Finance Act 1970

PART I Abolition of Certain Duties

Duties abolished as from 1st August 1970

1 (1) This paragraph has effect as from 1st August 1970.

(2) The following stamp duties are hereby abolished—

(a) the duty of 6d. specified in Schedule 1 to the [1891 c. 39.] Stamp Act 1891 under the heading beginning " Agreement or any Memorandum of an Agreement " (the provisions consequential on this abolition being those contained in sub-paragraph (3) below);

(b) the duty of 6d. specified in that Schedule under the heading " Policy of Insurance other than Life Insurance " inserted by section 30(1) of the [1959 c. 58.] Finance Act 1959 (and so that a policy of insurance other than life insurance shall be exempt from all stamp duties);

(c) the duty of £10 or £6 imposed on a certificate of registration for an alkali or other works by section 9(6) of the [1906 c. 14.] Alkali, &c. Works Regulation Act 1906 as amended by section 47 of the [1922 c. 17.] Finance Act 1922 ; and

(d) the duty of 10s. imposed on the memorandum and on the articles of association of a company by virtue of section 3 and section 9(c) respectively of the [1948 c. 38.] Companies Act 1948 (which provide that each of those documents is to be stamped as if it were a deed).

(3) In consequence of sub-paragraph (2)(d) above—

(a) in subsections (1) and (2) of section 23 of the [1891 c. 39.] Stamp Act 1891 (certain mortgages of stock to be chargeable as agreements), for " shall be deemed to be an agreement, and shall be charged with duty accordingly" substitute " shall be exempt from duty ".

(b) in section 59 of that Act (certain contracts for sale to be chargeable ad valorem as conveyances)—

(i) in subsection (2) (sub-contracts under which the consideration does not exceed that for the original sale to be charged only as deeds or agreements), for " and in any other case with the fixed duty of ten shillings or of sixpence, as the case may require " substitute " but shall not otherwise be chargeable except where appropriate with the fixed duty of 10s. " , and

(ii) in subsection (5) (stamping of conveyances made in conformity with contracts not stamped ad valorem but stamped with the fixed duty of 10s. or 6d.), for the words from the beginning to " the said fixed duty" substitute " Provided that where any such contract or agreement is stamped with the fixed duty of 10s. or would, apart from this section, not be chargeable with any duty " , and

(c) in section 7 of the [1907 c. 13.] Finance Act 1907 (hire purchase agreements to be charged only as deeds or agreements), for the words from " shall be charged " to the end substitute " shall only be charged with stamp duty if under seal (or, in Scotland, with a clause of registration), and shall then be so charged as a deed ".

Duties abolished as from 1st February 1971

2 (1) This paragraph has effect as from 1st February 1971.

(2) The following stamp duties are hereby abolished—

(a) the duty of 2d. specified in Schedule 1 to the Stamp Act 1891 under the heading beginning "Bill of Exchange or Promissory Note" inserted by section 33(1) of the [1961 c. 36.] Finance Act 1961 ; and

(b) the duty of 2d. specified in that Schedule under the heading beginning " Receipt".

(3) No application for relief in respect of the duty referred to in sub-paragraph (2)(a) above may be made under any of sections 9 to 12 of the [1891 c. 38.] Stamp Duties Management Act 1891 (spoiled, misused and unwanted stamps); and no repayment shall be made under any agreement entered into under section 39 of the [1956 c. 54.] Finance Act 1956 (composition for the said duty by bankers) in respect of any form supplied by a banker to a customer and returned to the banker unused or spoiled on or after the said 1st February.