TNAG-1574-FCO40-2147-Housing-in-Hong-Kong-1986 — Page 141

Enclosure No. 4

Amend the Stamp Duty Ordinance.

A BILL

To

Enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof.

1. This Ordinance may be cited as the Stamp Duty (Amendment) Ordinance Short title and 1986 and shall be deemed to have come into operation on 1 April 1986.

2. The First Schedule to the principal Ordinance is amended under the heading “HEAD 3: HONG KONG BEARER İNSTRUMENT" by deleting sub-head (1) and substituting the following-

"(1) HONG KONG BEARER INSTRU-

MENT issued in respect of any stock other than-

(a) any loan capital;

(b) units in a unit trust scheme under the

terms of which the funds of the trust cannot be invested in any investment other than loan capital

(A) $3 per $100 or part

thereof of market value on issue

(B) Before issue

(C) The person by whom

or on whose behalf the instrument is issued and any person who acts as the agent of that person for the purposes of the issue

commencement.

Amendment of

First Schedule. (Cap. 117.)

And see sections 2 and 5(5)".

Explanatory Memorandum

This Bill implements proposals in the 1986 Budget to exclude from the

charge to stamp duty Hong Kong bearer instruments issued in respect of loan capital

and in respect of units in unit trusts investing only in loan capital.

2. The Bill has no Public Service staffing or significant public revenue or

expenditure implications.

一九八六年印花稅(修訂)條例草案

摘要說明

本草案實施一九八六年政府財政預算案的建議,從而規定:凡就貸 款資金以及單位信託基金投資在這些貸款資金的「單位」而發出的本港不記名 票據,都豁免徵收印花稅。

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本草案對政府人手需求方面沒有影響,而對政府的收入或開支方面 亦沒有重大影響。