§ 40.—(1) Stamp duty is not to be chargeable on—
- (a) a scheme under paragraph 1 of Schedule 14, paragraph 31 of Schedule 16 or paragraph I of Schedule 18, 20 or 23, or
- 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—
- (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
- (b) it is stamped with the duty to which it would be liable, apart from this paragraph.
- (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) 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.