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FINANCE ACT (NORTHERN IRELAND) 1970

FINANCE ACT (NORTHERN IRELAND) 1970 - LONG TITLE

An Act to amend the law relating to estate duty, stamp duties and
certain duties of excise (including excise duties on
mechanically-propelled vehicles, general betting, bookmaking office
licences and gaming machine licences); to make further provision with
respect to payments under the Selective Employment Payments Act
(Northern Ireland) 1966; and to make further provision in connection
with finance.
[9th July 1970]
Part I (ss.15)Estate Duty

Abolition of certain stamp duties, and amendments as to rates and
other matters.

FINANCE ACT (NORTHERN IRELAND) 1970 - SECT 6

6. The provisions of Schedule 2 shall have effect, being

(a)in the case of those in Part I of that Schedule, provisions
abolishing, or consequential on the abolition of, certain stamp
duties;

(b)in the case of those in Part II of that Schedule, provisions
making general amendments of or in connection with the enactments
relating to stamp duties; and

(c)in the case of those in Part III of that Schedule, special
provisions required for the purposes of those enactments in
connection with the introduction of the new currency provided for by
the Decimal Currency Act 1967.

FINANCE ACT (NORTHERN IRELAND) 1970 - SECT 7
Bankers licences.

7.(1) Stamp duty shall not be charged on any licence granted on or
after 1st August 1970 under the Bankers' Composition (Ireland) Act
1828 (in this section referred to as "the Act of 1828") and
accordingly, ... residue amends s.2 of 1828 c.80

(2) Every person carrying on the business of banking in Northern
Ireland who is issuing, or proposing to issue, promissory notes on
unstamped paper for payment to the bearer on demand of any sum of
money not exceeding #100 shall, as from 1st August 1970, be
required to obtain a licence under the Act of 1828; and the
Finance (No. 2) Act (Northern Ireland) 1928, which authorises the
grant of licences which operate as licences under the Act of 1828,
shall, as from that date, cease to have effect, except in so far
as the Schedule to the said Act of 1928 is required for the
purposes of the definition of "licensed bank" in section 22(1) of
the Prevention of Fraud (Investments) Act (Northern Ireland) 1940.

(3) The Ministry of Finance may, in connection with the issue of
licences under the Act of 1828, either require or dispense with the
giving of security by bond for the performance of the conditions
mentioned in section 7 of that Act.

S.8 rep. by 1976 c.40 s.132 sch.15. Pt. VI

S.19, with Schedule 3, effects repeals

FINANCE ACT (NORTHERN IRELAND) 1970 - SECT 20
Short title and construction.

20.(1) This Act may be cited as the Finance Act (Northern Ireland)
1970.

Subs.(2)Estate Duty

(3) Part II and Schedule 2 shall be construed as one with the
Stamp Act 1891.

Subs.(4) rep. by 1972 c.10(NI) s.37(4) sch.10; subs.(5) rep. by 1972
NI 11 art.16(5) sch.4 Pt.IV

Schedule 1Estate Duty

Para.1(1)(2) rep. by SLR 1980; sub-para.(3)(a) rep. by 1971 c.27
(NI) s.9 sch.3 Pt.I; head (b) amends s.59 of 1891 c.39; head (c)
amends s.7 of 1907 c.13

2.(1) This paragraph has effect as from 1st February 1971.

[(2) The following stamp duties are hereby abolished

(a)the duty of 2d. specified in Schedule 1 to the Stamp Act 1891
under the heading beginning "Bill of Exchange or Promissory Note";
and

(b)the duty of 2d. specified in that Schedule under the heading
beginning "Receipt".]

(3) No application for relief in respect of the duty referred to
in sub-paragraph (2)(a) may be made under any of sections 9 to 12
of the Stamp Duties Management Act 1891 (spoiled, misused and
unwanted stamps); and no repayment shall be made under any agreement
entered into under section 7 of the Finance Act (Northern Ireland)
1956 (composition for the said duty by bankers) in respect of any
form supplied by a banker to a customer and returned to the banker
unused or spoiled on or after the said 1st February.

3. This Part of this Schedule, except paragraph 5, has effect as
from 1st August 1970.

4. An instrument shall be chargeable with stamp duty under the
heading in Schedule 1 to the Stamp Act 1891 beginning "Agreement or
Contract made or entered into pursuant to the Highway Acts" only if
it is under seal, or, in Scotland, only if it has a clause of
registration, and shall then be so chargeable with a duty of [5p].

Para.5 amends s.5 of 1952 c.13 (NI)

6.(1) The heading "Bearer Instrument" in Schedule 1 to the Stamp
Act 1891 shall be amended as follows.

Sub-para.(2) amends sch.1 to 1891 c.39; sub-para.(3) rep. by 1974
c.30 s.57 sch.14 Pt.IV

(4) Where an overseas bearer instrument in respect of a loan
expressed in sterling has been stamped ad valorem, or with the
denoting stamp referred to in section 9(2) of the Finance Act
(Northern Ireland) 1963, or with duty under paragraph (4) of the
said heading, duty shall not be charged under that heading by
reason only that the instrument is amended on its face pursuant to
an agreement for the variation of any of its original terms or
conditions.

Para.7 amends sch.1 to 1891 c.39. Para.8 rep. by 1971 c.27 (NI)
s.9 sch.3 Pt.I. Para.9 amends ss.77, 78 of 1910 c.8

Paras.10, 11 rep. by 1974 c.30 s.57 sch.14 Pt.IV. Para.12 repeals
s.59(4) of 1891 c.39

13. Section 114 of the Stamp Act 1891 (composition for stamp duty
on transfers of colonial etc. stock) shall cease to have effect,
but transfers of any stock in respect of which payments have been
made under that section shall continue to be exempt from stamp
duty.

Para.14 amends s.75 of 1891 c.39. Para.15 rep. by 1973 NI 18
art.16 sch.4

16.(1) The heading beginning "Mortgage, Bond, Debenture, Covenant" in
Schedule 1 to the Stamp Act 1891 shall be amended in accordance
with sub-paragraphs (2) and (3).

Sub-paras.(2)(3) amend sch.1 to 1891 c.39

(4) The duty chargeable under paragraph (4) of the said heading on
the transfer, assignment, disposition or assignation to any person
of, or of the money or stock secured by, any collateral, auxiliary,
additional or substituted security (including any instrument by way
of further assurance) shall not exceed [50p] if a transfer,
assignment, disposition or assignation to the same person of (or, as
the case may be, of the money or stock secured by) the principal
or primary security has been duly stamped with the duty chargeable
under that paragraph.

Sub-para.(5) amends sch.1 to 1891 c.39

17.Sub-para.(1) amends sch.1 to 1891 c.39; sub-para.(2) amends s.5 of
1966 c.21 (NI)

(3) A policy of life insurance which is made solely in connection
with the re-insurance of a risk to which a policy duly stamped
under the heading "Policy of Life Insurance" relates shall be
chargeable with duty under that heading only if it is under seal,
or, in Scotland, only if it has a clause of registration, and the
duty then chargeable shall not exceed [50p].

Para.18 amends sch.1 to 1891 c.39

19.(1) Where immediately before 15th February 1971 any instrument
chargeable with stamp duty is either not stamped or overstamped or
insufficiently stamped, the amount of duty then chargeable, or
properly chargeable, on the instrument, or, in the case of an
insufficiently stamped instrument, the amount of additional duty then
chargeable thereon, shall thereafter become, for all the purposes of
the enactments relating to stamp duties

(a)the equivalent of that amount in the new currency, reduced where
that equivalent is not a multiple of 5p. to the nearest such
multiple, or

(b)5p. if the said equivalent is less than 10p.

(2) In sub-paragraph (1), "the new currency" means the new currency
of the United Kingdom provided for by the Decimal Currency Act
1967.

Schedule 3Repeals

1967 c.47