Finance Act 1946

Part VII E+W+S+N.I. Stamp Duty

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Modifications etc. (not altering text)

C1 Pt. VII restricted by Finance Act 1963 (c. 25), s. 65(2)

C2 Pt. VII (ss. 52–57) restricted by Finance Act 1981 (c. 35, SIF 114), s. 110

C3 Pt. VII (ss. 52–57) excluded by S.I. 1988/268, reg. 3

52 Exemption from stamp duty of documents connected with nationalisation schemes. E+W+S+N.I.

Where, by any Act passed after the beginning of the present Session which embodies any scheme for the carrying on of any industry or part of an industry, or of any undertaking, under national ownership or control, provision is made for the transfer of any property, as part of the initial putting into force of the scheme, to the Crown or to a body corporate constituted for the purposes of that scheme or any previous scheme for such national ownership or control as aforesaid—

(a) in considering whether any and if so what duty is payable under section twelve of the M1 Finance Act 1895 (which requires Acts to be stamped as conveyances on sale in certain cases) the consideration for the transfer shall be left out of account;

(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

(c) stamp duty shall not be payable on any conveyance, agreement or assignment made or instrument executed solely for the purpose of giving effect to the transfer.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F1 S. 52(b) repealed by Finance Act 1973 (c. 51), s. 59(7), Sch. 22 Pt. V

Marginal Citations

M1 1895 c. 16.

53 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2 E+W+S+N.I.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F2 S. 53 repealed by Finance Act 1988 (c. 39, SIF 114), ss. 140(1)(a)(2)(6), 148, Sch. 14 Pt. XI

[F3 54 Units under unit trust schemes to be treated as stock. E+W+S+N.I.

(1) Any reference in the enactments relating to stamp duty to stock shall be deemed to include a reference to a unit under a unit trust scheme, and any reference in any such enactment to a stock certificate to bearer shall be deemed to include a reference to a certificate to bearer in relation to a unit under a unit trust scheme and, subject to the provisions of this Part of this Act, the said enactments shall have effect accordingly.

(2) Any reference in the enactments relating to stamp duty to the nominal amount or nominal value of stock shall, in relation to units under a unit trust scheme, be construed as a reference to the value of the units in question computed as if each unit were worth, and worth only, the price at which similar units are first or were first obtainable under the scheme from the trustees or managers thereof.

(3)(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4

(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5

(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6 ]

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F3 S. 54 repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(5) of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(5), Notes 1, 2

F4 S. 54(3)(4) repealed by Finance Act 1990 (c. 29, SIF 114), s. 132, Sch. 19 Pt. VI

F5 S. 54(5) repealed by Finance Act 1976 (c. 40), Sch. 15 Pt. VI

F6 S. 54(6) repealed by Finance Act 1987 (c. 16, SIF 114), s. 72(7), Sch. 16 Pt. VIII

55 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7 E+W+S+N.I.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F7 S. 55 repealed by Finance Act 1963 (c. 25), Sch. 14 Pt. IV and expressed to be repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(5) of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(5) Notes 1, 2

56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8 E+W+S+N.I.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F8 S. 56 repealed (with savings) by Finance Act 1990 (c. 29, SIF 114), ss. 109(6)(a)(7)(9), 132, Sch. 19 Pt. VI (the provision ceases to have effect as referred to in s. 109(7) and in the notes to Sch. 19 Pt. VI) and expressed to be repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(5) of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(5) Notes 1, 2; and subject to an amendment (27.7.1999 with effect as mentioned in s. 114(2)) by 1999 c. 16, s. 114(1), Sch. 17 Pt. I para. 4

[F9 57 Interpretation of Part VII. E+W+S+N.I.

(1) In this Part of this Act, except in so far as the context otherwise requires, the following expressions have the meanings hereby respectively assigned to them, that is to say:—

• “the enactments relating to stamp duty” means the M2 Stamp Act 1891 and any enactment which amends or is required to be construed together with that Act;

• [F10 “unit trust scheme” has the same meaning as in the M3 Financial Services Act 1986 (but subject to subsection (1A) of this section)]

• “trust instrument” means, in relation to a unit trust scheme, the trust deed or other instrument (whether under seal or not) creating or recording the trusts [F11 on which the property in question is held];

• “trust property” means, in relation to a unit trust scheme, the property subject to the trusts of the trust instrument;

• “trust property represented by units” means, in relation to a unit trust scheme, all trust property except, where the trust instrument provides for periodical distributions, any such dividends, interest or other property arising from trust property as is required under the instrument to be distributed at the next such distribution;

• “unit” means, in relation to a unit trust scheme, a right or interest (whether described as a unit, as a sub-unit, or otherwise) of a beneficiary under the trust instrument;

• “certificate to bearer” means, in relation to a unit under a unit trust scheme, a document by the delivery of which the unit can be transferred . . . F12

[F13 (1A) The Treasury may by regulations provide that any scheme of a description specified in the regulations shall be treated as not being a unit trust scheme for the purposes of this Part of this Act.

(1B) Regulations under this section—

(a) may contain such supplementary and transitional provisions as appear to the Treasury to be necessary or expedient, and

(b) shall be made by statutory instrument, which shall be subject to annulment in pursuance of a resolution of the House of Commons.]

(2)–(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F14 ]

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F9 S. 57 repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(5) of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(5), Notes 1, 2 and replaced (6.2.2000) by 1999 c. 16, s. 122(4), Sch. 19 Pt. IV para. 17(3)

F10 Definition substituted by Finance Act 1987 (c. 16, SIF 114), s. 48(a)

F11 Words substituted by Finance Act 1987 (c. 16, SIF 114), s. 48(b)

F12 Words repealed by Finance Act 1963 (c. 25), Sch. 14 Pt. IV

F13 S. 57(1A)(1B) inserted by Finance Act 1987 (c. 16, SIF 114), s. 48(c)

F14 S. 57(2)–(4) repealed by Finance Act 1990 (c. 29, SIF 114), ss. 109(6)(a)(7), 132, Sch. 19 Pt. VI (the provision ceases to have effect as referred to in s. 109(7) and in the notes to Sch. 19 Pt. VI)

Modifications etc. (not altering text)

C4 S. 57(1A) and (1B) applied (28.4.1997) by S.I. 1997/1156, reg. 3

Marginal Citations

M2 1891 c. 39.

M3 1986 c.60 (69).