PART IThe British National Oil Corporation
Financial provisions
9Exemption from petroleum revenue tax and stamp duty. 10. Accounts and audit
1
Petroleum revenue tax shall not be payable by the Corporation or a relevant subsidiary.
2
Stamp duty shall not be payable on any instrument as to which the Corporation certifies to the Commissioners of Inland Revenue that it was executed—
a
solely for the purpose of transferring property from a Minister of the Crown to the Corporation; or
b
solely for the purpose of transferring, in pursuance of a direction given by virtue of section 12(3) of this Act, property to the Corporation or any of its subsidiaries from the British Gas Corporation or any of its subsidiaries,
and shall not be payable on any instrument as to which the British Gas Corporation certifies to the said Commissioners that it was executed solely for the purpose of transferring, in pursuance of such a direction, property to the British Gas Corporation or any of its subsidiaries from the British National Oil Corporation or any of its subsidiaries.
3
No such instrument as is mentioned in the preceding subsection shall be deemed to be duly stamped unless it is stamped with the duty to which it is liable apart from that subsection or is stamped in accordance with section 12 of the [1891 c. 39.] Stamp Act 1891 with a particular stamp denoting that it is not chargeable with any duty or that it is duly stamped.