SCHEDULES

SCHEDULE 9Taxation provisions relating to nuclear transfer schemes

Part 5Stamp duty etc.

I134

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—

    1. 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

    2. 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.