§ '.—(1) Stamp duty shall not be chargeable on—
- (a) a transfer scheme, or
- (b) an instrument or agreement which is certified to the Commissioners of Inland Revenue by a Minister of the Crown as made in pursuance of a transfer scheme.
§ (2) No instrument or agreement which is certified as mentioned in subsection (l)(b) shall be taken to be duly stamped unless—
- (a) it is stamped with the duty to which it would, but for that subsection, be liable, or
- (b) it has, in accordance with section 12 of the Stamp Act 1891, been stamped with a particular stamp denoting that it is not chargeable with any duty or that it is duly stamped.
- (a) the delivery to the Inland Revenue of a copy of this Act, or
- (b) the payment of stamp duty under that section on any copy of this Act,
§ (4) In subsection (1), "transfer scheme" means—
- (a) an order under section 29 which includes provision for the transfer of property, rights or liabilities, and
- (b) a scheme under any of sections 38 to 41 and paragraph 1 of Schedule 3 for the transfer of property, rights or liabilities.'.—[Mr. Caborn.]
§ Brought up, and read the First time.
§ 4.7 pm
§ The Minister for the Regions, Regeneration and Planning (Mr. Richard Caborn)
I beg to move, That the clause be read a Second time.
§ Mr. Caborn
New clause 2 is a technical change to the Bill. It exempts transfers of property that are made under the Bill from stamp duty. As such exemptions are allowed only in the case of transfer between public sector bodies, we have tabled amendments to clauses 39 and 41, which limit the use of those powers to transfers from the Rural Development Commission and English Partnerships to other public sector bodies.
It would clearly not make sense for stamp duty to be paid on transfers made from one public sector body to another, as the Exchequer would, in effect, be funding the 1274 payment of a duty to itself. In view of that, I hope that Conservative Members will agree to the inclusion of new clause 2 and to consequential amendments Nos. 13 and 14.
§ Mr. Tim Yeo (South Suffolk)
Conservative Members have no objection to the new clause, which seems to be essentially technical in nature. However, I believe that it is grouped with new clause 1—[HON. MEMBERS: "NO."] Is it not?
§ Madam Speaker
May I clarify the matter for the hon. Gentleman? We are dealing with new clause 2 and Government amendments Nos. 13 and 14.
§ Question put and agreed to.
§ Clause read a Second time, and added to the Bill.