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FINANCE ACT 1920

FINANCE ACT 1920 - LONG TITLE

An Act to grant certain duties of Customs and Inland Revenue
(including Excise), to alter other duties, and to amend the Law
relating to Customs and Inland Revenue (including Excise), and the
National Debt, and to make further provision in connection with
Finance.
[4th August 1920]
Preamble rep. by SLR 1927

Part I (ss.113) rep. by 1921 c.32 ss.22(2), 65(3) sch.5; 1924 c.21
s.41(4) sch.3; SLR 1927; 1927 c.10 s.57(6) sch.6 Pt.II; 1945 (9 &
10 Geo.6) c.13 s.11 sch.3 Pt.III; SLR 1950; 1952 c.44 s.320 sch.12
Pt.I; 1954 c.17 (NI) s.28(1) sch.7; 1964 c.49 s.26 sch.9

S.34 rep. by 1970 c.21 (NI) s.19 sch.3 Pt.III. S.35 rep. by 1949
c.15 (NI) s.16 sch.4 Pt.II. S.36 rep. by 1958 c.14 (NI) s.14(2)
sch.2 Pt.II; SL(R) 1976. S.37 rep. by SLR 1927; 1970 c.21 (NI)
s.19 sch.3 Pt.II; 1974 c.30 s.57 sch.14 Pts.IV, VII. S.38 rep. by
1963 c.22 (NI) s.21 sch.3 Pt.II. S.39 rep. by SLR 1950; 1973 NI18
art.16 sch.4. S.40 rep. by 1959 c.9 (NI) s.17(2) sch.3 Pt.II; 1970
c.21 (NI) s.19 sch.3 Pt.II. S.41 spent

FINANCE ACT 1920 - SECT 42
Reduction of duty in the case of certain transfers of stocks and
marketable securities.

42.(1) Where stock is transferred on sale to a [jobber] or his
nominee [or to a qualified dealer], and the transfer bears, in
addition to the stamp denoting the duty, an impressed stamp
(hereinafter referred to as "the supplementary stamp") denoting that
it has been stamped under the provisions of this section, the
maximum duty chargeable on the transfer shall, subject to the
provisions of this section, be [50p]:

Provided that a transfer shall not be stamped with the supplementary
stamp unless it is proved to the satisfaction of the Commissioners
of Inland Revenue that the transaction to which effect is to be
given by the transfer was a transaction carried out by the [jobber]
[or qualified dealer] in the ordinary course of his business as
such [jobber] [or qualified dealer].

(2) Where a transfer has been stamped with the supplementary stamp
under this section the [jobber] to whom or to whose nominee the
transfer was made [or, as the case may be, the qualified dealer to
whom the transfer was made] shall

(a)immediately on the expiration of two months from the date of the
transfer, furnish to the Commissioners of Inland Revenue a
certificate in such form as the Commissioners may prescribe, showing
what part, if any, of the stock comprised in the transfer has been
transferred by him to a bona fide purchaser, and what part, if
any, of the stock has not been so transferred, and shall produce
such further evidence, by way of statutory declaration or otherwise,
in relation to the matters aforesaid as the Commissioners may
require; and

(b)if any part of the stock has not, before the expiration of the
said two months, been so transferred as aforesaid, pay to the
Commissioners within fourteen days after the expiration of that
period a sum equal to the difference between the amount of the
duty actually charged on the transfer and the amount of the ad
valorem duty which would have been chargeable thereon if the stock
comprised therein had been the stock which was not so transferred
as aforesaid.

If any person fails to pay duly any sum which he is liable to
pay under the provisions of this subsection, that sum, together with
interest thereon at the rate of ten per cent. per annum from the
date of the transfer, shall be recoverable from him as a debt due
to His Majesty, and if any person fails to comply with any of the
other provisions of this subsection a sum equal to the difference
between the amount of the stamp duty actually charged on the
transfer and the amount which would but for this section have been
chargeable thereon, together with interest on that sum at the rate
of ten per cent. per annum from the date of the transfer, shall
be recoverable from him as a debt due to His Majesty.

(3) For the purposes of this section

[The expression "jobber" means a member of The Stock Exchange who
is recognised by the Council thereof as carrying on the business of
a jobber and carries on that business in the United Kingdom;]

The expression "stock" includes marketable security [but, in the case
of a transfer to a qualified dealer, does not include

(a)stock issued by any body corporate or other body of persons
formed or established outside the United Kingdom, or

(b)stock which is listed in the Official List of The Stock
Exchange;

The expression "qualified dealer" means a person who

(a)holds a principal's licence within the meaning of the Prevention
of Fraud (Investments) Act 1958 or the Prevention of Fraud
(Investments) Act (Northern Ireland) 1940, or

(b)is an exempted dealer within the meaning of either of those
Acts, or

(c)is a member of a body which is a recognised association of
dealers in securities for the purposes of either of those Acts, or

(d)is a Stock Exchange broker, that is to say a member of The
Stock Exchange who is recognised by the Council thereof as carrying
on the business of a broker and carries on that business in the
United Kingdom.]

S.43(1) spent; subs.(2) rep. by SLR 1927

S.58 rep. by SLR 1927; SLR 1959. S.59 rep. by 1923 c.14 s.39(4)
sch.; 1958 c.6 (7 Eliz.2) s.17 sch. S.60 rep. by SLR 1927. S.61
rep. by SLR 1927; 1952 c.10 s.527 sch.25; SLR 1964. S.62 rep. by
SLR 1927

FINANCE ACT 1920 - SECT 64
Short title.

64.(1)....

Part III of this Act shall be construed together with the Stamp
Act, 1891.

....

(2) This Act may be cited as the Finance Act, 1920.

Subs.(3) rep. by SLR 1927

First Schedule rep. by 1962 c.44 s.34(7) sch.11 Pt.I. Second
Schedule rep. by 1954 c.17 (NI) s.28(1) sch.7. Third Schedule rep.
by 1952 c.10 s.527 sch.25 Pt.I. Fourth Schedule rep. by SLR 1927