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45 Stamp Duty (Abolition Of Capital 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 duties chargeable by virtue of section 47 of the Finance Act 1973 and Article 8 of the Finance (Miscellaneous Provisions) (Northern Ireland) Order 1973 (stamp duties on documents relating to chargeable transactions of capital companies) are abolished; and accordingly—
  • (a) that section, section 48 of that Act and Schedule 19 to that Act; and
  • (b) that Article, Article 9 of that Order and Schedule 2 to that Order,
  • shall cease to have effect.

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

  • (a) any transaction occurring on or after 22nd March 1988;
  • (b) any transaction occurring on or after 16th March 1988 in respect of which the relevant document is not stamped before 22nd March 1988;
  • (c) any exempt transaction occurring before 22nd March 1988 in respect of which a relevant event occurs on or after 22nd March 1988; and
  • (d) any exempt transaction occurring before 16th March 1988 in respect of which a relevant event occurs on or after 16th March 1988 and the relevant duty is not paid 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) in a case falling within paragraph (2)(b) above, at the time of execution of the relevant document; or
  • (b) in a case falling within paragraph (2)(d) above, on the date on which the relevant event occurs,
  • shall be deemed to be that as varied in accordance with this Resolution.

    (4) In this Resolution—

    "exempt transaction" means a transaction which is exempt by virtue of paragraph 10(1) of Schedule 19 to the Finance Act 1973.
    "relevant document" has the meaning given by section 47 of that Act;
    "relevant duty" means the duty payable under paragraph 10(4) of Schedule 19 to that Act;
    "relevant event" means such an event as is mentioned in paragraph 10(3)(a) or (b) of Schedule 19 to that Act;
    and any reference in this paragraph to section 47 of or Schedule 19 to that Act includes a reference to Article 8 of or Schedule 2 to the Finance (Miscellaneous Provisions) (Northern Ireland) Order 1973.
    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.]