HC Deb 19 March 1984 vol 56 cc851-2

Motion made, and Question, That the following provisions shall have effect for the period beginning 20th March 1984 and ending 31 days after the earliest of the dates mentioned in section 50(2) of the Finance Act 1973—

(1) In subsection (1) of section 55 of the Finance Act 1963 and subsection (1) of section 4 of the Finance Act (Northern Ireland) 1963 for paragraphs (a) to (e) there shall be substituted the following paragraphs:—

  1. "(a) where the amount or value of the consideration is £30,000 or under and the instrument is certified, as described in section 34(4) of the Finance Act 1958, at £30,000, nil;
  2. (b) where paragraph (a) above does not apply and the amount or value of the consideration does not exceed £500, the rate of 50p for every £50 or part of £50 of the consideration; and
  3. (c)where paragraph (a) above does not apply and the amount or value of the consideration exceeds £500, the rate of £1 for every £100 or part of £100 of the consideration"; and in subsection (2) of each of those sections for the words from "as if' onwards there shall be substituted the words "as if paragraph (a) and, in paragraphs (b) and (c), the words `paragraph (a) above does not apply and' were omitted."

(2) Part III of Schedule 11 to the Finance Act 1974 (saving for certain transfers of stock or marketable securities) shall cease to have effect.

(3) Subject to paragraph (4) below, the foregoing provisions shall apply—

  1. (a) to instruments executed on or after 20th March 1984; and,
  2. (b) to instruments executed on or after 13th March 1984 which are stamped on or after 20th March 1984; and, for the purposes of section 14(4) of the Stamp Act 1891 (instruments not to be given in evidence etc. unless stamped in accordance with the law in force at the time of first execution), the law in force at the time of execution of an instrument falling within sub-paragraph (b) above shall be deemed to be that as varied in accordance with the foregoing provisions.

(4) In the case of an instrument giving effect to a stock exchange transaction, as defined in section 4 of the Stock Transfer Act 1963, the foregoing provisions do not apply unless the transaction takes place on or after 12th March 1984 and is one in respect of which settlement is due on or after 13th March 1984.

And it is here by declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of section 50 of the Finance Act 1973—[Mr. Lawson.]

put forthwith pursuant to Standing Order No. 114 (Ways and Means motions), and agreed to.