FINANCE ACT (NORTHERN IRELAND) 1963 - SECT 10 Ascertainment of market value.

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FINANCE ACT (NORTHERN IRELAND) 1963 - SECT 10

Ascertainment of market value.

10.(1) In relation to an instrument which is chargeable on issue, the market
value of the stock constituted by, or transferable by means of, that
instrument shall be taken for the purposes of section 8 to be

(a)where the stock was offered for public subscription (whether in registered
or in bearer form) within twelve months before the issue of the instrument,
the amount subscribed for the stock;

(b)in any other case, the value of the stock on the first day within one month
after the issue of the instrument on which stock of that description is dealt
in on a stock exchange in the United Kingdom or, if stock of that description
is not so dealt in, the value of the stock immediately after the issue of the
instrument.

(2) In relation to an instrument which is chargeable on transfer of the stock
constituted by, or transferable by means of, that instrument, the market value
of that stock shall be taken for the purposes of section 8 to be the value of
that stock

(a)in the case of a transfer pursuant to a contract of sale, on the date when
the contract is made;

(b)in any other case, on the day preceding that on which the instrument is
presented to the Ministry for stamping or, if it is not so presented, on the
date of the transfer.

Commonwealth stock.

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Northern Irish Legislation

FINANCE ACT (NORTHERN IRELAND) 1963 - SECT 10