§ where—
§ MV is the market value of the stock or securities at that date, and
§ SL is the amount outstanding at that date on any loan secured solely on the stock or securities.
§ (7) If, in relation to any stock or securities, SL is greater than MV, the net market value of the stock or securities shall be taken to be nil.
§ (8) Where this paragraph applies in relation to an instrument, the instrument shall not be regarded as, duly stamped unless it has been stamped in accordance with section 12 of the Stamp Act 1891.
§ (9) This paragraph shall be construed as one with the Stamp Act 1891.'.
§ No. 216, in page 581, line 24, leave out first 'an interest in land' and insert 'a chargeable interest'.
§ No. 217, in page 581, line 24, leave out second 'an interest in land' and insert 'a chargeable interest'.
958§ No. 218, in page 581, line 35, at end insert— Interpretation: transfer of chargeable interest from a partnership
§ 27A For the purposes of this Part of this Schedule, there is a transfer of a chargeable interest from a partnership in any case where—
- a chargeable interest that was partnership property ceases to be partnership property, or
- a chargeable interest is granted or created out of partnership property and the interest is not partnership property.
§ Interpretation: market value of leases
§ 27B (1) This paragraph applies in relation to a lease for the purposes of this Part of this Schedule if—
- the grant of the lease is or was a transaction to which paragraph 10 applies or applied (or a transaction to which paragraph 10 would have applied if that paragraph had been in force at the time of the grant), or
- the grant of the lease is a transaction to which paragraph 16 applies.
§ (2) In determining the market value of the lease, an obligation of the tenant under the lease is to be taken into account if (but only if)—
- it is an obligation such as is mentioned in paragraph 10(1) of Schedule 17A, or
- (b) it is an obligation to make a payment to a person.'.
§ No. 219, in page 581, line 38, at end insert—
'(2) As applied by sub-paragraph (1), that section has effect with the omission of subsection (4) (partners connected with each other).'.
§ No. 220, in page 582, line 14, leave out
'partnership transactions the effective date of which'
and insert
'any partnership transaction of which the effective date (within the meaning of Part 4 of the Finance Act 2003 (c. 14))'.
§ No. 221, in page 582, line 19, leave out sub-paragraph (3).—[Dawn Primarolo.]