Section 74 Stamp duties (exemption for certain transfers to joint boards or joint committees of local authorities). 1945 c. 42.

(1)

Where provision is made either—

F1(a)

by an order under the M1Water Act 1945 F2or by or under any local Act of Parliament, for the transfer of the whole or part of the undertaking of any water undertakers F3to any other water undertakers; or

(b)

by an order under the M2Public Health Act 1936, or the M3Local Government (Scotland) Act 1947, for the transfer of any property to a joint board constituted under section six of the said Act of 1936 or to a joint board or joint committee constituted under section one hundred and nineteen or one hundred and twenty of the said Act of 1947, as the case may be, F4from another local authority;

then, in considering whether any and if so what duty is payable under section twelve of the M4Finance Act 1895 (which relates to the stamp duty payable in connection with certain statutory conveyances), the consideration for the transfer shall be left out of account.

(2)

No stamp duty shall be payable on any contract or agreement for such a transfer as is referred to in paragraph (a) of the foregoing subsection, if the contract or agreement is conditional on the making of an order under the Water Act 1945 F5or under any local Act of Parliament or on the passing of such an Act, to give effect to it.

(3)

No stamp duty shall be payable on any conveyance, agreement or assignment made, or instrument executed, solely for the purpose of giving effect to a transfer of property to a joint board or joint committee constituted under section one hundred and nineteen or one hundred and twenty of the Local Government (Scotland) Act 1947, from another local authority.

(4)

In this section “local authority” has the meaning assigned to it by section F6F7842A of the Income and Corporation Taxes Act M51988.

(5)

This section shall be construed as one with the Stamp Act 1891.

Annotations

Textual amendments

F1: S. 74 (1)(a)(2) repealed (E.W.) by Water Act 1989 (c. 15, SIF 130), s. 190(1)(3), Sch. 25 para. 18, Sch. 27 Pt. I (with ss. 58(7), 101(1), 141(6), 160(1)(2)(4), 163, 189(4)–(10), 190, 193(1), Sch. 26 paras. 3(1)(2), 17, 40(4), 41(1), 57(6), 58)
F2: Words inserted by Finance Act 1958 (c. 56), s. 35(4)(a)
F3: Words substituted by Finance Act 1958 (c. 56), s. 35(4)(a)
F4: Words substituted by Finance Act 1974 (c. 30, SIF 63:1), s. 52, Sch. 12 para. 6
F5: Words inserted by Finance Act 1958 (c. 56), s. 35(4)(c)
F6: Words substituted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844(1)(2), Sch. 29 para. 32
F7: Word substituted by Finance Act 1990 (c. 29, SIF 114), s. 127, Sch. 18 para. 1

Marginal citations

M1: 1945 c. 42.
M2: 1936 c. 49
M3: 1947 c. 43.
M4: 1895 c. 16.
M5: 1988 c.1 (63:1).