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PART III |
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SUPPLEMENTARY PROVISIONS |
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Duty chargeable on issue of instrument |
| | 21. - (1) This paragraph applies where duty is chargeable under paragraph 1 of this Schedule.
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(2) The instrument-
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(a) shall before being issued be produced to the Commissioners, together with such particulars in writing of the instrument as the Commissioners may require, and |
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(b) shall be deemed to be duly stamped if and only if it is stamped with a particular stamp denoting that it has been produced to the Commissioners. |
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(3) Within six weeks of the date on which the instrument is issued, or such longer time as the Commissioners may allow, a statement in writing containing the date of the issue and such further particulars as the Commissioners may require in respect of the instrument shall be delivered to the Commissioners.
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(4) The duty chargeable in respect of the instrument shall be paid to the Commissioners on delivery of that statement or within such longer time as the Commissioners may allow.
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| | 22. - (1) If default is made in complying with paragraph 21-
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(a) the person by whom or on whose behalf the instrument is issued, and |
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(b) any person who acts as the agent of that person for the purposes of the issue, |
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are each liable to a penalty not exceeding the aggregate of £300 and the duty chargeable.
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(2) Those persons are also jointly and severally liable to pay to Her Majesty-
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(a) the duty chargeable, and |
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(b) interest on the unpaid duty from the date of the default until the duty is paid. |
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Duty chargeable on transfer of stock by means of instrument |
| | 23. - (1) This paragraph applies where duty is chargeable under paragraph 2 of this Schedule.
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(2) Where the instrument is presented to the Commissioners for stamping-
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(a) the person presenting it, and |
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(b) the owner of the instrument, |
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shall furnish to the Commissioners such particulars in writing as the Commissioners may require for determining the amount of duty chargeable.
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(3) If the instrument is not duly stamped each person who in the United Kingdom-
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(a) transfers any stock by or by means of the instrument, or |
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(b) is concerned as broker or agent in any such transfer, |
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is liable to a penalty not exceeding the aggregate of £300 and the amount of duty chargeable.
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(4) Those persons are also jointly and severally liable to pay to Her Majesty-
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(a) the duty chargeable, and |
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(b) interest on the unpaid duty from the date of the transfer in question until the duty is paid. |
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Supplementary provisions as to interest |
| | 24. - (1) The following provisions apply to interest under paragraph 22(2) or 23(4).
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(2) If an amount is lodged with the Commissioners in respect of the duty, the amount on which interest is payable is reduced by that amount.
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(3) Interest is payable at the rate prescribed under section 178 of the Finance Act 1989 for the purposes of section 15A of the Stamp Act 1891 (interest on late stamping).
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(4) The amount of interest shall be rounded down (if necessary) to the nearest multiple of £5.
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No interest is payable if the amount is less than £25.
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(5) The interest shall be paid without any deduction of income tax and shall not be taken into account in computing income or profits for any tax purposes.
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Penalty for false statement |
| | 25. A person who in furnishing particulars under this Part of this Schedule wilfully or negligently furnishes particulars that are false in any material respect is liable to a penalty not exceeding the aggregate of £300 and twice the amount by which the stamp duty chargeable exceeds that paid.
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| | 26. An instrument in respect of which duty is chargeable under paragraph 2 of this Schedule which-
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(a) has been stamped ad valorem, or |
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(b) has been stamped with a stamp indicating that it is chargeable with a fixed duty under paragraph 6 (instrument in substitution for one stamped ad valorem) and has been stamped under that paragraph, |
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shall be treated as duly stamped for all purposes other than paragraph 25.
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