Section 66 Company's purchase of own shares

This section applies where a company purchases its own shares under section F1690 of the Companies Act 2006 F2....

F3Any return which relates to any of the shares purchased and is delivered to the registrar of companies under section F4707 of that Act F5... shall be charged with stamp duty, and treated for all purposes of the Stamp Act 1891 M1, as if it were an instrument transferring the sharesF6to which it relates on sale to the company in pursuance of the contract (or contracts) of purchase concerned.

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Subject to subsection (4) below, this section applies to any F8such return which is delivered to the registrar of companies on or after the day of The Stock Exchange reforms.

This section does not apply to any return to the extent that the shares to which it relates were purchased under a contract entered into before the day of The Stock Exchange reforms.

In this section “the day of The Stock Exchange reforms” means the day on which the rule of The Stock Exchange that prohibits a person from carrying on business as both a broker and a jobber is abolished.