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(1)Stamp duty shall not be chargeable under section 47 of the [1973 c. 51.] Finance Act 1973 in respect of—
(a)the formation of a subsidiary of the National Bus Company; or
(b)any increase in the capital of such a subsidiary ;
if the transaction concerned is certified by the Treasury as satisfying the requirements of subsections (3) and (4) below.
(2)Stamp duty shall not be so chargeable in respect of the formation of any company in pursuance of section 59(1), 61(8) or 67(1) of this Act, if the formation of the company is certified by the Treasury—
(a)as being effected in pursuance of any of those provisions ; and
(b)as satisfying the requirements of subsection (4) below.
(3)A transaction satisfies the requirements of this subsection if it is effected solely for the purpose of facilitating the eventual implementation of any disposal required in pursuance of the National Bus Company's disposal programme under Part III of this Act.
(4)A transaction satisfies the requirements of this subsection if it is entered into solely in connection with a relevant transfer, takes place on or before the transfer date and does not give rise to an excess of capital.
In this subsection, " relevant transfer " means—
(a)in a case within subsection (1) above, a transfer to be effected under section 50 of this Act;
(b)in a case within subsection (2) above, a transfer to be effected in pursuance of a scheme made under section 59, 61(9) or 68 of this Act.
(5)For the purposes of subsection (4) above a transaction gives rise to an excess of capital if—
(a)in a case falling within subsection (1)(a) or (2) above the total issued capital of the subsidiary or (as the case may be) of the company in question exceeds, on the transfer date, the total value of the assets less liabilities transferred; or
(b)in a case falling within subsection (1)(b) above the aggregate amount of the increase of issued capital of the subsidiary exceeds, on that date, that total value;
and in this subsection " issued capital" means issued share capital or loan capital.
(6)Stamp duty shall not be chargeable—
(a)on any scheme made under section 50(2) of this- Act or on any scheme or order made under any provision of Part IV of this Act; or
(b)on any instrument which is certified to the Commissioners of Inland Revenue by the transferring authority or (as the case may be) by both or all the transferring authorities as having been made or executed in pursuance of Schedule 4 to the 1968 Act as it applies by virtue of any provision of this Act in relation to a transfer in pursuance of any such scheme or order; or
(c)on any instrument which is so certified as having been made or executed for the purpose of giving effect to any transfer authorised by section 50(1) or (as the case may be) required under section 59(8) of this Act.
(7)No such instrument as is mentioned in subsection (6)(b) or (c) above shall be treated as duly stamped unless it is stamped with the duty to which it would but for subsection (6) above be liable or it has, in accordance with the provisions of section 12 of the [1891 c. 39.] Stamp Act 1891, been stamped with a particular stamp denoting that it is not chargeable with any duty or that it is duly stamped.
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