HC Deb 10 May 2000 vol 349 cc970-1

40.—(1) Stamp duty is not to be chargeable on—

  1. (a) a scheme under paragraph 1 of Schedule 14, paragraph 31 of Schedule 16 or paragraph I of Schedule 18, 20 or 23, or
  2. an instrument or agreement which is certified to the Commissioners of Inland Revenue by the Secretary of State as made in pursuance of such a scheme.

(2) No such scheme, and no instrument or agreement which is certified as mentioned in sub-paragraph (1)(b), is to be taken to be duly stamped unless—

  1. (a) 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 that duty or that it is duly stamped, or
  2. (b) it is stamped with the duty to which it would be liable, apart from this paragraph.

(3) Section 12 of the Finance Act 1895 is not to operate to require—

  1. (a) the delivery to the Inland Revenue of a copy of this Act, or
  2. (b) the payment of stamp duty under that section on any copy of this Act,
and is not to apply in relation to an instrument on which, by virtue of sub-paragraph (1), stamp duty is not chargeable.

(4) An agreement to transfer chargeable securities, as defined in section 99 of the Finance Act 1986, to a person specified in sub-paragraph (2)(a) to (c) of paragraph 1 of Schedule 20 is not to give rise to a charge to stamp duty reserve tax if the agreement is made for the purposes of, or for purposes connected with, a scheme under that paragraph.'.—[Mr. Robert Ainsworth.]

Brought up, read the First and Second time, and added to the Bill.

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