Finance Act, 1999
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Amendment of section 31 (relief from capital and transfer stamp duty in case of reconstructions or amalgamations of companies) of Finance Act, 1965. |
183.— Section 31 of the Finance Act, 1965 , is hereby amended— | |
(a) in paragraph (a) of the proviso to subsection (1) by the substitution of “the instrument” for “no such instrument shall be deemed to be duly stamped unless either it is stamped with the duty to which it would but for this section be liable or it”, and | ||
(b) in subsection (6) by the substitution of “the exemption shall cease to be applicable and stamp duty shall be chargeable in respect of the conveyance or transfer as if subsection (1) had not been enacted together with interest thereon, by way of penalty, at the rate of 1 per cent per month or part of a month to the day on which the duty is paid, in a case to which paragraph (a) applies, from the date of the conveyance or transfer or, in a case to which paragraph (b) applies, from the date the existing company ceased to be the beneficial owner of the shares so issued to it or, in a case to which paragraph (c) applies, from the date the transferee company ceased to be the beneficial owner of the shares so acquired.” for so much of that subsection as is after paragraph (c). |