Schedule 9: Taxation provisions relating to nuclear transfer schemes Part 5 – Stamp duty etc
565.Paragraph 34 deals with stamp duty and stamp duty reserve tax. The aim of the paragraph is to ensure that no stamp duty liability arises on transfers under nuclear transfer schemes where such transfers are made to publicly owned bodies.
566.Paragraph 34(1) explains that stamp duty is not chargeable on nuclear transfer schemes or on instruments certified by the Secretary of State to the Commissioners of the Inland Revenue that are associated with such schemes. The exemption to stamp duty only applies to the extent the scheme or transfer is not in relation to a private transfer.
567.Paragraph 34(2) explains the conditions that must be met for a scheme or instrument to be treated as being where stamp duty is not chargeable as a result of the stamped application of paragraph 34(1).
568.Paragraph 34(3) provides that, in a similar vein to paragraph 34(1), no stamp duty reserve tax should arise in respect of transfers made under schemes except to the extent the scheme is in relation to a private transfer.
569.Paragraph 34(4) provides a definition of ‘instrument’ and ‘private transfer’.