The Stamp Duty and Stamp Duty Land Tax (Consequential Amendment of Enactments) Regulations 2003

Amendments to the Finance Act 1986

5.—(1) Section 99 (interpretation: meaning of “chargeable securities”)(1) is amended as follows.

(2) For subsection (5) substitute—

“(5) “Chargeable securities” does not include securities falling within paragraph (a), (b) or (c) of subsection (3) above if—

(a) in the case of stock or marketable securities within the meaning of section 125 of the Finance Act 2003 (abolition of stamp duty except on instruments relating to stock or marketable securities), they are securities the transfer of which is exempt from all stamp duties;

(b) in any other case, they are securities the transfer of which, disregarding that section, would be exempt from all stamp duties.

(5ZA) “Chargeable securities” does not include securities falling within paragraph (b) or (c) of subsection (3) above if the stocks, shares or loan capital to which the securities relate—

(a) are stock or marketable securities within the meaning of section 125 of the Finance Act 2003 (abolition of stamp duty except on instruments relating to stock or marketable securities) the transfer of which is exempt from all stamp duties, or

(b) are securities the transfer of which, disregarding that section, would be exempt from all stamp duties.”.

(3) In subsection (5B)(a) omit the word “and” immediately following sub-paragraph (i) and after that sub-paragraph insert—

“(ia) it is not an investment on the acquisition of which stamp duty land tax would be chargeable under Part 4 of the Finance Act 2003, and”.

(1)

Section 99 has been relevantly amended by section 144(2) of the Finance Act 1988 (c. 39) and paragraph 12 of Schedule 19 to the Finance Act 1999 (c. 16).