FINANCE ACT (NORTHERN IRELAND) 1967 - SECT 7 Exemption for bearer instruments relating to stock in foreign currencies.

	[Home] [Databases] [World Law] [Search] [Feedback]
	Northern Irish Legislation
You are here: BAILII >> Databases >> Northern Irish Legislation >> FINANCE ACT (NORTHERN IRELAND) 1967

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

FINANCE ACT (NORTHERN IRELAND) 1967 - SECT 7

Exemption for bearer instruments relating to stock in foreign currencies.

7.(1) Subject to subsection (2), no duty shall be chargeable under the heading
"Bearer Instrument" in Schedule 1 to the Stamp Act 1891 on the issue on or
after 1st August 1967 of any instrument which relates to stock expressed in
the currency of a territory outside the scheduled territories, or on the
transfer on or after that date of the stock constituted by, or transferable by
means of, any such instrument.

(2) Where the stock to which any instrument relates consists of a loan for the
repayment of which there is an option between one or more currencies within
subsection (1) and one or more other currencies, that subsection shall apply
to the instrument if the option is exercisable only by the holder of the
stock, and shall not apply to it in any other case.

(3) Where the capital stock of any company or body of persons is not expressed
in terms of any currency, it shall be treated for the purposes of subsection
(1) as expressed in the currency of the territory under the law of which the
company or body is formed or established; and a unit under a
unit trust scheme, or a share in a foreign mutual fund, shall be treated for
the purposes of this section as capital stock of a company or body formed or
established in the territory by the law of which the scheme or fund is
governed.

(4) Where there is a change in the territories comprised in
the scheduled territories, any instrument which was exempt from duty on issue
by virtue of subsection (1), but would not have been so exempt if it had been
issued immediately after the change, shall be chargeable with duty under the
heading mentioned in that subsection on any transfer in Northern Ireland of
the stock constituted by, or transferable by means of, the instrument, and
sections 9 and 10 of the Finance Act (Northern Ireland) 1963 shall apply
accordingly.

(5) In this section

"foreign mutual fund" means a fund administered under arrangements governed by
the law of a territory outside the United Kingdom whereby subscribers to the
fund are entitled to participate in, or receive payments by reference to,
profits or income arising to the fund from the acquisition, holding,
management or disposal of investments, and "share", in relation to a
foreign mutual fund, means the right of a subscriber, or of another in his
right, to participate in, or receive payments by reference to, profits or
income so arising;

"the scheduled territories" means the territories specified in Schedule 1 to
the Exchange Control Act 1947;

"stock", except in the expression "capital stock", shall be construed in
accordance with section 8(4) of the Finance Act (Northern Ireland) 1963; and

"unit trust scheme", and "unit" in relation to a unit trust scheme, have the
meanings given to them by section 28 of the Finance (No.2) Act (Northern
Ireland) 1946.

S.8 rep. by 1970 c.21 (NI) s.19 sch.3 Pt.III. S.9 amends s.5 of 1966 c.21
(NI). S.10 rep. by 1971 c.1 (NI) s.92 sch.12

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

BAILII: Copyright Policy | Disclaimers | Privacy Policy | Feedback
URL: http://www.bailii.org/nie/legis/num_act/fai1967226/s7.html

Northern Irish Legislation

FINANCE ACT (NORTHERN IRELAND) 1967 - SECT 7