Finance Act, 1998
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Amendment of section 107 (relief for member firms) of Finance Act, 1996. |
123.—(1) Section 107 of the Finance Act, 1996 , is hereby amended in subsection (1) by the substitution of the following proviso for the proviso to that subsection: | |
“Provided that: | ||
(a) if and to the extent that the member firm does not transfer those securities to a bona fide purchaser before the expiration of the period of one month from the date of transfer, hereinafter in this section referred to as ‘the specified period’, the member firm shall pay to the Commissioners within 14 days after the expiration of the specified period the amount of ad valorem duty which would have been chargeable on the transfer if this section had not been enacted; | ||
(b) the member firm may, in relation to any such sale with a completion date not later than 30 days from the date of the contract for sale and prior to the date of the contract, elect to have such completion date treated as the date of the second-mentioned transfer referred to in paragraph (a) and, in that event, that completion date shall be deemed, for the purposes of paragraph (a), to be the date of that second-mentioned transfer.”. | ||
(2) This section shall have effect as respects instruments executed on or after the date of the passing of this Act in pursuance of contracts for sale entered into on or after the date of the passing of this Act. |