Schedule 7 | Section 7 ^F1

Part IAbolition of Certain Duties

Duties abolished as from 1st August 1970

(1)This paragraph has effect as from 1st August 1970.

(2)The following stamp duties are hereby abolished—

(a)the duty of 6d. specified in Schedule 1 to the Stamp Act 1891 under the heading beginning “Agreement or any Memorandum of an Agreement" (the provisions consequential on this abolition being those contained in sub-paragraph (3) below);

(b)the duty of 6d. specified in that Schedule under the heading “Policy of Insurance other than Life Insurance" inserted by section 30(1) of the Finance Act 1959 (and so that a policy of insurance other than life insurance shall be exempt from all stamp duties);

(c)the duty of £10 or £6 imposed on a certificate of registration for an alkali or other works by section 9(6) of the Alkali, &c. Works Regulation Act 1906 as amended by section 47 of the Finance Act 1922; and

(d)the duty of 10s. imposed on the memorandum and on the articles of association of a company by virtue of section 3 and section 9(c) respectively of the Companies Act 1948 (which provide that each of those documents is to be stamped as if it were a deed).

(3)In consequence of sub-paragraph (2)(a) above—

(a)Repealed^F2

(b)in section 59 of that Act (certain contracts for sale to be chargeable ad valorem as conveyances)—

(i)in subsection (2) (sub-contracts under which the consideration does not exceed that for the original sale to be charged only as deeds or agreements), for “and in any other case with the fixed duty of ten shillings or of sixpence, as the case may require" substitute “but shall not otherwise be chargeable except where appropriate with the fixed duty of 10s.", and

(ii)in subsection (5) (stamping of conveyances made in conformity with contracts not stamped ad valorem but stamped with the fixed duty of 10s. or 6d.), for the words from the beginning to “the said fixed duty" substitute “Provided that where any such contract or agreement is stamped with the fixed duty of 10s. or would, apart from this section, not be chargeable with any duty", . . .^F3

(c)Repealed^F4

Duties abolished as from 1st February 1971

(1)This paragraph has effect as from 1st February 1971.

(2)The following stamp duties are hereby abolished—

(a)the duty of 2d. specified in Schedule 1 to the Stamp Act 1891 under the heading beginning “Bill of Exchange or Promissory Note" inserted by section 33(1) of the Finance Act 1961; and

(b)the duty of 2d. specified in that Schedule under the heading beginning “Receipt".

(3)No application for relief in respect of the duty referred to in sub-paragraph (2)(a) above may be made under any of sections 9 to 12 of the Stamp Duties Management Act 1891 (spoiled, misused and unwanted stamps); and no repayment shall be made under any agreement entered into under section 39 of the Finance Act 1956 (composition for the said duty by bankers) in respect of any form supplied by a banker to a customer and returned to the banker unused or spoiled on or after the said 1st February.

Part IIGeneral Amendments^F4F5F6

(3)This Part of this Schedule, except paragraph 5, has effect as from 1st August 1970.

(5)Repealed

(6)Repealed

Bond, covenant, etc.^F7F8

(1)The heading beginning “Bond, Covenant" in Schedule 1 to the Stamp Act 1891 shall be amended as follows.

(2)In paragraph (1) (only or principal security for annuity or other periodic payment; duty of 2s. 6d. for every £5 or part if for an indefinite period), for the reference to 2s. 6d. substitute a reference to 2s.

(3)In paragraph (2) (collateral etc. security for annuity or other periodic payment; duty of 6d. for every £5 or part if total amount payable cannot be ascertained), for the reference to 6d. substitute a reference to 1s., and for each reference to £5 substitute a reference to £10.

(4)Repealed^F9

(8)Repealed

(9)Repealed

Conveyance or transfer on sale^F10

(10)Repealed

(12)Section 59(4) of the 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.

(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)Repealed^F11

Lease or tack^F12

(14)In section 75(2) of the Stamp Act 1891 (duty of 6d. on lease or tack if preceded by an agreement duly stamped as an actual lease or tack), for “sixpence" substitute “1s.".

(15)Repealed

Mortgages etc.^F13

(1)The heading beginning “Mortgage, Bond, Debenture, Covenant" in Schedule 1 to the Stamp Act 1891 shall be amended in accordance with sub-paragraphs (2) and (3) below.

(2)In paragraph (1) of that heading (only, or principal or primary, security), for the words from “Not exceeding £10" to the end substitute—

.

(3)In paragraphs (2), (4) and (5) of that heading (collateral etc. securities, transfers etc. and re-conveyances etc.: duty of 6d. for every £100 or part), for each reference to 6d. substitute a reference to 1s., and for each reference to £100 substitute a reference to £200.

(4)The duty chargeable under paragraph (4) of the said heading on the transfer, assignment, disposition or assignation to any person of, or of the money or stock secured by, any collateral, auxiliary, additional or substituted security (including any instrument by way of further assurance) shall not exceed 50p if a transfer, assignment, disposition or assignation to the same person of (or, as the case may be, of the money or stock secured by) the principal or primary security has been duly stamped with the duty chargeable under that paragraph.^F14

(5)Paragraph (5) of the said heading shall also be amended by inserting, after “Renunciation", the words “in whole or in part" ; and the duty chargeable under that paragraph shall not in any case exceed 10s.

(17)Repealed

Part IIISpecial Provisions Connected with the New Currency^F15

(18)Repealed

Late stamping etc.

(1)Where immediately before 15th February 1971 any instrument chargeable with stamp duty is either not stamped or overstamped or insufficiently stamped, the amount of duty then chargeable, or properly chargeable, on the instrument, or, in the case of an insufficiently stamped instrument, the amount of additional duty then chargeable thereon, shall thereafter become, for all the purposes of the enactments relating to stamp duties—

(a)the equivalent of that amount in the new currency, reduced where that equivalent is not a multiple of 5p. to the nearest such multiple, or

(b)5p. if the said equivalent is less than 10p.

(2)In sub-paragraph (1) above, “the new currency” means the new currency of the United Kingdom provided for by the Decimal Currency Act 1967.