Section 86 | The tax: introduction

(1)A tax, to be known as stamp duty reserve tax, shall be charged in accordance with this Part of this Act.

(2)The tax shall be under the care and management of the Board.

(3)Section 1 of the Provisional Collection of Taxes Act 1968 shall apply to the tax; and accordingly in subsection (1) of that section after the words “petroleum revenue tax” there shall be inserted the words “ stamp duty reserve tax ”.

(4)Stamp duty reserve tax shall be chargeable in accordance with the provisions of this Part of this Act—^F1

(a)whether the agreement, transfer, issue or appropriation in question is made or effected in the United Kingdom or elsewhere, and^F1

(b)whether or not any party is resident or situate in any part of the United Kingdom.^F1