I move amendment No. 81:
In page 104, subsection (1), lines 6 to 20, to delete paragraph (b) and substitute the following:
"(b) in respect of a transfer of title to securities to a purchaser in completion of a contract for sale to the extent to which the interest transferred has, subsequent to that transfer, been re-transferred in completion of a separate contract for sale made by that purchaser prior to that transfer to that purchaser:
Provided that both contracts were due for completion on the same day and are in fact completed within 25 days after the making of whichever of those contracts was earlier in priority.".
As initiated, section 95 carried forward the stamp duty sub-save provisions into the crest system. These provide that where shares are purchased and then sold on or before a conveyance is taken, a liability to stamp duty generally does not arise in the initial purchase. This is because there is no conveyance to the initial purchaser. It also happens that shares are sold before they are acquired on the basis that they would be acquired by the time the sale had been completed — an activity which, members are probably aware, is known as selling short. This amendment ensures that the acquisition of shares to complete the sale will benefit from this stamp duty exemption.