Finance Act 1986
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
SCHEDULE 18 Securities: Other Provisions
Section 63. Sale and re-purchase of securities 1—6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Information 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 (1) In section 25 of the Taxes Management Act 1970 (information: chargeable gains) in subsection (4) for the word “jobber” there shall be substituted the words “market maker”. (2) At the end of section 25 there shall be inserted— (10) In this section “market maker”, in relation to shares or securities, means a person who— (a) holds himself out at all normal times in compliance with the rules of The Stock Exchange as willing to buy and sell shares or securities of the kind concerned at a price specified by him, and (b) is recognised as doing so by the Council of The Stock Exchange. (3) Sub-paragraphs (1) and (2) above apply in relation to transactions on or after the day of The Stock Exchange reforms. (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Miscellaneous 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . General 10 (1) In this Schedule “the day of The Stock Exchange reforms” means the day on which the rule of The Stock Exchange that prohibits a person from carrying on business as both a broker and a jobber is abolished. (2) In this Schedule “recognised investment exchange” means a recognised investment exchange within the meaning of the Financial Services Act 1986. (3) Any power to make regulations under this Schedule shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.
SCHEDULE 18 Securities: Other Provisions
Section 63. Sale and re-purchase of securities 1—6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Information 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 (1) In section 25 of the Taxes Management Act 1970 (information: chargeable gains) in subsection (4) for the word “jobber” there shall be substituted the words “market maker”. (2) At the end of section 25 there shall be inserted— (10) In this section “market maker”, in relation to shares or securities, means a person who— (a) holds himself out at all normal times in compliance with the rules of The Stock Exchange as willing to buy and sell shares or securities of the kind concerned at a price specified by him, and (b) is recognised as doing so by the Council of The Stock Exchange. (3) Sub-paragraphs (1) and (2) above apply in relation to transactions on or after the day of The Stock Exchange reforms. (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Miscellaneous 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . General 10 (1) In this Schedule “the day of The Stock Exchange reforms” means the day on which the rule of The Stock Exchange that prohibits a person from carrying on business as both a broker and a jobber is abolished. (2) In this Schedule “recognised investment exchange” means a recognised investment exchange within the meaning of the Financial Services Act 1986. (3) Any power to make regulations under this Schedule shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.