Finance Act, 1990
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Amendment of section 64 of Companies Act, 1963 . |
119.— Section 64 of the Companies Act, 1963 is hereby amended in subsection (4) by the substitution, for all of the words from “, and accordingly” to the end of that subsection, of the following: | |
“and, accordingly, for the purposes of section 68 of the Finance Act, 1973, shares issued by a company in place of shares redeemed under this section shall constitute a chargeable transaction if, but only if, the actual value of the shares so issued exceeds the actual value of the preference shares redeemed at the date of their redemption and, where the issue of the shares does constitute a chargeable transaction for those purposes, the amount on which stamp duty on the relevant statement relating to that transaction is chargeable under section 69 of the Finance Act, 1973 , shall be the difference between— | ||
(a) the amount on which the duty would be so chargeable if the shares had not been issued in place of shares redeemed under this section, and | ||
(b) the value of the shares redeemed at the date of their redemption.”. |