Finance Act, 1998
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Interest on unpaid or overpaid stamp duty. |
124.—(1) (a) This subsection applies to— | |
(i) section 15(1) (inserted by the Finance Act, 1991 ) of the Stamp Act, 1891, | ||
(ii) section 69(2) (inserted by the Finance Act, 1979 ) of the Finance Act, 1973 , | ||
(iii) sections 16(6) and 17(5)(b) of the Finance (No. 2) Act, 1981 , | ||
(iv) sections 91(6) and 92(6) of the Finance Act, 1982 , | ||
(v) section 90 (6) of the Finance Act, 1983 , | ||
(vi) section 97 (6) of the Finance Act, 1984 , | ||
(vii) section 55 (6) of the Finance Act, 1985 , | ||
(viii) sections 92(6) and 93(6) of the Finance Act, 1986 , | ||
(ix) section 48 (6) of the Finance Act, 1987 , | ||
(x) section 64 (6) of the Finance Act, 1988 , | ||
(xi) section 64 (6) of the Finance Act, 1989 , | ||
(xii) sections 108(6), 109(5) and 113(4) of the Finance Act, 1990 , | ||
(xiii) section 89 (6) of the Finance Act, 1991 , | ||
(xiv) sections 200(6) and 203(6) of the Finance Act, 1992 , | ||
(xv) section 112 (6) of the Finance Act, 1994 , | ||
(xvi) sections 142(6) and 150(3) of the Finance Act, 1995 , and | ||
(xvii) section 107 (2) of the Finance Act, 1996 . | ||
(b) Where any interest to which this subsection applies is chargeable, for any period commencing on or after the date of the passing of this Act, in respect of stamp duty due to be paid whether before, on or after such date, such interest shall be chargeable at the rate of 1 per cent per month or part of a month in the case of interest which, but for this paragraph, would be chargeable at the rate of 1.25 per cent per month or part of a month, or 15 per cent per annum, as the case may be, specified in those sections and those sections shall have effect as if the rate of 1 per cent per month or part of a month were substituted for the rate so specified. | ||
(2) As respects any month, or part of a month, commencing on or after the date of the passing of this Act, section 69 of the Finance Act, 1973 , is hereby amended by the substitution in paragraph (ii) of the second proviso to subsection (1) for “9 per cent. per annum” of “6 per cent per annum”. | ||
(3) As respects any month, or part of a month, commencing on or after the date of the passing of this Act, section 112 of the Finance Act, 1990 , is hereby amended— | ||
(a) in subsection (3)(b) by the substitution for “one per cent.” of “0.5 per cent”, and | ||
(b) in subsection (6) by the substitution for “one per cent.” of “0.5 per cent”. |