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| Minor amendments of exceptions to general charge. |
111. - (1) Section 90 of the Finance Act 1986 (exceptions from the general charge to stamp duty reserve tax) is amended as follows.
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(2) In subsection (3F)(c) (conditions of exception under subsection (3E)) for "securities which are not listed" substitute "chargeable securities which are not listed".
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(3) In subsection (5) for "by a person" substitute "for the purposes of a business"; and in subsection (6) for "A person is within this subsection if his business is exclusively" substitute "A business is within this subsection if, or so far as, it consists of".
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(4) Subsection (2) above applies to instruments issued on or after 9th March 1999.
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(5) Subsection (3) above applies to agreements to transfer securities made on or after 9th March 1999.
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| Power to make regulations with respect to administration, etc. |
112. - (1) The following provisions have effect with respect to the power conferred on the Treasury by section 98(1) of the Finance Act 1986 (stamp duty reserve tax: regulations with respect to administration, etc.).
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(2) That power includes power to make provision-
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(a) applying the provisions of the Taxes Management Act 1970 relating to penalties and the payment of interest on overdue tax, and |
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(b) requiring information to be provided, or books, documents or other records to be made available for inspection, and imposing a penalty for failure to do so. |
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(3) That power includes, and shall be deemed always to have included, power to make provision requiring specified descriptions of persons to account for and pay tax, and any interest on it, on behalf of the person liable to pay it.
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Supplementary provisions |
| Construction of this Part and other supplementary provisions. |
113. - (1) This Part-
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(a) so far as it relates to stamp duty shall be construed as one with the Stamp Act 1891, and |
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(b) so far as it relates to stamp duty reserve tax shall be construed as one with Part IV of the Finance Act 1986. |
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(2) In this Part-
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(a) "the enactments relating to stamp duty" means the Stamp Act 1891 and any enactment amending or which is to be construed as one with that Act; and |
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(b) "the enactments relating to stamp duty reserve tax" means Part IV of the Finance Act 1986 and any enactment amending or which is to be construed as one with that Part. |
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(3) The following provisions of this Part shall cease to have effect on the day appointed under section 111(1) of the Finance Act 1990 (abolition of stamp duty for securities etc.):
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subsections (1)(b) and (2)(b) of this section; |
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in Part I of Schedule 13- |
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in paragraph 4 the words "in the case of any other conveyance or transfer on sale",
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paragraph 7(1)(b)(ii) to (iv);
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in Part IV of that Schedule, paragraph 1(a), (b) and (d); |
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in Schedule 14, paragraphs 5, 8, 12, 13, 16 to 21 and 23; |
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in Schedule 16, paragraphs 2 to 11; |
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in Schedule 17, paragraphs 4 to 6. |
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(4) The amendment by this Part, or the repeal in consequence of this Part, of any enactment relating to stamp duty does not affect that enactment as applied for any purpose other than stamp duty.
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