HL Deb 25 October 1999 vol 606 c143

(" .—(1) Neither stamp duty nor stamp duty reserve tax shall be chargeable on, or in respect of,—

  1. (a) a transfer instrument;
  2. (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 instrument; or
  3. (c) an instrument or agreement which is certified to the Commissioners of Inland Revenue by a Minister of the Crown as giving effect to a preparatory reorganisation, to the extent that the instrument or agreement is so certified.

(2) No instrument or agreement which is certified as mentioned in paragraph (b) or (c) of subsection (1) above shall be taken to be duly stamped unless—

  1. (a) it is stamped with the duty to which it would, but for that subsection, be liable; or
  2. (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.

(3) Section 12 of the Finance Act 1895 shall not 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 shall not apply in relation to any instrument on which, by virtue of subsection (1) above, stamp duty is not chargeable.

(4) In subsection (1) above, "transfer instrument" means—

  1. (a) an order under section 351 or 354 above; or
  2. (b) a scheme under section 352 above.

(5) In subsection (1) above "preparatory reorganisation" means the transfer of property, rights and liabilities—

  1. (a) from London Regional Transport to any of its subsidiaries,
  2. (b) from a subsidiary of London Regional Transport to London Regional Transport,
  3. (c) from a subsidiary of London Regional Transport to another such subsidiary, or
  4. (d) from a Minister of the Crown to London Regional Transport or any of its subsidiaries,
preparatory to any provision made or to be made by or under this Act.").

On Question, amendment agreed to.

Lord Whitty moved Amendment No. 570WA: After Clause 356, insert the following new clause—