Section 108 Transfer of securities: abolition of stamp duty.

United Kingdom

(1)

F1Stamp duty shall not be chargeable under Schedule 13 to the Finance Act 1999 (transfer of securities) F2or section 67(3) or 70(3) of the Finance Act 1986 (stamp duty on certain transfers to depositary receipt systems and clearance systems).

(7)

Subject to subsection (8) below, this section applies if the instrument is executed in pursuance of a contract made on or after the abolition day.

(8)

In the case of an instrument—

(a)

which falls within section 67(1) or (9) of the M1Finance Act 1986 (depositary receipts) or section 70(1) or (9) of that Act (clearance services), or

(b)

which does not fall within section 67(1) or (9) or section 70(1) or (9) of that Act and is not executed in pursuance of a contract,

this section applies if the instrument is executed on or after the abolition day.

Annotations

Textual amendments

F1: S. 108(1) substituted for s. 108(1)-(6) (with effect in accordance with s.125(8) of the amending Act) by Finance Act 2003 (c. 14), Sch. 20 para. 5
F2: Words in s. 108(1) inserted (with effect in accordance with s. 99(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 32 para. 19

Marginal citations

M1: 1986 c. 41.