Textual Amendments
25(1)Stamp duty shall not be chargeable on any agreement or instrument to the extent that it is certified by the Secretary of State to the Commissioners of Inland Revenue as being—U.K.
(a)a restructuring scheme,
(b)a restructuring scheme modification agreement, or
(c)an instrument giving effect to a restructuring scheme modification agreement,
or as having been made in accordance with, or in pursuance of an obligation imposed by, a restructuring scheme.
[F2(1A)A land transaction which is effected by a restructuring scheme, or effected in accordance with, or in pursuance of an obligation imposed by a restructuring scheme is exempt from charge for the purposes of stamp duty land tax.
(1B)Relief under sub-paragraph (1A) must be claimed in a land transaction return or an amendment of such a return.]
(2)No agreement or instrument which is certified as mentioned in sub-paragraph (1) shall be taken to be duly stamped unless—
(a)it is stamped with the duty to which it would be liable, apart from that sub-paragraph; or
(b)it has, in accordance with section 12 of the M1Stamp Act 1891, been stamped with a particular stamp denoting that it is not chargeable with that duty or that it is duly stamped.
(3)Section 12 of the M2Finance Act 1895 (collection of stamp duty in cases of property vested by Act or purchased under statutory power) shall not operate to require—
(a)the delivery to the Commissioners of Inland Revenue of a copy of this Act, or
(b)the payment of stamp duty under that section on any copy of this Act,
and shall not apply in relation to any instrument on which, by virtue of the preceding provisions of this paragraph, stamp duty is not chargeable.
(4)In this paragraph—
[F3“land transaction” has the meaning given in section 43(1) of the Finance Act 2003;
“land transaction return” has the meaning given by section 76(1) of that Act;]
“restructuring scheme modification agreement” means a modification agreement, so far as relating to a restructuring scheme;
“restructuring scheme” means a preparatory scheme, so far as it provides for the transfer of property, rights or liabilities in accordance with the scheme—
from the BBC to a wholly-owned subsidiary of the BBC;
to the BBC from a wholly-owned subsidiary of the BBC; or
from one wholly-owned subsidiary of the BBC to another.
Textual Amendments
F2Sch. 7 para. 25(1A)(1B) inserted (1.12.2003) by The Stamp Duty Land Tax (Consequential Amendment of Enactments) Regulations 2003 (S.I. 2003/2867), reg. 1, Sch. para. 25(3)
F3Words in Sch. 7 para. 25(4) inserted (1.12.2003) by The Stamp Duty Land Tax (Consequential Amendment of Enactments) Regulations 2003 (S.I. 2003/2867), reg. 1, Sch. para. 25(4)
Marginal Citations