FINANCE ACT (NORTHERN IRELAND) 1962

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FINANCE ACT (NORTHERN IRELAND) 1962 - SECT 3



3. Subs.(1) amends sch.1 to 1891 c.39

(2) Duty under section 24(2) of the Finance (No. 2) Act (Northern Ireland)
1946 in respect of property which after the passing of this Act becomes trust
property represented by units under a unit trust scheme shall be chargeable by
reference to the heading "Unit trust instrument" in Schedule 1 to the
Stamp Act 1891, but so that

(a)if after the passing of this Act units under the scheme are extinguished,
the amount or value of property thereupon transferred by the trustees to the
managers under the scheme, or to the person entitled to any extinguished unit,
shall be treated as a credit to be deducted (in so far as it has not
previously been deducted under this paragraph in relation to any property)
from the amount or value of property which subsequently becomes trust property
represented by units under the scheme; and

(b)the requirements of the said section 24(2) shall not apply in relation to
property the amount or value of which is treated as reduced to nil by one or
more such deductions, and duty under the said section 24(2) shall be
chargeable in respect of any other property which is subject to such
deductions by reference to the amount or value as reduced.

(3) Where the amount or value of any property is treated as reduced to nil by
one or more deductions under subsection (2), the trustees shall, before the
end of the period within which a statement is next required to be furnished to
the Ministry of Finance under the said section 24(2) in relation to the
scheme, or before such later date as the Ministry may allow, furnish to the
Ministry a statement of the property and of the transfers giving rise to the
deductions; and where the amount or value of any property is otherwise treated
as reduced by one or more such deductions, the trustees shall, before the end
of the period within which a statement of that property is required to be
furnished to the Ministry under the said section 24(2), or before such later
date as the Ministry may allow, furnish to the Ministry a statement of the
transfers giving rise to the deductions.

(4) If the trustees under a unit trust scheme fail to comply with the
requirements of subsection (3) in relation to any property, subsection (3) of
section 24 of the Finance (No. 2) Act (Northern Ireland) 1946 (which enables
unpaid duty with interest to be recovered from the trustees) shall apply as if
the trustees had failed to comply with the requirements of subsection (2) of
that section and as if no deduction had fallen to be made from the amount or
value of the property.

(5) Section 28(1) of the Finance (No. 2) Act (Northern Ireland) 1946 shall
apply for the interpretation of expressions used in subsections (2) to (4) as
it applies for the interpretation of expressions used in Part III of that Act,
but so that references in subsection (2) to trust property represented by
units shall not be taken to include property within the proviso to
section 24(2) of that Act (which excludes property derived from other trust
property from the operation of the said section 24(2)).

S.4 rep. by 1970 c.21 (NI) s.19 sch.3 Pt.II

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Northern Irish Legislation

FINANCE ACT (NORTHERN IRELAND) 1962 - SECT 3