OpenLegislation

Paragraph 2

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  • Sch. 15 para. 6 - 8 Sch. 16 para. 2 - 11 repealed (prosp.)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

In section 67 of the Finance Act 1963 (prohibition of circulation of blank transfers) for subsection (4) substitute—

“(4)

In this section—

(a)

“stock” includes securities;

(b)

references to stock include any interest in, or in any fraction of, stock or in any dividends or other rights arising out of stock and any right to an allotment of or to subscribe for stock; and

(c)

“transfer” includes any instrument used for transferring stock.

(4A)

Nothing in this section applies to—

(a)

an instrument which is chargeable with duty at the rate specified in paragraph 5 of Schedule 15 to the Finance Act 1999 (certain bearer instruments issued by or on behalf of non-UK companies) and is duly stamped, or

(b)

renounceable letters of allotment, letters of rights or other similar instruments where the rights under the letter or other instrument are renounceable not later than six months after its issue.”.