Section 12 Collection of stamp duty in cases of property vested by Act or purchased under statutory power.C8C1C2C3C4C5C6C7
United Kingdom
Where after the passing of this Act, by virtue of any Act, whether passed before or after this Act, either—
any F1stock or marketable securities are vested by way of sale in any person; or
any person is authorised to purchase F2stock or marketable securities;
such person shall within three months after the passing of the Act, or the date of vesting, whichever is later, or after the completion of the purchase, as the case may be, produce to the Commissioners of Inland Revenue a copy of the Act printed by the Queen’s printer of Acts of Parliament or some instrument relating to the vesting in the first case, and an instrument of F3transfer of the property in the other case, duly stamped with the ad valorem duty payable upon a transfer on sale of the property; and in default of such production, the duty with interest thereon at the rate of five per cent. per annum from the passing of the Act, date of vesting, or completion of the purchase, as the case may be, shall be a debt to Her Majesty from such person.
Annotations
Textual amendments
- F1
Words in s. 12(a) substituted (with effect in accordance with s. 125(8) of the amending Act) by Finance Act 2003 (c. 14), Sch. 20 para. 4(a)
- F2
Words in s. 12(b) substituted (with effect in accordance with s. 125(8) of the amending Act) by Finance Act 2003 (c. 14), Sch. 20 para. 4(b)
- F3
Word in s. 12 substituted (with effect in accordance with s. 125(8) of the amending Act) by Finance Act 2003 (c. 14), Sch. 20 para. 4(c)
Modifications
- C1
S. 12 modified (retrospective to 23.4.2002) by 2002 c. 23, s. 116(2)(4)(5), Sch. 37 para. 4
- C2
S. 12 excluded (E.W.) (1.12.1991) by Water Resources Act 1991 (c. 57, SIF 130), ss. 2, 225(2), Sch. 2 para. 8(2) (with ss. 179, 222(3), Sch. 22 para. 1, Sch. 23. para. 6)
S. 12 restricted (12.1.2000) by 1999 c. 29, s. 417(3); S.I. 1999/3434, art. 2
S. 12 restricted (27.9.1999) by 1999 c. 22, s. 105, Sch. 14 Pt. V para. 34(3); S.I. 1999/2657, art. 2(d)
S. 12 restricted (E.W.S.)(6.1.1994) by 1993 c. 43, s. 112, Sch. 9, para. 2(6); S.I. 1993/3237, art. 2(2)
S. 12 restricted (24.7.1996) by 1996 c. 55, s. 135, Sch. 7 para. 25(3) (with s. 43(1)(6)
S. 12 restricted (25.11.1998 for specified purposes otherwise 3.7.2000) by 1998 c. 45, s. 39(3); S.I. 1998/2952, art. 2(1); S.I. 2000/1173, art. 2(2)(c)
S. 12 excluded (15.1.2001) by 2000 c. 38, s. 250, Sch. 26 Pt. VII para. 40(3); S.I. 2000/3376, art. 2
S. 12 modified (retrospective to 28.3.2000) by 2000 c. 17, s. 129(3)-(6), Sch. 34 para. 5(1)
- C3
S. 12 excluded (10.7.2003) by Finance Act 2003 (c. 14), s. 125(2) (with s. 125(8))
- C4
S. 12 restricted (18.11.2003) by Local Government Act 2003 (c. 26), s. 128(3)(d), Sch. 5 para. 12(3); S.I. 2003/2938, art. 2(a) (with art. 8, Sch.)
- C5
S. 12 excluded (E.W.) (1.3.2007 coming into force in accordance with s. 208(4) of the amending Act) by National Health Service (Wales) Act 2006 (c. 42), ss. 165(6), 208(1) (with s. 19(3))
- C6
S. 12 modified (25.2.2011) by Horserace Betting and Olympic Lottery Act 2004 (c. 25), ss. 4(2)(a), 40; S.I. 2011/462, art. 2
- C7
S. 12 excluded (with effect in accordance with Sch. 24 para. 12(2) of the amending Act) by Finance Act 2014 (c. 26), Sch. 24 para. 7
- C8
S. 12 excluded by enactments listed in the Chronological Table of the Statutes, Police and Criminal Evidence Act 1984 (c. 60), SIF 95), s. 83 (2), Sch. 4 para. 15 (2); National Health Service (Scotland) Act 1978 (c. 29), s. 104(2); s. 12 modified by Finance Act 1946 (c. 64), s. 52(a) and Finance Act 1966 (c. 18), s. 45(5); s. 12 restricted by Finance Act 1949 (c. 47), s. 36(4).