70 Clearance services [1.5% charge]
Finance Act 1986 (1986 c 41) | Legislation

Clearance services

70  Clearance services [1.5% charge]

(1) Subject to subsection (9) [and section 97A] below, subsection (2) or (3) below (as the case may be) applies where an instrument [...] transfers relevant securities of a company incorporated in the United Kingdom to a person who at the time of the transfer falls within subsection (6), (7) or (8) below.

[(1A) For the purposes of subsection (1) “instrument” does not include—

(a) a bearer instrument (see subsection (9A));

(b) an exempt capital-raising instrument (see section 72ZA);

(c) an exempt listing instrument (see section 72ZB).]

[(2) If stamp duty is chargeable on the instrument under Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale), the rate at which that duty is chargeable is [1.5% of—

(a) the amount or value of the consideration for the sale to which the instrument gives effect, or

(b) where subsection (2A) applies—

(i) the amount or value of the consideration for the sale to which the instrument gives effect, or

(ii) if higher, the

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