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(1) Stamp duty under the heading Conveyance or Transfer on sale in the Schedule shall not be chargeable on an instrument to which this section applies.(2) No instrument to which this section applies shall be deemed to be duly stamped unless—(a) it is stamped with the duty to which it would, but for this section, be liable; or(b) it has, in accordance with the provisions of section 17, been stamped with a particular stamp denoting—(i) that it is not chargeable with any duty; or(ii) that it is duly stamped, but, where, by reason of this subsection, a fee has been paid under section 17 in respect of the stamping of such an instrument, no fee shall be payable under that section in respect of the stamping of any further instrument of conveyance or transfer between the same companies where the conditions under which that further conveyance or transfer takes place are those under which the conveyance or transfer in respect of which the fee was paid took place.(3) This section shall apply to any instrument as respects which it is shown to the satisfaction of the collector—(a) that the effect thereof is to convey or transfer a beneficial interest in property from one company with limited liability (hereinafter called the transferor) to another such company (hereinafter called the transferee); and(b) that either—(i) one of such companies is beneficial owner of not less than ninety per centum of the issued share capital of the other company; or(ii) not less than ninety per centum of the issued share capital of each of the companies is in the beneficial ownership of a third company with limited liability; and(c) that the instrument was not executed in pursuance of or in connexion with an arrangement whereunder—(i) the consideration for the conveyance or transfer was to be provided directly or indirectly by a person other than a company which at the time of the execution of the instrument was associated with either the transferor or the transferee; or(ii) the beneficial interest in the property was previously conveyed or transferred directly or indirectly by such a person.
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