PART 2Excise duties and other taxes
Stamp duty reserve tax and stamp duty
114Abolition of SDRT on certain dealings in collective investment schemes
1
Part 2 of Schedule 19 to FA 1999 (which provides for a charge to stamp duty reserve tax on certain dealings with units in unit trusts) is omitted.
2
In section 90(1B) of FA 1986 (exception to charge to stamp duty reserve tax on certain agreements to transfer property from a unit trust)—
a
after “unit trust scheme” insert “if the unit holder is to receive only such part of each description of asset in the trust property as is proportionate to, or as nearly as practicable proportionate to, the unit holder’s share.”, and
b
for the second sentence substitute “For these purposes there is a surrender of a unit where—
a
a person (“P”) authorises or requires the trustees or managers of a unit trust scheme to treat P as no longer interested in a unit under the scheme, or
b
a unit under the unit trust scheme is transferred to the managers of the scheme,
and the unit is a chargeable security.
3
Accordingly—
a
in FA 1999, in section 123(3), for “Parts I to III” substitute “Parts I and III”,
b
in FA 2001, omit sections 93 and 94,
c
in FA 2004, in Schedule 35, omit paragraph 46 and the italic heading before that paragraph,
d
in FA 2005, omit section 97(3), (4) and (6), and
e
in FA 2010, in Schedule 6, omit paragraph 15(2).
4
The amendments made by this section have effect in relation to surrenders made or effected on or after 30 March 2014.
5
Provision made by regulations under section 98 of FA 1986, section 152 of FA 1995 or section 17 of F(No.2)A 2005 in connection with the coming into force of this section may be made so as to have effect in relation to surrenders made or effected on or after 30 March 2014 (even if the regulations are made after that date).
6
115Abolition of stamp duty and SDRT: securities on recognised growth markets
Schedule 24 contains provision abolishing stamp duty and stamp duty reserve tax on instruments and transfers of securities traded on recognised growth markets.
116Temporary statutory effect of House of Commons resolution
1
Section 50 of FA 1973 (temporary statutory effect of House of Commons resolution affecting stamp duties) is amended as follows.
2
In subsection (2), for paragraph (c) (and the “and” after it) substitute—
c
the dissolution of Parliament;
ca
the prorogation of Parliament in a case where subsection (2B) does not apply; and
3
In that subsection, in paragraph (d), for “six” substitute “seven”.
4
After that subsection insert—
2A
Subsection (2B) applies where Parliament is prorogued at the end of a session if—
a
during the session a Bill containing provisions to the same effect as the resolution is read a second time by the House or a Bill is amended (whether by the House or a Committee of the House or a Public Bill Committee) so as to include such provisions,
b
the Standing Orders or Sessional Orders of the House provide, or during the session the House orders, that proceedings on the Bill not completed before the end of the session shall be resumed in the next session, and
c
proceedings on the Bill are not completed during the session.
2B
A resolution shall cease to have statutory effect under this section if, during the period of thirty sitting days beginning with the first sitting day of the next session, no Bill containing provisions to the same effect as the resolution is presented to the House.
2C
In subsection (2B) “sitting day” means a day on which the House sits.
2D
Where a Bill is amended as mentioned in subsection (2A)(a), it does not matter for the purposes of subsection (2A)(b) if the House orders as mentioned in subsection (2A)(b) before the amendment to the Bill is made.