Finance Act 1970

Conveyance or transfer on sale

10For the Table set out in Part I of Schedule 11 to the [1963 c. 25.] Finance Act 1963 (ad valorem duty on conveyance or transfer on sale) as amended by section 27(1) of the [1967 c. 54.] Finance Act 1967 substitute the following:—

11In section 62(2) of the [1963 c. 25.] Finance Act 1963 (rate of duty in respect of a transfer of commonwealth government stock to be one-quarter of that which would otherwise be chargeable, or, if the amount or value of the consideration does not exceed £5, 3d.), for the words from " one-quarter " to the end substitute " Is. for every £20 or part of £20 of the consideration if the amount or value thereof does not exceed £300, and, in any other case, 5s. for every £100 or part of £100 of the consideration ".

12Section 59(4) of the [1891 c. 39.] Stamp Act 1891 (contract for sale not stamped ad valorem but stamped with fixed duty of 10s. or 6d. to be treated as duly stamped for certain purposes) shall cease to have effect.

13(1)Section 114 of the Stamp Act 1891 (composition for stamp duty on transfers of colonial etc. stock) shall cease to have effect, but transfers of any stock in respect of which payments have been made under that section shall continue to be exempt from stamp duty.

(2)In section 37(2) of the [1939 c. 41.] Finance Act 1939 (composition agreements in respect of colonial etc. stock: rate of payment per £100 of aggregate nominal amount of stock) for "three pence for every one hundred pounds and any fraction of one hundred pounds " substitute " Is. for every £400 and any fraction of £400 " ; and any agreement entered into for the purposes of the said section 37 before the passing of this Act shall, so far as it relates to payments to be made on or after 1st August 1970, have effect as if it provided for the making of those payments at the rate at which duty is chargeable under that section by virtue of this sub-paragraph.