| Railways Act 2005 |
| 2005 Chapter 14 - continued |
| SCHEDULE 10, TAXATION PROVISIONS RELATING TO TRANSFER SCHEMES - continued |
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| back to previous text |
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| | PART 4 |
| | OTHER PROVISIONS CONCERNING TRANSFERS |
| | Stamp duty
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| 29 | (1) Stamp duty is not to be chargeable-
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| | (a) on a scheme made under section 1(2); or |
| | (b) on an instrument certified by the Secretary of State to the Commissioners of Inland Revenue as made for the purposes of such a scheme, or as made for purposes connected with such a scheme. |
| | (2) But where, by virtue of sub-paragraph (1), stamp duty is not chargeable on a scheme or instrument, the scheme or instrument is to be treated as duly stamped only if-
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| | (a) in accordance with section 12 of the Stamp Act 1891 (c. 39) it has been stamped with a stamp denoting either that it is not chargeable to duty or that it has been duly stamped; or |
| | (b) it is stamped with the duty to which it would be chargeable apart from sub-paragraph (1). |
| | (3) In this paragraph, "instrument" has the same meaning as in the Stamp Act 1891.
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| | Stamp duty land tax
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| 30 | (1) No transfer in accordance with a scheme made under section 1(2) is to give rise to any liability to stamp duty land tax.
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| | (2) Relief under this paragraph must be claimed in a land transaction return or in an amendment of a land transaction return.
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| | (3) In sub-paragraph (2) "land transaction return" has the meaning given by section 76(1) of the Finance Act 2003 (c. 14).
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| | Chargeable gains: value shifting
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| 31 | No scheme made under section 1(2) or 12 is to be regarded as a scheme or arrangement for the purposes of section 30 of the 1992 Act.
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| | Group relief
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| 32 | Neither the power of the Secretary of State to make a scheme under section 1(2) nor the power of the Secretary of State or the Scottish Ministers to make a scheme under section 12 is to be regarded as constituting-
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| | (a) arrangements falling within section 410(1) or (2) of the Taxes Act (arrangements for transfer of company to another group or consortium); or |
| | (b) option arrangements for the purposes of paragraph 5B of Schedule 18 to that Act. |
| | Consequential amendment
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| 33 | In section 35(3)(d) of the 1992 Act (no gain no loss disposals), after sub-paragraph (xv) insert-
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| |  | "(xvi) paragraph 5 or 16 of Schedule 10 to the Railways Act 2005."
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