Section 41 Exemptions from stamp duty.

England, Wales and Scotland

(1)

Nothing in section twelve of the M1Finance Act 1895 (which requires Acts to be stamped as conveyances on sale in certain cases) F1... shall be taken as applying to this Act.

(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

(3)

Stamp duty shall not be chargeable on any instrument which is certified to the Commissioners of Inland Revenue by the Commission or any of the Boards as having been made or executed in pursuance of section thirty-three of this Act or paragraph 1 of the Sixth Schedule to this Act:

Provided that no such instrument shall be deemed to be duly stamped unless either it is stamped with the duty to which it would but for this subsection be liable or it has, in accordance with the provisions of section twelve of the M2Stamp Act 1891, been stamped with a particular stamp denoting that it is not chargeable with any duty or that it is duly stamped.

(4)

If before the vesting date the Commission cause any company limited by shares to be formed under the M3Companies Act 1948, and any assets to be transferred to that company, for the purpose of facilitating the transfers to be effected by this Part of this Act—

(a)

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

(b)

stamp duty shall not be chargeable on any instrument which is certified to the Commissioners of Inland Revenue by the Commission as having been made for effecting any transfer of assets for the purpose mentioned in this subsection:

Provided that no such instrument as is mentioned in paragraph (b) of this subsection shall be deemed to be duly stamped unless it is stamped with the duty to which it would but for this subsection be liable or it has in accordance with the provisions of section twelve of the Stamp Act 1891, been stamped with a particular stamp denoting that it is not chargeable with any duty or that it is duly stamped.

Annotations

Textual amendments

F1: Words in s. 41(1) omitted (with effect in accordance with Sch. 39 para. 10(1) of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 1(2)(b) (with Sch. 39 paras. 11-13)
F2: S. 41(2) repealed by Finance Act 1973 (c. 51), s. 59(7), Sch. 22 Pt. V
F3: S. 41(4)(a) repealed by Finance Act 1973 (c. 51), s. 59(7), Sch. 22 Pt. V

Marginal citations

M1: 1895 c. 16.
M2: 1891 c. 39.
M3: 1948 c. 38.

Notes on Part II

Modifications

C1: Pt. II extended by Mines (Working Facilities and Support) Act 1966 (c. 4), s. 12(2)