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Finance Act 1970

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This is the original version (as it was originally enacted).

16(1)The heading beginning " Mortgage, Bond, Debenture, Covenant" in Schedule 1 to the Stamp Act 1891 shall be amended in accordance with sub-paragraphs (2) and (3) below.

(2)In paragraph (1) of that heading (only, or principal or primary, security), for the words from " Not exceeding £10" to the end substitute—

"Not exceeding £300Is. for every £50 or part of £50 of the amount secured.
Exceeding £300 ...... 2s. for every £100 or part of £100 of the amount secured ".

(3)In paragraphs (2), (4) and (5) of that heading (collateral etc. securities, transfers etc. and re-conveyances etc.: duty of 6d. for every £100 or part), for each reference to 6d. substitute a reference to 1s., and for each reference to £100 substitute a reference to £200.

(4)The duty chargeable under paragraph (4) of the said heading on the transfer, assignment, disposition or assignation to any person of, or of the money or stock secured by, any collateral, auxiliary, additional or substituted security (including any instrument by way of further assurance) shall not exceed 10s. if a transfer, assignment, disposition or assignation to the same person of (or, as the case may be, of the money or stock secured by) the principal or primary security has been duly stamped with the duty chargeable under that paragraph.

(5)Paragraph (5) of the said heading shall also be amended by inserting, after

Renunciation, the words " in whole or in part" ; and the duty chargeable under that paragraph shall not in any case exceed 10s.

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