Airports Act 1986

76 Stamp duty

(1) Stamp duty shall not be chargeable under section 47 of the [1973 c. 51.] Finance Act 1973 in respect of—

(a) the formation of a company in pursuance of section 1(3) or 13, or

(b) any increase in the capital of a company—

(i) nominated under section 1(1), or

(ii) formed in pursuance of section 1(3) or 13,

if the transaction concerned is certified by the Treasury as satisfying the requirements of subsection (2) below.

(2) A transaction satisfies the requirements of this subsection if—

(a) it is effected solely in connection with a transfer to be effected in pursuance of a scheme made under section 1 or 15 ; and

(b) it takes place on or before the transfer date ; and

(c) in a case falling within subsection (1)(a) above, the total issued capital of the company does not on the transfer date exceed the total value of the assets less liabilities transferred; and

(d) in a case falling within subsection (1)(b) above, the aggregate amount of the increase of issued capital of the company does not on that date exceed that total value;

and in this subsection " issued capital " means issued share capital or loan capital.

(3) Stamp duty shall not be chargeable—

(a) on any scheme made under section 1 or 15 ; or

(b) on any instrument which is certified to the Commissioners of Inland Revenue by the transferring authority, or (as the case may be) by both or all of the transferring authorities, as having been made or executed in pursuance of Schedule 4 to the [1968 c. 73.] Transport Act 1968 as it applies in relation to any such scheme by virtue of section 75(3).

(4) An instrument such as is mentioned in subsection (3)(b) shall not be treated as duly stamped unless it is stamped with the duty to which it would be liable but for subsection (3), or it has, in accordance with 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.

(5) Stamp duty shall not be chargeable under section 47 of the [1973 c. 51.] Finance Act 1973 in respect of any increase in the capital of the successor company which is effected by the issue of shares allotted at a time when the successor company is wholly owned by the Crown and which is certified by the Treasury as having been—

(a) effected for the purpose of complying with the requirements of section 4 above; or

(b) where any convertible securities have been issued in pursuance of that section, effected in consequence of the exercise of the conversion rights attached to those securities; or

(c) effected by the issue of shares subscribed for by the Treasury or the Secretary of State under section 5(1)(a) above.