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19 1973

FINANCE ACT, 1973

PART IV

Stamp Duties

Chapter I

Miscellaneous

Commencement (Chapter 1).

62. —This Chapter shall come into operation on the 1st day of August, 1973, or the date of the passing of this Act, whichever is the later, and shall not have effect in relation to any instrument executed before such coming into operation.

Amendment of section 88 of Stamp Act, 1891

63. —Section 88 of the Stamp Act, 1891, is hereby amended by the substitution of the following subsection for subsection (2):

“(2) As respects an instrument executed on or after the 1st day of June, 1973, or deemed by virtue of this subsection to be a new and separate instrument executed on or after the 1st day of June, 1973, where such total amount is unlimited, the security shall—

(a) if unstamped, or if stamped with ad valorem duty to cover an amount not exceeding £10,000, be available only for £10,000, and

(b) if stamped with ad valorem duty to cover an amount exceeding £10,000, be available for such amount only;

but where any advance or loan is made in excess of £10,000 or such greater amount as may be covered by that duty, the security shall, for the purpose of stamp duty, be deemed to be a new and separate instrument, executed on the day on which the advance or loan is made”.

Amendment of First Schedule to Stamp Act, 1891.

64. —(1) The Heading set out in Part I of the Ninth Schedule to this Act is hereby substituted for the Heading “BOND, COVENANT, or INSTRUMENT of any kind whatsoever” in the First Schedule (as amended by the Finance Act, 1970 ), to the Stamp Act, 1891.

(2) (a) The Heading set out in Part II of the said Ninth Schedule is hereby substituted for the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities” in the said First Schedule (as so amended).

(b) The Heading in the said First Schedule inserted by paragraph (a) of this subsection shall, subject to the provisions of that Heading, be deemed to include any conveyance or transfer of any property other than stocks or marketable securities operating as a voluntary disposition inter vivos and any reference in that Heading to the amount or value of any consideration shall be construed in relation to duty chargeable on such conveyance or transfer as a reference to the value of the property.

(3) The paragraph set out in Part III of the said Ninth Schedule is hereby substituted for paragraph (3) of the Heading “LEASE” in the said First Schedule (as so amended).

(4) The Heading set out in Part IV of the said Ninth Schedule is hereby substituted for the Heading “MORTGAGE, BOND, DEBENTURE, COVENANT (except a marketable security otherwise specially charged with duty) and WARRANT OF ATTORNEY to confess and enter up judgment” in the said First Schedule (as so amended).

(5) Subject to section 4 of the Stamp Act, 1891, any instrument which, by virtue of any of the preceding provisions of this section, is exempt from duty under any Heading in the said First Schedule mentioned in those provisions shall not be chargeable with duty under any other Heading in the said First Schedule.

Amendment of section 50 of Finance Act, 1969.

65. Section 50 (2) of the Finance Act, 1969 , is hereby amended by the substitution of “fifteen per cent.” for “ten per cent.”.

Revocation of Order.

66. —The Imposition of Duties (No. 206) (Stamp Duty on Certain Instruments) Order, 1973, is hereby revoked.