Paragraph 28 C1
No transfer effected under section 11 above shall give rise to any liability to stamp duty.
Stamp duty shall not be chargeable—
on an approved scheme, or
on an instrument which is certified to the Commissioners of Inland Revenue by the relevant authority—
to be an instrument made in pursuance of such a scheme, and
to be an instrument in respect of which no disqualifying consideration has been given.
For the purposes of sub-paragraph (2)(b)(ii) above, consideration given in respect of an instrument made in pursuance of an approved scheme shall be treated as disqualifying consideration unless—
it is given by the milk marketing board to which the scheme relates (“the relevant board”),
it is given by a person to whom property, rights or liabilities of the relevant board, or of a subsidiary of that board, are transferred under the scheme, other than a person who is, or has been, a registered producer, or
it is given by a person who is, or has been, a registered producer and takes the form of a surrender in whole or part of a right to participate in the winding up of the relevant board.
For the purposes of sub-paragraph (3)(b) above, a person to whom property is leased shall be treated as a person to whom property is transferred if the scheme could, without breaching the requirement in paragraph 7(2) of Schedule 1 to this Act, have provided for the property concerned to be transferred to him.
No instrument which is certified as mentioned in paragraph (b) of sub-paragraph (2) above shall be taken to be duly stamped unless—
it is stamped with the duty to which it would, but for that sub-paragraph, be liable, or
it has, in accordance with section 12 of the M1Stamp Act 1891, been stamped with a particular stamp denoting that it is not chargeable with any duty or that it is duly stamped.
In sub-paragraph (2)(b) above, “relevant authority” means—
in the case of a certificate with respect to a scheme relating to the England and Wales Milk Marketing Board, the Minister of Agriculture, Fisheries and Food and the Secretary of State acting jointly,
in the case of a certificate with respect to a scheme relating to the board established under the Milk Marketing Scheme (Northern Ireland) 1989, the Department of Agriculture for Northern Ireland, and
in the case of a certificate with respect to any other scheme, the Secretary of State.
Annotations
Marginal citations
- M1
Modifications
- C1
Sch. 1 Pt. I para. 28 modified (retrospectively with effect as mentioned in s. 203(6) of the amending Act) by 1996 c. 8, s. 203(6)(7)
Notes on Part I
Modifications
- C1
Sch. 2 Pt. I modified (retrospectively) by 1996 c. 8, s. 203(1)