Paragraph 1

United Kingdom

(1)

This paragraph has effect as from 1st August 1970.

(2)

The following stamp duties are hereby abolished—

(a)

the duty of 6d. specified in Schedule 1 to the M1Stamp Act 1891 under the heading beginning “Agreement or any Memorandum of an Agreement" (the provisions consequential on this abolition being those contained in sub-paragraph (3) below);

(b)

the duty of 6d. specified in that Schedule under the heading “Policy of Insurance other than Life Insurance" inserted by section 30(1) of the M2Finance Act 1959 (and so that a policy of insurance other than life insurance shall be exempt from all stamp duties);

(c)

the duty of £10 or £6 imposed on a certificate of registration for an alkali or other works by section 9(6) of the M3Alkali, &c. Works Regulation Act 1906 as amended by section 47 of the M4Finance Act 1922; and

(d)

the duty of 10s. imposed on the memorandum and on the articles of association of a company by virtue of section 3 and section 9(c) respectively of the M5Companies Act 1948 (which provide that each of those documents is to be stamped as if it were a deed).

(3)

In consequence of sub-paragraph (2)(a) above—

(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

C1(b)

in section 59 of that Act (certain contracts for sale to be chargeable ad valorem as conveyances)—

(i)

in subsection (2) (sub-contracts under which the consideration does not exceed that for the original sale to be charged only as deeds or agreements), for “and in any other case with the fixed duty of ten shillings or of sixpence, as the case may require" substitute “but shall not otherwise be chargeable except where appropriate with the fixed duty of 10s.", and

(ii)

in subsection (5) (stamping of conveyances made in conformity with contracts not stamped ad valorem but stamped with the fixed duty of 10s. or 6d.), for the words from the beginning to “the said fixed duty" substitute “Provided that where any such contract or agreement is stamped with the fixed duty of 10s. or would, apart from this section, not be chargeable with any duty", . . . F2

(c)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3

Annotations

Textual amendments

F1: Sch. 7 para. 1(3)(a) repealed by Finance Act 1971 (c. 68), Sch. 14 Pt. VI
F2: Word repealed by Finance Act 1985 (c. 54, SIF 114), s. 98(6), Sch. 27 Pt. IX(2)
F3: Sch. 7 para. 1(3)(c) and Sch. 7 para. 4 repealed by Finance Act 1985 (c. 54, SIF 114), s. 98(6), Sch. 27 Pt. IX(2)

Marginal citations

M1: 1891 c. 39.
M2: 1959 c. 58.
M3: 1906 c. 14.
M4: 1922 c. 17.
M5: 1948 c. 38.

Modifications

C1: The text of Sch. 7 paras. 1(3)(b), 7, 12, 13(1), 14, 16(1)–(3)(5) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991

Notes on Schedule 7

Textual amendments

F1: Sch. 7 repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(2) Notes 1, 2 of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(2)