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Public Works Loans Act 1965

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This is the original version (as it was originally enacted).

3Payments in lieu of stamp duty in connection with new form of loan.

(1)An agreement to which the last foregoing section applies shall not be chargeable with stamp duty, but the Loan Commissioners shall, at such times as may be agreed between them and the Commissioners of Inland Revenue, deliver to the Commissioners of Inland Revenue periodical accounts of the loans made in pursuance of such agreements and pay over the aggregate of the sums which would have been chargeable by way of stamp duty if each loan had been secured by mortgage by deed, being the only or principal or primary security for that loan.

(2)The Loan Commissioners may recover from any other party to an agreement to which the last foregoing section applies the amount for which those Commissioners are required under the foregoing subsection to account to the Commissioners of Inland Revenue in respect of the loan to which the agreement relates.

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