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SCHEDULE 17
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STAMP DUTY: PENALTIES OTHER THAN ON LATE STAMPING |
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PART I |
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AMENDMENTS OF PENALTIES |
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Introduction |
| | 1. The amendments in this Part of this Schedule-
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(a) replace administrative fines by penalties; |
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(b) amend provisions imposing a fine or penalty of a specified amount so as to impose a penalty not exceeding a specified amount; |
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(c) increase or modernise in certain cases the maximum penalty. |
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Stamp Duties Management Act 1891 (c.38) |
| | 2. - (1) The Stamp Duties Management Act 1891 is amended as follows.
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(2) In section 12A (lost or spoiled instruments), in subsection (2)(b) for ", fine or penalty" (twice) substitute "or penalty".
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(3) In section 21 (penalty for frauds in relation to duties), for "a fine of fifty pounds" substitute "a penalty not exceeding £3,000".
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Stamp Act 1891 (c.39) |
| | 3. - (1) The Stamp Act 1891 is amended as follows.
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(2) In section 5 (failure to set out in instrument facts and circumstances affecting duty), for "a fine of ten pounds" substitute "a penalty not exceeding £3,000".
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(3) In section 9(1) (penalty for frauds in relation to instrument bearing adhesive stamp), for the words from "he shall" to the end substitute "he is liable to a penalty not exceeding £3,000".
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(4) In section 16 (rolls, books, etc, to be open to inspection), for "a fine of ten pounds" substitute "a penalty not exceeding £300".
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(5) In section 17 (penalty for enrolling, etc. instrument not duly stamped), for "a fine of ten pounds" substitute "a penalty not exceeding £300".
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(6) In section 83 (penalty on issuing, etc. foreign, etc. security not duly stamped), for "a fine of twenty pounds" substitute "a penalty not exceeding £300".
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Finance Act 1946 (c.64) |
| | 4. In section 56(3) of the Finance Act 1946 (unit trust schemes: failure to keep records), for "a fine of ten pounds" substitute "a penalty not exceeding £300".
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Finance (No. 2) Act (Northern Ireland) 1946 (c.17 (N.I.)) |
| | 5. In section 27(3) of the Finance (No. 2) Act (Northern Ireland) 1946 (unit trust schemes: failure to keep records), for "a fine of ten pounds" substitute "a penalty not exceeding £300".
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Finance Act 1963 (c.25) |
| | 6. In section 67(1) of the Finance Act 1963 (prohibition of circulation of blank transfers) for "fine" substitute "penalty" and for "£50" substitute "£300".
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Finance Act (Northern Ireland) 1963 (c.22 (N.I.)) |
| | 7. In section 16(1) of the Finance Act (Northern Ireland) 1963 (prohibition of circulation of blank transfers) for "fine" substitute "penalty" and for "fifty pounds" substitute "£300".
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Finance Act 1986 (c.41) |
| | 8. In section 68(4) and (5) and section 71(4) and (5) of the Finance Act 1986 (depositary receipts and clearance services: failure to comply with requirements as to notification), for "fine" substitute "penalty".
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