Finance Act, 1996
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Rate of duty. |
103.—Where an operator-instruction is, by virtue of the provisions of section 102 , chargeable with stamp duty under or by reference to the Heading “CONVEYANCE or TRANSFER on sale of any stocks or marketable securities” in the First Schedule to the Act of 1891, the rate at which the duty is charged under that Heading shall be the rate of 1 per cent. of the consideration for the sale to which that operator-instruction gives effect: | |
Provided that— | ||
(a) where the transfer operates as a voluntary disposition intervivos, the reference in this section to the amount or value of the consideration for the sale shall, in relation to the duty so chargeable, be construed as a reference to the value of the securities transferred, | ||
(b) where the calculation results in an amount which is not a multiple of one penny, the amount so calculated shall be rounded to the nearest penny, and any half of a penny shall be rounded up to the next whole penny. |