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Finance Act 1987
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5(1)In section 90, for subsection (5) there shall be substituted —U.K.
“(5)Section 87 above shall not apply as regards an agreement to transfer securities which the Board are satisfied are held, when the agreement is made, by a person within subsection (6) below.
(6)A person is within this subsection if his business is exclusively that of holding shares, stock or other marketable securities —
(a)as nominee or agent for a person whose business is or includes the provision of clearance services for the purchase and sale of shares, stock or other marketable securities, and
(b)for the purpose of such part of the business mentioned in paragraph (a) above as consists of the provision of such clearance services (in a case where the business does not consist exclusively of that); and in this subsection, 'marketable securities' shall be construed in accordance with section 122(1) of the Stamp Act 1891 .”
(2)This paragraph shall be deemed always to have had effect.
Commencement Information
I11891 c. 39.
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