Finance Act 2008

Amendment of section 79 (conveyances and transfers of property between certain bodies corporate) of Principal Act.

115.— (1) Section 79 of the Principal Act is amended by inserting the following after subsection (9):

“(10) Subsection (1) shall not apply to an instrument conveying or transferring stocks or marketable securities (in this subsection referred to as the ‘second transfer’) to the extent of the consideration for the sale that is attributable to those of the stocks or marketable securities being conveyed or transferred that were conveyed or transferred immediately prior to the second transfer by an instrument or instruments, as the case may be, to which section 75, as inserted by the Finance Act 2007 , applied.”.

(2) This section applies as respects instruments executed on or after 31 January 2008.