SCHEDULE 9Taxation provisions relating to nuclear transfer schemes
Part 5Stamp duty etc.
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(1)
Stamp duty is not to be chargeable—
(a)
on a nuclear transfer scheme, or
(b)
on an instrument certified by the Secretary of State to the Commissioners of Inland Revenue as made for the purposes of such a scheme, or as made for purposes connected with such a scheme,
except to the extent that the scheme or instrument includes provision in relation to private transfers.
(2)
But where, by virtue of sub-paragraph (1), stamp duty is not chargeable at all, or is chargeable only to a reduced extent, on a nuclear transfer scheme or instrument, the scheme or instrument is to be treated as duly stamped only if—
(a)
in accordance with section 12 of the Stamp Act 1891 (c. 39) it has been stamped with a stamp denoting either that it is not chargeable to duty or that it has been duly stamped; or
(b)
it is stamped with the duty to which it would be chargeable apart from sub-paragraph (1).
(3)
An agreement which is made for the purposes of a nuclear transfer scheme or purposes connected with such a scheme is not to give rise to stamp duty reserve tax except to the extent that the agreement relates to private transfers.
(4)
In this paragraph—
“instrument” has the same meaning as in the Stamp Act 1891;
“private transfer” means—
(a)
a transfer of any property, right or liability to a person other than the Secretary of State, the NDA or a publicly owned company; or
(b)
the creation of an interest or right in favour of a person other than the Secretary of State, the NDA or a publicly owned company.