Finance Act 1970

• (c) in section 314(1) and (3)(b) for " annuity fund " substitute " life assurance fund and separate annuity fund, if any ".

• (d) in section 316(1) and (3) and 320(1) and (2) for " (excluding the annuity fund, if any) " substitute " (excluding the pension fund and general annuity fund, if any) ".

• (e) in section 316(3) for " annuity business" (at end of the subsection) substitute " general annuity and pension business ".

• (f) in section 328(1)(b) for " annuity business " substitute " pension business and general annuity business ".

Other amendments of Taxes Act

12

• (1) In section 188(1) of the Taxes Act (exemptions and reliefs in respect of tax under section 187), after paragraph (c) insert—

(cc) a benefit provided in pursuance of any retirement benefits scheme where under section 23 of the Finance Act 1970 the employee (as defined for the purposes of that section) was chargeable to tax in respect of sums paid, or treated as paid, with a view to the provision of the benefit ",

,

and at the end of paragraph (d) add " or in section 24(1) of the Finance Act 1970 ".

• (2) In section 211(5) of the Taxes Act (Parliamentary pension funds) for the words from " payable by a superannuation " to the end of the subsection substitute " payable by an exempt approved scheme as defined in Chapter II of Part II of the Finance Act 1970, and for the purposes of that Chapter (and the provisions to be construed as one with it) each such Fund shall be treated as an exempt approved scheme. "

• (3) In section 283(4) of the Taxes Act (definition of close company) after paragraph (b) insert—

(bb) if held on trust for an exempt approved scheme as defined in Chapter II of Part II of the Finance Act 1970, or

.

• (4) In the proviso to section 303 (3) of the Taxes Act (meaning of " associate ") after paragraph (i) insert—

(iA) if the trust relates exclusively to an exempt approved scheme as defined in Chapter II of Part II of the Finance Act 1970, or

.

• (5) In the proviso to section 422(4), and in the proviso to section 423(1) of the Taxes Act (modification of pre-war provisions for tax free payments) at the end add " or by virtue of paragraph 1 of Part II of Schedule 5 to the Finance Act 1970 ".

• (6) At the end of paragraph 4(c) of Schedule 8 to the Taxes Act (payments on retirement or removal from office : top-slicing relief) add " or in pursuance of any exempt approved scheme as defined in Chapter II of Part II of the Finance Act 1970 ".

• (7) The repeal of Chapter II of Part I)( of the Taxes Act by this Act shall not affect the following provisions of the Taxes Act (which apply definitions in section 224(1) in the said Chapter II), or any other enactment applying those definitions.

• Section 186(10)(c).

• Section 226(9).

• The proviso to paragraph 4 of Schedule 8.

Amendment of Taxes Management Act 1970

13

In section 98 of the Management Act (penalties) in column 1 of the Table insert a reference at the appropriate place to paragraph 7 and sub-paragraph (2)(b) and (3) of paragraph 8 of Part II of this Schedule and in column 2 of the Table to sub-paragraph (2)(a) of the said paragraph 8.

Estate duty

14

In paragraph 10(c) of Part II of Schedule 17 to the Finance Act 1969 (estate duty: relief for certain superannuation funds) the reference to the schemes or funds there described shall include a reference to any exempt approved scheme or statutory scheme as defined in Chapter II of Part II of this Act.

SCHEDULE 6

Part I

1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2

Expressions used in paragraph 1 above have the same meanings in that paragraph as they have for the purposes of assessing betterment levy under Case B within the meaning of Part III of the Land Commission Act 1967.

Part II — . . .

3

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 7

Part I — Abolition of Certain Duties

Duties abolished as from 1st August 1970

1

• (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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (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", . . .

• (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Duties abolished as from 1st February 1971

2

• (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 II — General Amendments

3

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

Agreements for purposes of Highway Acts

4

Bank notes (composition)

5

Bearer instruments

6

Bond, covenant, etc.

7

• (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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Bonds not otherwise chargeable

8

Contract notes

9

Conveyance or transfer on sale

10

11

In section 62(2) of the Finance Act 1963 (rate of duty in respect of a transfer of commonwealth government stock to be one-quarter of that which would otherwise be chargeable, or, if the amount or value of the consideration does not exceed £5, 3d.), for the words from " one-quarter " to the end substitute " Is. for every £20 or part of £20 of the consideration if the amount or value thereof does not exceed £300, and, in any other case, 5s. for every £100 or part of £100 of the consideration ".

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.

13

• (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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Lease or tack

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.".

Loan capital duty

15

Mortgages etc.

16

• (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—

Not exceeding £300	1s. for every £50 or part of £50 of the amount secured.
Exceeding £300	2s. for every £100 or part of £100 of the amount secured

.

• (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.

Policies of life insurance

17

Part III — Special Provisions Connected with the New Currency

Bank notes (rates)

18

Late stamping etc.

19

• (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.

SCHEDULE 8

Part I — Gaming Licence Duty

Part II — Other Customs and Excise Repeals

Part III — Occupational Pension Schemes

Part IV — Stamp Duty Repeals having effect from 1st August 1970

Part V — Stamp Duty Repeals having effect from 1st February 1971

Part VI — Miscellaneous Repeals

Part VII — Obsolete or Unnecessary Provisions in Taxes Acts

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part I. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The repeals in this Part of this Schedule do not apply as respects any gaming before 1st October 1970.

Editorial notes