Clause 93 - Exemptions in relation to employee share ownership plans
Finance Bill
Public Bill Committees, 1 May 2001, 11:45 am
Mr Howard Flight (Arundel & South Downs, Conservative)
The clause provides an exemption from stamp duty and stamp duty reserve tax when employees buy partnership or dividend shares from an ownership trust. Why has it been included in the Bill? I understood that it was accepted practice that stamp duty, or stamp duty reserve tax, did not apply in those circumstances. Will the clause make the situation clear, or are there underlying disputes?
Mr Stephen Timms (Financial Secretary, HM Treasury; East Ham, Labour)
I am not aware of any disputes; we merely want to ensure that there is no double stamp duty charge. The clause makes it clear that there is no such charge, so it makes a helpful change.
Question put and agreed to.
Clause 93 ordered to stand part of the Bill.
Clause 62 ordered to stand part of the Bill.