Finance Act, 1979

Amendment of section 69 (statement to be charged with stamp duty) of Finance Act, 1973.

53.Section 69 of the Finance Act, 1973 , is hereby amended by the substitution for subsection (2) of the following subsection:

“(2) Simple interest shall be payable by way of penalty upon so much of the stamp duty charged on the statement required to be delivered under subsection (1) (b) of this section as remains unpaid after the expiration of one month from the date of the transaction which gave rise to the charge for duty or after the date of the passing of this Act, whichever is the later, and such interest shall be payable at the rate of 1.25 per cent., without deduction of income tax, for each month or part of a month for which duty so remains unpaid and it shall be chargeable and recoverable in the same manner as if it were part of the duty.”.