British Telecommunications Act 1981

81 Stamp duty

(1) Stamp duty shall not be chargeable on any instrument which is certified to the Commissioners of Inland Revenue by the Corporation, the Post Office or any wholly owned subsidiary of either of those bodies as having been made or executed in pursuance of section 10 or Schedule 2; but no such instrument shall be deemed to be duly stamped unless it is stamped with the duty to which it would but for this subsection 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.

(2) Where the Commissioners of Inland Revenue are satisfied that the conditions specified in paragraph (a) or (b) of subsection (3) are fulfilled, stamp duty shall not be chargeable under section 47 of the [1973 c. 51.] Finance Act 1973 in respect of the amount which is to form the capital of a company or in respect of any increase in the capital of a company if or to the extent that the Commissioners are also satisfied—

(a) in a case falling within paragraph (a) of subsection (3), that the total issued capital of the company, whether share capital or loan capital, on the relevant transfer date referred to in the said paragraph (a) will not exceed the total value of the assets less the liabilities transferred ;

(b) in a case falling within paragraph (b) of that subsection, that the amount or aggregate amount of the increase of issued share capital or of the loan capital to be issued or of both does not exceed the total value of the assets less liabilities to be transferred.

(3) The said conditions are—

(a) that the company is a company formed for the purpose of a transfer to be effected under section 4(7) or 60(7) and, in the case of an increase of issued share capital, that the increase is to take place on or before the transfer date;

(b) in the case of an increase of issued share capital to which paragraph (a) does not apply, that the increase is for the purpose of a transfer to be effected under section 4(7) or 60(7) and is to take place on or before the transfer date.