for the transfer of property or liabilities to a new employer after an initial transfer to the [F1Secretary of State] under paragraph (a) or (b),
(d)for the Service to have any rights or interests which the [F1Secretary of State] considers appropriate in relation to any property transferred to the [F1Secretary of State] under the scheme.
(2)Stamp duty is not chargeable in respect of any transfer or grant to the Service effected by virtue of this section.
(3)No instrument made or executed under or in pursuance of the scheme for the purposes of such a transfer or grant is to be treated as duly stamped unless—
(a)it is stamped with the duty to which it would, but for this section, be liable, or
(b)it has, in accordance with the provisions of section 12 of the M1Stamp Act 1891, been stamped with a particular stamp denoting that it is not chargeable with any duty or that it has been duly stamped.
(4)Schedule 3 (contents of schemes) applies in relation to a scheme under this section.
[F2(5)For the purposes of stamp duty land tax, a land transaction effected by virtue of this section, under which the purchaser is the Service, is exempt from charge.
(6)Relief under subsection (5) must be claimed in a land transaction return or an amendment of such a return.
(7)In this section—
“land transaction” has the meaning given by section 43(1) of the Finance Act 2003;
“land transaction return” has the meaning given by section 76(1) of that Act;
“purchaser” has the same meaning as in Part 4 of that Act.]
Textual Amendments
F1Words in s. 19 substituted (12.1.2004) by The Transfer of Functions (Children, Young People and Families) Order 2003 (S.I. 2003/3191), art. 1(2), Sch. para. 4(2)
F2S. 19(5)-(7) inserted (1.12.2003) by The Stamp Duty Land Tax (Consequential Amendment of Enactments) Regulations 2003 (S.I. 2003/2867), reg. 1, Sch. para. 30
Modifications etc. (not altering text)
C1S. 19: transfer of functions (12.1.2004) by The Transfer of Functions (Children, Young People and Families) Order 2003 (S.I. 2003/3191), arts. 1(2), 3, 4
Marginal Citations