Finance Act, 1986

Stamp duty on letters of renunciation.

95.—(1) In this section—

“share” includes stock;

“unquoted company” means a company none of whose shares, stocks or debentures are listed in the official list of a recognised stock exchange or dealt in on an unlisted securities market recognised by such a stock exchange.

(2) Notwithstanding the provisions of section 23 of the Finance Act, 1964 , any instrument which releases or renounces or has the effect of releasing or renouncing a right under a letter of allotment, or under any other document having the effect of a letter of allotment, to any share in an unquoted company shall be chargeable to stamp duty as if it were a release or renunciation of property consisting of stocks or marketable securities by reference to the Heading “RELEASE or RENUNCIATION of any property, or of any right or interest in any property” in the First Schedule (inserted by the Finance Act, 1970 ) to the Stamp Act, 1891, and that Schedule shall be construed accordingly.

(3) The Imposition of Duties (No. 278) (Stamp Duty on Letters of Renunciation) Order, 1985 (S.I. No. 152 of 1985), is hereby revoked.

(4) This section shall have effect with respect to any instrument executed on or after the date of the passing of this Act.