Search Legislation

Finance Act 1990

 Help about what version

What Version

 Help about advanced features

Advanced Features

Changes over time for: Cross Heading: Repeals

 Help about opening options

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 1990, Cross Heading: Repeals. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

RepealsU.K.

[F1107 Stamp duty to be abolished on bearer instruments.U.K.

(1)Stamp duty shall not be chargeable under Schedule 15 to the Finance Act 1999 (bearer instruments).

(2)Subsection (1) above applies in relation to the charge under paragraph 1 of that Schedule (charge on issue) where the instrument is issued on or after the abolition day.

(3)Subsection (1) above applies in relation to the charge under paragraph 2 of that Schedule (charge on transfer of stock) where the stock constituted by or transferable by means of the instrument is transferred on or after the abolition day.]

Textual Amendments

F1S. 107 substituted (27.7.1999 with application in relation to bearer instruments issued on or after 1.10.1999) by 1999 c. 16, s. 113(3)(4), Sch. 16 para. 12

108 Transfer of securities: abolition of stamp duty.U.K.

[F2(1)Stamp duty shall not be chargeable under Schedule 13 to the Finance Act 1999 (transfer of securities) [F3or section 67(3) or 70(3) of the Finance Act 1986 (stamp duty on certain transfers to depositary receipt systems and clearance systems)].]

(7)Subject to subsection (8) below, this section applies if the instrument is executed in pursuance of a contract made on or after the abolition day.

(8)In the case of an instrument—

(a)which falls within section 67(1) or (9) of the M1Finance Act 1986 (depositary receipts) or section 70(1) or (9) of that Act (clearance services), or

(b)which does not fall within section 67(1) or (9) or section 70(1) or (9) of that Act and is not executed in pursuance of a contract,

this section applies if the instrument is executed on or after the abolition day.

Textual Amendments

F2S. 108(1) substituted for s. 108(1)-(6) (with effect in accordance with s.125(8) of the amending Act) by Finance Act 2003 (c. 14), Sch. 20 para. 5

F3Words in s. 108(1) inserted (with effect in accordance with s. 99(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 32 para. 19

Marginal Citations

109 Stamp duty: other repeals.U.K.

(1)Section 83 of the M2Stamp Act 1891 (fine for certain acts relating to securities) shall not apply where an instrument of assignment or transfer is executed, or a transfer or negotiation of the stock constituted by or transferable by means of a bearer instrument takes place, on or after the abolition day.

(2)The following provisions (which relate to the cancellation of certain instruments) shall not apply where the stock certificate or other instrument is entered on or after the abolition day—

(a)section 109(1) of the Stamp Act 1891,

(b)section 5(2) of the M3Finance Act 1899,

F4(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)Section 67 of the M4Finance Act 1963 (prohibition of circulation of blank transfers) shall not apply where the sale is made on or after the abolition day; and section 16 of the M5Finance Act (Northern Ireland) 1963 (equivalent provision for Northern Ireland) shall not apply where the sale is made on or after the abolition day.

(4)No person shall be required to notify the Commissioners under section 68(1) or (2) or 71(1) or (2) of the Finance Act 1986 (depositary receipts and clearance services) if he first issues the receipts, provides the services or holds the securities as there mentioned on or after the abolition day.

(5)No company shall be required to notify the Commissioners under section 68(3) or 71(3) of that Act if it first becomes aware as there mentioned on or after the abolition day.

(6)The following provisions shall cease to have effect—

F4(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)section 33 of the M6Finance Act 1970 (composition by financial institutions in respect of stamp duty),

(d)section 127(7) of the M7Finance Act 1976 (extension of composition provisions to Northern Ireland), and

(e)section 85 of the M8Finance Act 1986 (provisions about stock, marketable securities, etc.).

(7)The provisions mentioned in subsection (6) above shall cease to have effect as provided by the Treasury by order.

(8)An order under subsection (7) above—

(a)shall be made by statutory instrument;

(b)may make different provision for different provisions or different purposes;

(c)may include such supplementary, incidental, consequential or transitional provisions as appear to the Treasury to be necessary or expedient.

F4(9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F4S. 109(2)(c)(d)(6)(a)(b)(9) repealed (27.7.1999 with effect in relation to instruments executed on or after 6.2.2000) by 1999 c. 16, s. 139, Sch. 20 Pt. V(5), Note 1

Marginal Citations

110 Stamp duty reserve tax: abolition.U.K.

(1)Stamp duty reserve tax shall cease to be chargeable.

(2)In relation to the charge to tax under section 87 of the Finance Act 1986 subsection (1) above applies where—

(a)the agreement to transfer is conditional and the condition is satisfied on or after the abolition day, or

(b)the agreement is not conditional and is made on or after the abolition day.

(3)In relation to the charge to tax under section 93(1) of that Act subsection (1) above applies where securities are transferred, issued or appropriated on or after the abolition day (whenever the arrangement was made).

(4)In relation to the charge to tax under section 96(1) of that Act subsection (1) above applies where securities are transferred or issued on or after the abolition day (whenever the arrangement was made).

(5)In relation to the charge to tax under section 93(10) of that Act subsection (1) above applies where securities are issued or transferred on sale, under terms there mentioned, on or after the abolition day.

(6)In relation to the charge to tax under section 96(8) of that Act subsection (1) above applies where securities are issued or transferred on sale, under terms there mentioned, on or after the abolition day.

(7)Where before the abolition day securities are issued or transferred on sale under terms mentioned in section 93(10) of that Act, in construing section 93(10) the effect of subsections (1) and (3) above shall be ignored.

(8)Where before the abolition day securities are issued or transferred on sale under terms mentioned in section 96(8) of that Act, in construing section 96(8) the effect of subsections (1) and (4) above shall be ignored.

111 General.U.K.

(1)In sections 107 to 110 above “the abolition day” means such day as may be appointed by the Treasury by order made by statutory instrument.

(2)Sections 107 to 109 above shall be construed as one with the M9Stamp Act 1891.

Marginal Citations

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources