Finance Act, 1973
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Abolition of certain stamp duty and relief in respect of certain payments of stamp duty. |
71.—(1) (a) In the case of any transaction specified in section 68 (1) of this Act which took place on or after the 1st day of January, 1973, stamp duty shall not be chargeable, under section 8 of the Finance Act, 1899 , on any statement of the amount proposed to be secured by an issue of loan capital (within the meaning of that section) or under a provision to which this subsection applies, on any instrument, and, in any case where such duty has been paid since the 1st day of January, 1973, in respect of any such transaction the duty so paid shall, on the application of the person who paid the duty, be repaid to that person. | |
(b) In this subsection “provision to which this subsection applies” means any provision made by or under statute which charges any trust deed or other document securing loan capital (within the meaning of the said section 8) with the stamp duty payable in respect of a mortgage or marketable security. | ||
(2) In the case of any transaction stamp duty shall not be chargeable on any statement under— | ||
(a) section 112 or 113 of the Stamp Act, 1891, in respect of the nominal share capital of a limited company, or | ||
(b) section 11 of the Limited Partnerships Act, 1907 , in respect of amounts contributed by limited partners. | ||
(3) In the case of any transaction specified in section 68 (1) which took place or takes place on or after the 1st day of January, 1973, and before the operative date (in this subsection referred to as the relevant period), and in respect of which statements were required to be delivered under either of the acts referred to in subsection (2) of this section and the stamp duty chargeable thereon has been paid, the company that paid the duty may, at any time before the 1st day of August, 1975, deliver statements of the kind specified in section 69 (1) of this Act in respect of all transactions which took place during the relevant period in relation to the capital company and stamp duty shall be charged thereon as if the 1st day of January, 1973, were substituted for the operative date in section 68 of this Act and, if the stamp duty previously paid exceeds the amount of stamp duty charged on the statement, the amount of the excess shall be repaid to the capital company. | ||
(4) Where, under the provisions of sections 112 or 113 of the Stamp Act, 1891, stamp duty has already been paid in respect of the nominal share capital of any capital company and stamp duty again becomes payable under this Chapter by the capital company in respect of any part of that capital that was not issued on the operative date, there shall be allowed, as a deduction against stamp duty, so much of the stamp duty already paid as bears the same proportion to the total stamp duty already paid as the increase in the issued share capital (in so far as it represents the said share capital which was not issued) bears to the nominal share capital in respect of which the stamp duty has already been paid, and, for the purpose of this section, the nominal share capital in respect of which stamp duty has already been paid shall, in any case where there was a reduction in nominal share capital by way of relief under section 21 of the Finance Act, 1965 , be deemed to be such share capital as would have been chargeable to duty if there had been no such reduction. | ||
(5) Where, on the operative date, there is included in the share capital of a capital company referred to in subsection (4) of this section shares which are not fully paid up, the total amount remaining to be paid up on those shares at that date shall be treated, for the purposes of that subsection, as nominal share capital which was not issued at that date. | ||
(6) The statement required to be delivered pursuant to this Chapter in respect of a transaction specified in section 68 (1) (c) of this Act shall, in any case where, within the period of four years immediately before the date of the transaction and on or after the operative date, there has been a reduction in the issued capital of the capital company concerned as a result of losses sustained by the company, be charged at the rate of zero per cent. in respect of so much of the amount determined in accordance with section 70 of this Act as corresponds to the reduction in issued capital or to so much of the reduction in issued capital to which the rate of zero per cent. had not been applied in respect of an earlier transaction occurring since the reduction in capital. |