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Finance Act 1946

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Part VIIU.K. Stamp Duty

Modifications etc. (not altering text)

C2Pt. VII (ss. 52–57) restricted by Finance Act 1981 (c. 35, SIF 114), s. 110

C3Pt. VII (ss. 52–57) excluded by S.I. 1988/268, reg. 3

F152 Exemption from stamp duty of documents connected with nationalisation schemes.U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1S. 52 repealed (with effect in accordance with Sch. 39 para. 10(1) of the commencing Act) by Finance Act 2012 (c. 14), Sch. 39 para. 1(1) (with Sch. 39 paras. 11-13)

53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2U.K.

[F354 Units under unit trust schemes to be treated as stock.U.K.

(1)Any reference in the enactments relating to stamp duty to stock shall be deemed to include a reference to a unit under a unit trust scheme, and any reference in any such enactment to a stock certificate to bearer shall be deemed to include a reference to a certificate to bearer in relation to a unit under a unit trust scheme and, subject to the provisions of this Part of this Act, the said enactments shall have effect accordingly.

(2)Any reference in the enactments relating to stamp duty to the nominal amount or nominal value of stock shall, in relation to units under a unit trust scheme, be construed as a reference to the value of the units in question computed as if each unit were worth, and worth only, the price at which similar units are first or were first obtainable under the scheme from the trustees or managers thereof.

(3)(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4

(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5

(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6]

55. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7U.K.

Textual Amendments

F7S. 55 repealed by Finance Act 1963 (c. 25), Sch. 14 Pt. IV and expressed to be repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(5) of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(5) Notes 1, 2

56. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8U.K.

Textual Amendments

F8S. 56 repealed (with savings) by Finance Act 1990 (c. 29, SIF 114), ss. 109(6)(a)(7)(9), 132, Sch. 19 Pt. VI (the provision ceases to have effect as referred to in s. 109(7) and in the notes to Sch. 19 Pt. VI) and expressed to be repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(5) of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(5) Notes 1, 2; and subject to an amendment (27.7.1999 with effect as mentioned in s. 114(2)) by 1999 c. 16, s. 114(1), Sch. 17 Pt. I para. 4

[F957 Interpretation of Part VII.U.K.

(1)In this Part of this Act, except in so far as the context otherwise requires, the following expressions have the meanings hereby respectively assigned to them, that is to say:—

  • the enactments relating to stamp duty” means the M1Stamp Act 1891 and any enactment which amends or is required to be construed together with that Act;

  • [F10unit trust scheme” has the same meaning as in the M2 Financial Services Act 1986 (but subject to subsection (1A) of this section)]

  • trust instrument” means, in relation to a unit trust scheme, the trust deed or other instrument (whether under seal or not) creating or recording the trusts [F11on which the property in question is held];

  • trust property” means, in relation to a unit trust scheme, the property subject to the trusts of the trust instrument;

  • trust property represented by units” means, in relation to a unit trust scheme, all trust property except, where the trust instrument provides for periodical distributions, any such dividends, interest or other property arising from trust property as is required under the instrument to be distributed at the next such distribution;

  • unit” means, in relation to a unit trust scheme, a right or interest (whether described as a unit, as a sub-unit, or otherwise) of a beneficiary under the trust instrument;

  • certificate to bearer” means, in relation to a unit under a unit trust scheme, a document by the delivery of which the unit can be transferred . . . F12

[F13(1A)The Treasury may by regulations provide that any scheme of a description specified in the regulations shall be treated as not being a unit trust scheme for the purposes of this Part of this Act.

(1B)Regulations under this section—

(a)may contain such supplementary and transitional provisions as appear to the Treasury to be necessary or expedient, and

(b)shall be made by statutory instrument, which shall be subject to annulment in pursuance of a resolution of the House of Commons.]

(2)–(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F14]

Textual Amendments

F9S. 57 repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(5) of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(5), Notes 1, 2 and replaced (6.2.2000) by 1999 c. 16, s. 122(4), Sch. 19 Pt. IV para. 17(3)

F14S. 57(2)–(4) repealed by Finance Act 1990 (c. 29, SIF 114), ss. 109(6)(a)(7), 132, Sch. 19 Pt. VI (the provision ceases to have effect as referred to in s. 109(7) and in the notes to Sch. 19 Pt. VI)

Modifications etc. (not altering text)

C4S. 57(1A) and (1B) applied (28.4.1997) by S.I. 1997/1156, reg. 3

Marginal Citations

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