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(9) Part II of Schedule 1 to this Act shall have effect for supplementing the provisions of this section (in that Schedule called “the principal section").
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(2) Angostura bitters shall be deemed not to be spirits for the purposes of—
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(b) the Licensing (Scotland) Act 1976 ... and any other enactment (whether passed before or after the commencement of this Act) in which “ spirits ” has the same meaning as in that Act ;
and accordingly angostura bitters shall be treated as a non-intoxicating drink for the purposes of the enactments specified in paragraph (b) above.
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Schedule 4 to this Act (which contains amendments of the Taxes Act and of the Capital Allowances Act 1968) shall have effect.
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(1) The Commissioners may enter into an agreement with, or with persons acting on behalf of, any recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD for the composition, in accordance with the provisions of this section, of the stamp duty chargeable under or by reference to Part I or paragraph 16 of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale or otherwise) on such instruments as may be specified in the agreement, . . . . . . .
(2) An agreement under this section shall provide—
(a) for every instrument to which the agreement relates to bear on its face an indication of the amount of stamp duty chargeable thereon,
(b) for the issue in respect of every such instrument, by or on behalf of the recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD , of a certificate (which may relate to more than one such instrument) to the effect that stamp duty to the amount so indicated has been, or will be, accounted for to the Commissioners,
(c) for the delivery to the Commissioners, by or on behalf of the recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD , of periodical accounts in respect of instruments to which the agreement relates, giving such particulars with respect thereto as may be specified in the agreement, and
(d) for the payment to the Commissioners, by or on behalf of the recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD and on the delivery of any such account, of the aggregate amount of the stamp duty chargeable as mentioned in subsection(1) above on instruments to which the agreement relates during the period to which the account relates ;
and any such agreement may contain such other terms and conditions as the Commissioners think proper.
(3) For the purposes of any agreement under this section, the form of brokers transfer provided for by section 1(2) of the Stock Transfer Act 1963 may be used in connection with any transaction notwithstanding that the particulars referred to in that provision could be inserted in the stock transfer there referred to.
(4) An instrument to which an agreement under this section relates and in respect of which a certificate to the effect mentioned in subsection (2)(b) above has been issued by or on behalf of the recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD in question shall be treated for the purposes of the Stamp Act 1891 as stamped with the amount of duty indicated on the face of the instrument.
(5) A recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD or person making default in delivering any account required by an agreement under this section, or in paying any amount in accordance with such an agreement, shall be liable to a fine not exceeding £50 for any day during which the default continues; and, in addition, every amount payable under such an agreement shall bear interest at the rate of 5 per cent, per annum, recoverable by Her Majesty, from the due date for delivery of the account by reference to which it is payable until the actual date of payment.
(6) Except in so far as the context otherwise requires, any reference to a stamp in section 9 or 10 of the Stamp Duties Management Act 1891 (allowances for spoiled stamps) shall include a reference to any indication of an amount of stamp duty on the face of any instrument to which an agreement under this section relates.
(7) In this section “recognised investment exchange , “recognised clearing house”, “recognised CSD”, “ EEA CSD” and “third country CSD” have the meanings given by section 285(1) of the Financial Services and Markets Act 2000.
(1) This Act may be cited as the Finance Act 1970.
(2) In this Act—
(a) except where the context otherwise requires, “ the Board ” means the Commissioners of Inland Revenue,
(b) “ the Taxes Act ” means the Income and Corporation Taxes Act 1970,
(c) “ the Management Act ” means the Taxes Management Act 1970.
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(4) Part II of this Act, so far as it relates to income tax, shall be construed as one with the Income Tax Acts and, so far as it relates to corporation tax, shall be construed as one with the Corporation Tax Act.
(5) Part III of this Act, so far as it relates to stamp duties, shall be construed as one with the Stamp Act 1891.
(6) Any reference in this Act to any other enactment shall, except so far as the context otherwise requires, be construed as a reference to that enactment as amended or applied by or under any other enactment, including this Act.
(7) Except as otherwise expressly provided such of the provisions of this Act as relate to matters in respect of which the Parliament of Northern Ireland has power to make laws shall not extend to Northern Ireland.
(8) The enactments mentioned in Schedule 8 to this Act (which include enactments which are spent or otherwise unnecessary) are hereby repealed to the extent mentioned in the third column of that Schedule, but subject to any provision in relation thereto made at the end of any Part of that Schedule.
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(2) In the following provisions of the Gaming Act 1968 (under which failure to pay gaming licence duty under section 13 of the Finance Act 1966 is a ground for refusal to grant, renew or transfer a licence or renew a registration) after “the Finance Act 1966" insert “ or section 2 of or Schedule 1 to the Finance Act 1970" ” .
The said provisions are
paragraph 20(1)(e) and paragraph 60(c) of Schedule 2.
paragraph 9(e) of Schedule 3.
paragraph 11(e) of Schedule 4.
(3) In Schedule 10 to the Gaming Act 1968, in paragraphs 3 and 4 (right of constable, without fee, to inspect registers) after “constable" insert “ or officer of customs and excise" ” .
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In section 113 of the Management Act after subsection (1) insert—
(1A) Any notice or direction requiring any return to be made under the Taxes Acts to an inspector or other officer of the Board may be issued or given in the name of that officer, or as the case may be in the name of the Board, by any officer of the Board, and so as to require the return to be made to the first-mentioned officer.
(1B) Where the Board or an inspector or other officer of the Board have in accordance with section 29 of this Act, or any other provision of the Taxes Acts, decided to make an assessment to tax, and have taken all other decisions needed for arriving at the amount of the assessment, they may entrust to some other officer of the Board responsibility for completing the assessing procedure, whether by means involving the use of a computer or otherwise, including responsibility for serving notice of the assessment on the person liable for tax.
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(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—
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(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", . . .
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(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.
This Part of this Schedule, except paragraph 5, has effect as from 1st August 1970.
(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.
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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.
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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.".
(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.
(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.
(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.
Finance Act 1970 (legislation.gov.uk, OGL v3.0). Retrieved via LawPlayer, https://lawplayer.com/uk/act/ukpga-1970-24
Contains public sector information licensed under the Open Government Licence v3.0.
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