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| General amendment of charging provisions. |
101. - (1) The amount of any stamp duty chargeable ad valorem-
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(a) shall be a percentage of the amount specified in the relevant charging provision, and |
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(b) shall be rounded up (if necessary) to the nearest multiple of £5. |
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(2) The amount of every fixed stamp duty shall be £5.
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(3) The provisions of Schedule 13 to this Act have effect in place of Schedule 1 to the Stamp Act 1891, and certain related enactments, so far as they relate to the instruments (other than bearer instruments) chargeable to duty and the method of calculation and rates of duty.
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(4) The consequential amendments in Schedule 14 to this Act have effect.
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(5) The percentage rates specified in Schedule 13 and the enactments amended by Schedule 14 correspond to the rates of duty generally in force at the passing of this Act.
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In the case of an instrument in relation to which there was then in force transitional provision in connection with an earlier change in the rate of duty having the effect that a different rate applied, the new or amended provisions have effect as if a reference to a percentage corresponding to that different rate were substituted.
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(6) This section has effect in relation to instruments executed on or after 1st October 1999.
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| Bearer instruments. |
102. - (1) The provisions of Schedule 15 to this Act have effect in place of the heading "Bearer Instruments" in Schedule 1 to the Stamp Act 1891, and certain related enactments, and incorporate amendments in relation to bearer instruments corresponding to those made by-
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section 97 (interest and penalties on late stamping), |
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section 101 (general amendment of charging provisions), and |
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Part I of Schedule 17 to this Act (amendments of penalties other than on late stamping). |
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(2) The percentage rates specified in Schedule 15 correspond to the rates of duty generally in force at the passing of this Act.
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In the case of an instrument in relation to which there was then in force transitional provision in connection with an earlier change in the rate of duty having the effect that a different rate applied, the new provisions have effect as if a reference to a percentage corresponding to that different rate were substituted.
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(3) The consequential amendments specified in Schedule 16 to this Act have effect.
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(4) This section applies in relation to bearer instruments issued on or after 1st October 1999.
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| Penalties other than on late stamping. |
103. - (1) The provisions of Schedule 17 to this Act (stamp duty: penalties other than on late stamping) have effect.
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(2) The provisions of that Schedule have effect in relation to penalties in respect of things done or omitted on or after 1st October 1999.
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| Minor amendments and repeal of obsolete provisions. |
104. Schedule 18 to this Act (stamp duty: minor amendments and repeal of obsolete provisions) has effect.
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Stamp duty reserve tax |
| Non-sterling bearer instruments issued in connection with merger or takeover. |
105. - (1) In section 95 of the Finance Act 1986 (exceptions from charge on entry into depositary receipt system), for subsection (2) (bearer instruments) substitute-
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"(2) There shall be no charge to tax under section 93 above in respect of a transfer, issue or appropriation of an inland bearer instrument, within the meaning of the heading "Bearer Instrument" in Schedule 1 to the Stamp Act 1891, except in the case of-
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(a) an instrument within exemption 3 in that heading (renounceable letters of allotment etc. where rights are renounceable not later than six months after issue); or |
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(b) an instrument within the stamp duty exemption for non-sterling instruments which is issued in connection with a company merger or takeover (whether or not involving the company issuing the instrument). |
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In paragraph (b) "the stamp duty exemption for non-sterling instruments" means the exemption from stamp duty provided for by section 30 of the Finance Act 1967 or section 7 of the Finance Act (Northern Ireland) 1967.".
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(2) In section 97 of the Finance Act 1986 (exceptions from charge on entry into clearance system), for subsection (3) (bearer instruments) substitute-
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"(3) There shall be no charge to tax under section 96 above in respect of a transfer or issue of an inland bearer instrument, within the meaning of the heading "Bearer Instrument" in Schedule 1 to the Stamp Act 1891, except in the case of-
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(a) an instrument within exemption 3 in that heading (renounceable letters of allotment etc. where rights are renounceable not later than six months after issue); or |
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(b) an instrument within the stamp duty exemption for non-sterling instruments which is issued in connection with a company merger or takeover (whether or not involving the company issuing the instrument). |
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In paragraph (b) "the stamp duty exemption for non-sterling instruments" means the exemption from stamp duty provided for by section 30 of the Finance Act 1967 or section 7 of the Finance Act (Northern Ireland) 1967.".
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(3) This section applies to any instrument issued on or after 30th January 1999, except one giving effect to an agreement for a company merger or takeover entered into in writing by the companies involved before that date.
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