HC Deb 02 February 2004 vol 417 c539 3.59 pm
The Minister for Sport and Tourism (Mr. Richard Caborn)

I beg to move amendment No. 10, in page 3, line 16, at end insert— (3) Nothing in this Part constitutes arrangements for the purposes of—

  1. (a) section 42(2) of the Finance Act 1930 (c. 28) (relief from stamp duty),
  2. (b) section 27(3) of the Finance Act 1967 (c. 54) (stamp duty). or
  3. (c) paragraph 2 of Schedule 7 to the Finance Act 2003 (c. 14) (relief from stamp duty land tax).'.
This technical amendment would put it beyond doubt that the powers in part 1 do not amount to arrangements falling within section 42(2) of the Finance Act 1930 or section 27(3) of the Finance Act 1967, which relate to stamp duty, or within paragraph (2) of schedule 7 to the Finance Act 2003, which relates to stamp duty and land tax, commonly known as SDLT—no doubt that is now clear to the House.

If the powers in part 1 were to amount to such arrangements, their existence would mean that the group relief from stamp duty on a transfer of shares, or SDLT on a transfer of an interest in land, was not available for transfers between members of the Tote group after the Bill becomes law but before the Tote is vested in a successor company. The amendment ensures that such a claim to relief does not fall on those grounds. Any subsequent transfer outside the 'rote group will be subject to stamp duty or SDLT under the normal rules.

Amendment agreed to.

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