OpenLegislation

Paragraph 11

United Kingdom

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

  • Sch. 15 para. 6 - 8 Sch. 16 para. 2 - 11 repealed (prosp.) by Finance Act 1999 s. 123(3) s. 123(4) 139 Sch. 20 Pt. 5(6) Note
(1)

Section 143 of the Finance Act 1988 (paired shares) is amended as follows.

(2)

For subsection (2) substitute—

“(2)

In relation to an instrument to which this subsection applies, no duty is chargeable under paragraph 1 of Schedule 15 to the Finance Act 1999 (bearer instruments: charge on issue); but this does not affect the other requirements of that Schedule.”.

(3)

In subsection (3) for “This subsection applies” substitute “ Subsection (2) above applies ”.

(4)

For subsection (4) substitute—

“(4)

In relation to an instrument to which this subsection applies—

(a)

the foreign company shall be treated for the purposes of Schedule 15 to the Finance Act 1999 (stamp duty on bearer instruments) as a UK company, and

(b)

paragraph 17 of that Schedule (exemption for non-sterling instruments) shall not apply.”.

(5)

In subsection (5) for “This subsection applies” substitute “ Subsection (4) above applies ”.