Stamp Duties Consolidation Act 1999 section 115

Restriction of application (Part 8)

Section 115 restricted the application of the companies capital duty rules in Part 8 by exempting certain investment vehicles from the charge, while providing for the duty to apply where a company subsequently lost its exempt status.

• Companies capital duty did not apply to collective investment undertakings within the meaning of the UCITS Directive (Council Directive 85/611/EEC), to investment companies governed by Part XIII of the Companies Act 1990, or to investment limited partnerships within the meaning of section 3 of the Investment Limited Partnerships Act 1994.
• If an exempt company lost its qualifying status, companies capital duty became chargeable on any chargeable transactions taking place after the date on which the status was lost.
• Where the loss of status had retrospective effect, the duty was chargeable on all chargeable transactions that had occurred on or after the retrospective date of loss of status.
• Companies capital duty was abolished by the Finance Act 2006 and applied only to transactions taking place before 7 December 2005, so this section is now of historic application only.