FINANCE ACT (NORTHERN IRELAND) 1970 - SECT 20 Short title and construction.

	[Home] [Databases] [World Law] [Search] [Feedback]
	Northern Irish Legislation
You are here: BAILII >> Databases >> Northern Irish Legislation >> FINANCE ACT (NORTHERN IRELAND) 1970

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Download] [Help]

FINANCE ACT (NORTHERN IRELAND) 1970 - SECT 20

Short title and construction.

20.(1) This Act may be cited as the Finance Act (Northern Ireland) 1970.

Subs.(2)Estate Duty

(3) Part II and Schedule 2 shall be construed as one with the Stamp Act 1891.

Subs.(4) rep. by 1972 c.10(NI) s.37(4) sch.10; subs.(5) rep. by 1972 NI 11
art.16(5) sch.4 Pt.IV

Schedule 1Estate Duty

Para.1(1)(2) rep. by SLR 1980; sub-para.(3)(a) rep. by 1971 c.27 (NI) s.9
sch.3 Pt.I; head (b) amends s.59 of 1891 c.39; head (c) amends s.7 of 1907
c.13

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"; 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) 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 7 of
the Finance Act (Northern Ireland) 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.

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

4. An instrument shall be chargeable with stamp duty under the heading in
Schedule 1 to the Stamp Act 1891 beginning "Agreement or Contract made or
entered into pursuant to the Highway Acts" only if it is under seal, or, in
Scotland, only if it has a clause of registration, and shall then be so
chargeable with a duty of [5p].

Para.5 amends s.5 of 1952 c.13 (NI)

6.(1) The heading "Bearer Instrument" in Schedule 1 to the Stamp Act 1891
shall be amended as follows.

Sub-para.(2) amends sch.1 to 1891 c.39; sub-para.(3) rep. by 1974 c.30 s.57
sch.14 Pt.IV

(4) Where an overseas bearer instrument in respect of a loan expressed in
sterling has been stamped ad valorem, or with the denoting stamp referred to
in section 9(2) of the Finance Act (Northern Ireland) 1963, or with duty under
paragraph (4) of the said heading, duty shall not be charged under that
heading by reason only that the instrument is amended on its face pursuant to
an agreement for the variation of any of its original terms or conditions.

Para.7 amends sch.1 to 1891 c.39. Para.8 rep. by 1971 c.27 (NI) s.9 sch.3
Pt.I. Para.9 amends ss.77, 78 of 1910 c.8

Paras.10, 11 rep. by 1974 c.30 s.57 sch.14 Pt.IV. Para.12 repeals s.59(4) of
1891 c.39

13. 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.

Para.14 amends s.75 of 1891 c.39. Para.15 rep. by 1973 NI 18 art.16 sch.4

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).

Sub-paras.(2)(3) amend sch.1 to 1891 c.39

(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.

Sub-para.(5) amends sch.1 to 1891 c.39

17.Sub-para.(1) amends sch.1 to 1891 c.39; sub-para.(2) amends s.5 of 1966
c.21 (NI)

(3) A policy of life insurance which is made solely in connection with the
re-insurance of a risk to which a policy duly stamped under the heading
"Policy of Life Insurance" relates shall be chargeable with duty under that
heading only if it is under seal, or, in Scotland, only if it has a clause of
registration, and the duty then chargeable shall not exceed [50p].

Para.18 amends sch.1 to 1891 c.39

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), "the new currency" means the new currency of the
United Kingdom provided for by the Decimal Currency Act 1967.

Schedule 3Repeals

1967 c.47

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Download] [Help]

BAILII: Copyright Policy | Disclaimers | Privacy Policy | Feedback
URL: http://www.bailii.org/nie/legis/num_act/fai1970226/s20.html

Northern Irish Legislation

FINANCE ACT (NORTHERN IRELAND) 1970 - SECT 20