FINANCE (NO. 2) ACT (NORTHERN IRELAND) 1946 - SECT 24 Stamp duty on trust instruments under unit trust schemes.

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FINANCE (NO. 2) ACT (NORTHERN IRELAND) 1946 - SECT 24

Stamp duty on trust instruments under unit trust schemes.

24.Subs.(1) rep. by 1962 c.17 (NI) s.8 sch. Pt.II

(2)Upon every occasion after the execution of the trust instrument of a unit
trust scheme on which any property becomes trust property represented by units
under the scheme, the trustees shall, not later than one month after the
property so becomes trust property, furnish to the Ministry a statement of the
property, and produce therewith to the Ministry the trust instrument duly
stamped with ad valorem duty or additional ad valorem duty as if it were a new
and separate instrument whereby that property was made trust property, bearing
date on the day on which the property was made trust property:

Provided that this sub-section shall not apply where the property is, or
results from the investment of, proceeds of the sale, exchange or redemption
of, or is bonus capital distributed in respect of, other trust property
represented by units under the scheme.

(3) If the trustees under a unit trust scheme fail to comply with the
requirements of the last preceding sub-section, the duty with interest thereon
at the rate of five per cent. per annum from the date when the property in
question is made trust property shall be a debt due to [Her Majesty] from the
trustees.

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Northern Irish Legislation

FINANCE (NO. 2) ACT (NORTHERN IRELAND) 1946 - SECT 24