Stamp Duties Consolidation Act 1999 section 71

Application and adaptation of other Parts of this Act

Section 71 applied and adapted other Parts of the Act so that stamp duty could operate on electronic transfers of securities settled through a paperless system, before the section was repealed by the Finance Act 2022.

• It treated the transferee (the buyer) as the accountable person for an electronic transfer of securities.
• It charged duty on the operator-instruction without any physical stamping, with the duty due on the day the instruction was generated.
• It switched off the paper-based stamping rules that could not work in an electronic environment.
• It required Revenue to assess any unpaid or underpaid duty, with the accountable person liable and a right of appeal available.