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Finance Act 1949

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This is the original version (as it was originally enacted).

34Abolition of duty on bonus issues of securities

(1)Sections sixty to sixty-two of the Finance Act, 1947 (which charge duty on bonus issues of securities, etc.), shall cease to have effect as from the seventh day of April, nineteen hundred and forty-nine, except that—

(a)in so far as they relate to issues of securities, they shall continue to have effect in relation—

(i)to securities to which subsection (8) of section sixty-one applies, if the sale took place before that day; and

(ii)to other securities, if the allotment took place before that day ; and

(b)in so far as they relate to the variation of the rights or liabilities attached to any securities, they shall continue to have effect in relation to any variation becoming effective before that day.

(2)Where it is shown to the satisfaction of the Commissioners that any duty which, by virtue of this section, is not chargeable has in fact been paid, they shall repay the duty.

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