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Finance Act 1986
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Changes over time for: Section 66
Version Superseded: 01/12/2003
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66Company's purchase of own sharesU.K.
(1)This section applies where a company purchases its own shares under section 162 of the Companies Act 1985 M1 or Article 47 of the Companies (Northern Ireland) Order 1982 M2.
(2)[F1Any return which relates to any of the shares] purchased and is delivered to the registrar of companies under section 169 [F2(1) or (1B)] of that Act or, as the case may be, Article 53 of that Order shall be charged with stamp duty, and treated for all purposes of the Stamp Act 1891 M3, as if it were an instrument transferring the shares [F3to which it relates] on sale to the company in pursuance of the contract (or contracts) of purchase concerned.
[F4(2A)Any return which relates to the cancellation of any of the shares purchased and is delivered to the registrar of companies under section 169A of the Companies Act 1985 shall be chargeable under this subsection with stamp duty of £5.]
(3)Subject to subsection (4) below, this section applies to any return under section 169 [F5(1) or (1B)] of the Companies Act 1985, or Article 53 of the Companies (Northern Ireland) Order 1982, which is delivered to the registrar of companies on or after the day of The Stock Exchange reforms.
(4)This section does not apply to any return to the extent that the shares to which it relates were purchased under a contract entered into before the day of The Stock Exchange reforms.
(5)In this section “the day of The Stock Exchange reforms” means the day on which the rule of The Stock Exchange that prohibits a person from carrying on business as both a broker and a jobber is abolished.
Textual Amendments
F1Words in s. 66(2) substituted (with effect in accordance with s. 195(12) of the amending Act) by Finance Act 2003 (c. 14), Sch. 40 para. 2(a)(i)
F2Words in s. 66(2) inserted (with effect in accordance with s. 195(12) of the amending Act) by Finance Act 2003 (c. 14), Sch. 40 para. 2(a)(ii)
F3Words in s. 66(2) inserted (with effect in accordance with s. 195(12) of the amending Act) by Finance Act 2003 (c. 14), Sch. 40 para. 2(a)(iii)
F4S. 66(2A) inserted (with effect in accordance with s. 195(12) of the amending Act) by Finance Act 2003 (c. 14), Sch. 40 para. 2(b)
F5Words in s. 66(3) inserted (with effect in accordance with s. 195(12) of the amending Act) by Finance Act 2003 (c. 14), Sch. 40 para. 2(c)
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