Finance Act 1999

Part V U.K. Stamp duty and stamp duty reserve tax

Commencement Information

I1 Sch. 20 Pt. V in force at Royal Assent except for repeals in (4) which come into force on 1.10.1999

(1)

Stamp duty: interest and penalties on late stamping

1.These repeals have effect in relation to instruments executed on or after 1st October 1999, subject to paragraph 2.
2.The repeals do not have effect in relation to transfers or other instruments relating to units under a unit trust scheme.
This does not affect their operation in relation to—
(a) conveyances or transfers on sale of property other than units under a unit trust scheme in relation to which such units form the whole or part of the consideration; and
(b) bearer instruments constituting, or used for transferring, units under a unit trust scheme.
Chapter	Short title	Extent of repeal
1933 c. 19.	The Finance Act 1933.	In section 42, the words “and subsection (1) of section 15”.
1933 c. 28 (N.I.).	The Finance Act (Northern Ireland) 1933.	In section 2, the words “and subsection (1) of section fifteen”.
1965 c. 25.	The Finance Act 1965.	Section 91.
1965 c. 16 (N.I.).	The Finance Act (Northern Ireland) 1965.	Section 5.
1984 c. 43.	The Finance Act 1984.	Section 111(4).
1986 c. 41.	The Finance Act 1986.	Section 69(5). Section 72(3).

(2)

Stamp duty: charging provisions and rates of duty

1.These repeals have effect in relation to instruments executed, or bearer instruments issued, on or after 1st October 1999, subject to paragraph 2.
2.The repeals do not have effect in relation to transfers or other instruments relating to units under a unit trust scheme.
This does not affect their operation in relation to—
(a) conveyances or transfers on sale of property other than units under a unit trust scheme in relation to which such units form the whole or part of the consideration; and
(b) bearer instruments constituting, or used for transferring, units under a unit trust scheme.
Chapter	Short title	Extent of repeal
1891 c. 39.	The Stamp Act 1891.	Section 1. Section 54. Section 59. Section 62. Sections 72 and 73. Section 75. Section 77(5). Schedule 1.
1902 c. 7.	The Finance Act 1902.	Section 9.
1903 c. 46.	The Revenue Act 1903.	Section 7.
1949 c. 47.	The Finance Act 1949.	Section 35. Schedule 8.
1949 c. 15 (N.I.).	The Finance Act (Northern Ireland) 1949.	Section 35. Schedule 2.
1958 c. 56.	The Finance Act 1958.	Section 34(4).
1958 c. 14 (N.I.).	The Finance Act (Northern Ireland) 1958.	Section 7(4).
1963 c. 25.	The Finance Act 1963.	Sections 55 to 63. Section 65(1).
1963 c. 22 (N.I.).	The Finance Act (Northern Ireland) 1963.	Sections 4 to 12. Section 14(1).
1967 c. 54.	The Finance Act 1967.	Section 30.
1967 c. 20 (N.I.).	The Finance Act (Northern Ireland) 1967.	Section 7.
1970 c. 24.	The Finance Act 1970.	Section 32. Schedule 7.
1970 c. 21 (N.I.).	The Finance Act (Northern Ireland) 1970.	Section 6. Schedule 2.
1971 c. 68.	The Finance Act 1971.	Section 64.
1971 c. 27 (N.I.).	The Finance Act (Northern Ireland) 1971.	Section 5(1) and (3).
1972 c. 41.	The Finance Act 1972.	Section 126.
1974 c. 30.	The Finance Act 1974.	Section 49. Section 57(3)(d). Schedule 11.
1976 c. 40.	The Finance Act 1976.	In Part VI of Schedule 15, the provision amending section 33(1) of the Finance Act 1970.
1980 c. 48.	The Finance Act 1980.	Section 95.
1982 c. 39.	The Finance Act 1982.	Section 128.
1984 c. 43.	The Finance Act 1984.	Section 109. Section 111(1).
1986 c. 41.	The Finance Act 1986.	Sections 64 and 65. Section 78(1) to (6), (8) and (10) to (14). In section 79— (a) subsection (1); (b) subsections (9) to (11); and (c) in subsection (12), the words “(10) and (14)”. Section 80.
1987 c. 16.	The Finance Act 1987.	Section 49. Section 50(4) and (5). Section 51.
1988 c. 39.	The Finance Act 1988.	Sections 140 and 141.
1989 c. 26.	The Finance Act 1989.	Section 173.
1991 c. 31.	The Finance Act 1991.	Section 115.
1992 c. 2.	The Stamp Duty (Temporary Provisions) Act 1992.	The whole Act.
1993 c. 34.	The Finance Act 1993.	Section 201.
1994 c. 9.	The Finance Act 1994.	Section 241(3) to (5).
1996 c. 8.	The Finance Act 1996.	Section 188(2). In Schedule 40, paragraph 2.
1997 c. 58.	The Finance (No. 2) Act 1997.	Section 49.
1998 c. 36.	The Finance Act 1998.	Section 149.
1999 c. 16.	The Finance Act 1999.	Section 111.

(3)

Stamp duty: penalties other than on late stamping

These repeals have effect in relation to things done or omitted on or after 1st October 1999.
Chapter	Short title	Extent of repeal
1891 c. 38.	The Stamp Duties Management Act 1891.	In section 13, the words from “shall be guilty of felony” to the end. Section 26.
1891 c. 39.	The Stamp Act 1891.	Section 121.
1898 c. 46.	The Revenue Act 1898.	Section 7(5).
1986 c. 41.	The Finance Act 1986.	Section 68(6). Section 71(6).

(4)

Stamp duty: obsolete enactments

These repeals come into force on 1st October 1999.
Chapter	Short title	Extent of repeal
1891 c. 38.	The Stamp Duties Management Act 1891.	Sections 2(2) and (3). Sections 3 to 6. Section 8. Section 9(2) and (3). In section 11, the words from “deducting therefrom” to the end. Section 12. Sections 17 to 20. Section 25.

(5)

Stamp duty: unit trusts

1.These repeals have effect in relation to instruments executed on or after 6th February 2000.
2.The repeals of section 57(1A) and (1B) of the Finance Act 1946 and section 28(1A) and (1B) of the Finance (No.2) Act (Northern Ireland) 1946 have effect subject to paragraph 17(4) of Schedule 19 (saving for existing regulations).
Chapter	Short title	Extent of repeal
1946 c. 64.	The Finance Act 1946.	Sections 54 to 57.
1946 c. 17 (N.I.).	The Finance (No. 2) Act (Northern Ireland) 1946.	Sections 25 to 28.
1963 c. 18.	The Stock Transfer Act 1963.	In section 2(3)(a), the words “and section 56(4) of the Finance Act 1946”.
1963 c. 24 (N.I.).	The Stock Transfer Act (Northern Ireland) 1963.	In section 2(3)(a), the words “and section 27(4) of the Finance (No. 2) Act (Northern Ireland) 1946”.
1963 c. 25.	The Finance Act 1963.	Section 65(2).
1963 c. 22 (N.I.).	The Finance Act (Northern Ireland) 1963.	Section 14(2).
1980 c. 48.	The Finance Act 1980.	Section 101.
1981 c. 35.	The Finance Act 1981.	Section 110.
1986 c. 41.	The Finance Act 1986.	Section 90(2).
1988 c. 39.	The Finance Act 1988.	Section 144(3). In Schedule 13, paragraph 21.
1989 c. 26.	The Finance Act 1989.	Section 174.
1990 c. 29.	The Finance Act 1990.	In section 109— (a) subsection (2)(c) and (d); (b) subsection (6)(a) and (b); and (c) subsection (9). Section 113(4).
1992 c. 41.	The Charities Act 1992.	In Schedule 6, paragraph 2.
1993 c. 10.	The Charities Act 1993.	In Schedule 6, paragraph 5.
1999 c. 16.	The Finance Act 1999.	In Schedule 17, paragraphs 4 and 5.

(6)

Repeals having effect on abolition date

These repeals have effect—
(a) so far as they relate to stamp duty on bearer instruments, in accordance with section 107 of the Finance Act 1990;
(b) so far as they relate to stamp duty on instruments other than bearer instruments, in accordance with section 108 of that Act;
(c) so far as they relate to stamp duty reserve tax, in accordance with section 110 of that Act.
Chapter	Short title	Extent of repeal
1999 c. 16.	The Finance Act 1999.	Section 113. Sections 116 to 121. In section 123(1) and (2), paragraph (b) and the word “and” immediately preceding it. In Schedule 13— (a) paragraph 3; (b) in paragraph 4, the words “in the case of any other conveyance or transfer on sale”; (c) paragraph 7(1)(b)(ii) to (iv); (d) paragraph 24(a)F1 ... and (d). In Schedule 14, paragraphs 5, 8, 12, 13, 16 to 21 and 23. Schedule 15. In Schedule 16, paragraphs 2 to 11. In Schedule 17, paragraphs 6 to 8. In Schedule 19— (a) Parts I to III; (b) in Part IV, the words “and the enactments relating to stamp duty reserve tax” in paragraphs 14(1), 15, 16, 17(1) and 18(1).

Textual Amendments

F1 Word in Sch. 20 Pt. 5(6) omitted (19.7.2011) by virtue of Finance Act 2011 (c. 11), Sch. 26 para. 7(2)(b)