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46 Stamp Duty (Abolition Of Unit Trust Instrument Duty)

Volume 130: debated on Monday 21 March 1988

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Resolved,

That the following provisions shall have effect for the period beginning with 22nd March 1988 and ending 31 days after the earliest of the dates mentioned in section 50(2) of the Finance Act 1973—
(1) The stamp duty chargeable by virtue of the heading in Schedule 1 to the Stamp Act 1891 "Unit Trust Instrument" is abolished; and accordingly that heading and the following enactments, namely—
  • (a) section 53 of the Finance Act 1946;
  • (b) section 24 of the Finance (No. 2) Act (Northern Ireland) 1946;
  • (c) section 30 of the Finance Act 1962; and
  • (d) section 3 of the Finance Act (Northern Ireland) 1962,
  • shall cease to have effect.

    (2) Paragraph (1) above shall have effect in relation to—

  • (a) any trust instrument executed on or after 22nd March 1988;
  • (b) any trust instrument executed on or after 16th March 1988 which is not stamped before 22nd March 1988;
  • (c) any property becoming trust property on or after 22nd March 1988; and
  • (d) any property becoming trust property on or after 16th March 1988 in respect of which the trust instrument is not stamped before 22nd March 1988.
  • (3) For the purposes of section 14(4) of the Stamp Act 1891 (instruments not to be given in evidence etc. unless stamped in accordance with the law in force at the time of execution), the law in force—

  • (a) at the time of execution of a trust instrument falling within paragraph (2)(b) above; or
  • (b) on the day on which property falling within
  • paragraph (2)(d) above becomes trust property, shall be deemed to be that as varied in accordance with this Resolution.

    (4) In this Resolution "trust instrument" and "trust property" have the meanings given by section 57 of the Finance Act 1946 or section 28 of the Finance (No. 2) Act (Northern Ireland) 1946.
    And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of section 50 of the Finance Act 1973.—[Mr. Lawson.]