FINANCE ACT (NORTHERN IRELAND) 1961 - SECT 4 Transfers of stock in the course of transactions involving the borrowing of stock by jobbers.

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FINANCE ACT (NORTHERN IRELAND) 1961 - SECT 4

Transfers of stock in the course of transactions involving the borrowing of stock by jobbers.

4.(1) This section shall have effect where a [jobber] (in this section
referred to as "the borrower") has in the ordinary course of his business as a
[jobber] contracted to sell stock and, in order to enable him to fulfil the
contract, some other person (in this section referred to as "the lender"),
being a person who is not a [jobber],

(a)transfers stock to the borrower or his nominee; or

(b)procures the transfer of stock from another person who is not a [jobber] or
a [jobber's] nominee to the borrower or his nominee;

In this section the transfer to the borrower or his nominee is referred to as
an initial transfer, and any transfer effected or procured by the borrower in
discharge of his undertaking is referred to as a final transfer.

Subs.(2) rep. by 1963 c.22 (NI) s.21 sch.3 Pt.II

(3) The maximum stamp duty chargeable on any final transfer which is a
transfer to the person who was the transferor under the initial transfer shall
be [50p] and if any such final transfer is a transfer from the borrower or his
nominee it shall for the purposes of sub-section (2) of section forty-two of
the Finance Act, 1920 (under which a transfer on sale of stock to a [jobber]
may be freed from full ad valorem duty if the [jobber] transfers the stock to
a bona fide purchaser within two months), be regarded as a transfer to a bona
fide purchaser whether or not it would be so regarded apart from this
sub-section.

(4) Commencement

(5) In this section the expressions ["jobber"] and "stock" have the same
meanings as in the said section forty-two.

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Northern Irish Legislation

FINANCE ACT (NORTHERN IRELAND) 1961 - SECT 4