Finance Act 1989

Stamp duty etc.U.K.

[F1173 Insurance: abolition of certain duties.U.K.

(1)Stamp duty shall not be chargeable under—

(a)the heading “Policy of Life Insurance” in Schedule 1 tothe M1Stamp Act 1891, or

(b)paragraph (3) of the heading “Bond, Covenant, or Instrument of any kindwhatsoever” in that Schedule (superannuation annuities).

(2)Subject to section 4 of the Stamp Act 1891 (separate charges oninstruments containing or relating to several distinct matters) an instrumentwhich, but for subsection (1) above, would be chargeable with stamp duty underparagraph (3) of the heading mentioned in paragraph (b) of that subsectionshall not be chargeable with stamp duty under any other provision of the StampAct 1891.

(3)Section 100 of the Stamp Act 1891 (penalty for not making out policy ormaking policy not duly stamped) shall cease to have effect.

(4)Section 118 of the Stamp Act 1891 (assignment of life insurance policy tobe stamped before payment of money assured) shall cease to have effect.

(5)Section 47(3) of the M2Finance Act 1966 (enhanced dutywhere policy not exceeding 2 years is varied so as to exceed 2 years) andsection 5(3) of the M3Finance Act (Northern Ireland)1966 (equivalent provision for Northern Ireland) shall cease to have effect.

(6)Subsections (1) and (2) above apply to instruments made after 31stDecember 1989.

(7)So far as it relates to section 100(1) of the 1891 Act, subsection (3)above applies where a person receives, or takes credit for, a premium orconsideration for insurance after 30th November 1989.

(8)So far as it relates to section 100(2) of the 1891 Act, subsection (3)above applies where the policy is made after 31st December 1989.

(9)Subsection (4) above applies to instruments of assignment made after 31stDecember 1989.

(10)Subsection (5) above applies where the policy is varied after 31stDecember 1989 (whenever it was made).]

174Unit trusts.U.K.

F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

175Stamp duty: stock exchange nomineesU.K.

(1)The Treasury may by regulations provide that where —

(a)circumstances would (apart from the regulations) give rise to a charge to stamp duty under [F3Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale)] and to a charge to stamp duty reserve tax,

(b)the circumstances involve a stock exchange nominee, and

(c)the circumstances are such as are prescribed,

the charge to stamp duty shall be treated as not arising.

(2)The power to make regulations under this section shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.

(3)In this section —

(a)“prescribed” means prescribed by the regulations, and

(b)“stock exchange nominee” means a person designated for the purposes of section 127 of the Finance Act 1976[1976 c. 40.] as a nominee of The Stock Exchange by an order made by the Secretary of State under subsection (5) of that section.

176Stamp duty reserve tax: stock exchange nomineesU.K.

(1)The Treasury may by regulations provide that where —

(a)circumstances would (apart from the regulations) give rise to two charges to stamp duty reserve tax,

(b)the circumstances involve a stock exchange nominee, and

(c)the circumstances are such as are prescribed,

such one of the charges as may be prescribed shall be treated as not arising.

(2)The Treasury may by regulations provide that where —

(a)circumstances would (apart from the regulations) give rise to a charge to stamp duty reserve tax and a charge to stamp duty,

(b)the circumstances involve a stock exchange nominee, and

(c)the circumstances are such as are prescribed,

the charge to stamp duty reserve tax shall be treated as not arising.

(3)The Treasury may by regulations provide that a provision of an Act by virtue of which there is no charge to stamp duty reserve tax shall also apply in circumstances which involve a stock exchange nominee and are such as are prescribed.

(4)The Treasury may by regulations provide that a provision of an Act by virtue of which the rate at which stamp duty reserve tax is charged is less than it would be apart from the provision shall also apply in circumstances which involve a stock exchange nominee and are such as are prescribed.

(5)The power to make regulations under this section shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.

(6)In this section —

(a)“prescribed” means prescribed by the regulations, and

(b)“stock exchange nominee” means a person designated for the purposes of section 127 of the Finance Act 1976[1976 c. 40.] as a nominee of The Stock Exchange by an order made by the Secretary of State under subsection (5) of that section.

177Stamp duty reserve tax: information.U.K.

— Regulations under section 98(1) of the Finance Act 1986[1986 c. 41.] (administration etc. of stamp duty reserve tax) may include —

(a)provision that notice which the regulations require to be given to the Commissioners of Inland Revenue shall be given in a manner or form specified by the Commissioners;

(b)provision that information which the regulations require to be supplied to the Commissioners shall be supplied in a manner or form specified by the Commissioners.