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Finance Act 1958

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This is the original version (as it was originally enacted).

35Miscellaneous amendments

(1)In the First Schedule to the Stamp Act, 1891—

(a)neither the heading " Bond, Covenant or Instrument of any kind whatsoever" nor the heading " Mortgage, Bond, Debenture, Covenant" shall extend to any instrument in respect of a covenant or agreement by any person, whether as principal or as surety—

(i)to pay, or to guarantee the payment of, sums payable for or in relation to the sale or hire of any goods, wares or merchandise, the sale, hire, construction or installation of any machinery or plant, the supply of electricity, or the execution of any building works or any works of civil engineering ; or

(ii)to reimburse or guarantee the reimbursement of advances made for or in respect of the payment of sums payable as aforesaid ;

and the heading " Agreement or any Memorandum of an Agreement" and the heading " Deed of any kind whatsoever, not described in this schedule " shall be construed accordingly; and

(b)in the said heading " Agreement or any Memorandum of an Agreement" exemption (3) (which comprises any agreement, letter or memorandum made for or relating to the sale of any goods, wares or merchandise) shall not apply where the consideration for the sale includes sums payable at stated periods.

This subsection shall not be taken as affecting the duty chargeable on an instrument under the said heading " Mortgage, Bond, Debenture, Covenant" in respect of any security by way of charge on property or in respect of an agreement to give such a security.

(2)Any discharge (by re-conveyance, surrender or otherwise) of a security given for an advance made by a local authority under any of the enactments mentioned below in this subsection shall be exempt from stamp duty.

The enactments in question are—

(a)as regards England and Wales, section one of the Small Dwellings Acquisition Act, 1899, section ninety-one and section ninety-two of the Housing Act, 1925, section ninety and section ninety-one of the Housing Act, 1936, section four of the Housing Act, 1949, and section forty-three of the Housing (Financial Provisions) Act, 1958 ; and

(b)as regards Scotland, section one of the Small Dwellings Acquisition Act, 1899, section seventy-four and section seventy-five of the Housing (Scotland) Act, 1925, section twenty-nine of the Housing (Scotland) Act, 1949, and section seventy-five of the Housing (Scotland) Act, 1950.

(2)Any discharge (by re-conveyance, surrender or otherwise) of a security for sums payable to a local authority in respect of the sale or letting of houses by that authority under any of the enactments mentioned below in this subsection shall be exempt from stamp duty.

The enactments in question are—

(a)as regards England and Wales, paragraph (d) of sub-section (1) of section fifty-nine of the Housing Act, 1925, paragraph (d) of subsection (1) of section seventy-nine of the Housing Act, 1936, and subsection (1) of section one hundred and four of the Housing Act, 1957; and

(b)as regards Scotland, paragraph (d) of subsection (1) of section forty-five of the Housing (Scotland) Act, 1925, and paragraph (d) of subsection (1) of section sixty-five of the Housing (Scotland) Act, 1950.

(4)In section seventy-four of the Finance Act, 1952 (which relieves from stamp duty certain transfers of water undertakings and other property to joint boards or joint committees of local authorities, and certain conveyances and agreements for such transfers)—

(a)in paragraph (a) of subsection (1) (which relates to transfers of water undertakings by order under the Water Act, 1945) after the words " by an order under the Water Act, 1945" there shall be inserted the words " or by or under any local Act of Parliament ", and for the words " to a joint board or joint committee consisting exclusively of representatives of local authorities" there shall be substituted the words " to any other water undertakers ";

(b)both in paragraph (b) of subsection (1) and in subsection (3) (which relate to transfers of property under the Public Health Act, 1936, or the Local Government (Scotland) Act, 1947, and to conveyances and agreements for such transfers under the said Act of 1947) for the words " from a local authority which is represented on the board or committee" there shall be substituted the words " from any local authority or from another such board or committee "; and

(c)in subsection (2) (which relates to contracts and agreements for transfers of water undertakings which are conditional on orders under the Water Act, 1945) after the words " an order under the Water Act, 1945 " there shall be inserted the words " or under any local Act of Parliament or on the passing of such an Act ".

(5)No stamp duty shall be chargeable under or by reference to the heading " Conveyance or Transfer on sale" in the First Schedule to the Stamp Act, 1891, on any agreement made under section fourteen of the New Towns Act, 1946, by a development corporation under that Act for the transfer of the whole or part of the water undertaking or sewerage undertaking of that corporation, or on any conveyance, agreement or assignment made, or instrument executed, solely for the purpose of giving effect to such a transfer.

(6)This section shall have effect as from the beginning of August, nineteen hundred and fifty-eight.

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