Part I

The National Bus Company

Stamp duty on certain transactions.
6
1
Stamp duty shall not be chargeable under section 47 of the
Finance Act 1973 in respect of—
a
the formation of a subsidiary of the Bus Company; or
b
any increase in the capital of such a subsidiary;
if the transaction concerned is certified by the Treasury as satisfying the requirements of subsections (2) and (3) below.
2
A transaction satisfies the requirements of this subsection if it is effected solely for the purpose—
a
of facilitating such an eventual disposal as is mentioned in section 2(1) of this Act; or
b
of complying with a direction given by the Secretary of State under section 3(1) of this Act.
3
A transaction satisfies the requirements of this subsection if it is entered into solely in connection with a transfer to be effected under section 2 of this Act, takes place on or before the transfer date and does not give rise to an excess of capital.
4
For the purposes of subsection (3) above a transaction gives rise to an excess of capital if—
a
in a case falling within subsection (1)(a) above the total issued capital of the subsidiary exceeds, on the transfer date, the total value of the assets less liabilities transferred; or
b
in a case falling within subsection (1)(b) above, the aggregate amount of the increase of issued capital of the subsidiary exceeds, on that date, that total value;
and in this subsection “
issued capital
” means issued share capital or loan capital.
Pt. I (ss. 1-7) repealed (E.W.S.) by Transport Act 1985 (c. 67, SIF 126), s. 139(3), Sch. 8
1973 c. 51.
Pt. I (ss. 1-7) repealed (E.W.S.) by Transport Act 1985 (c. 67, SIF 126), s. 139(3), Sch. 8