Part IV Stamp Duties

Reduction of duties

C155F1 Reduced duty on conveyance or transfer on sale.

1

Subject to subsections F2(1A) to (3) below and to the following provisions of this Part of this Act, the stamp duty chargeable under the heading “Conveyance or Transfer on sale” in Schedule 1 to the M1Stamp Act 1891 shall be charged by reference to the amount or value of the consideration for the sale at the following rates, that is to say—

F3a

where the amount or value of the consideration is F4£60,000 or under and the instrument is certified, as described in section 34(4) of the Finance Act M21958, at F4£60,000, nil;

F5b

where paragraph (a) above does not apply and—

i

the amount or value of the consideration does not exceed £500, and

ii

the instrument is certified as described in section 34(4) of the M3Finance Act 1958 at £250,000,

the rate of 50p for every £50 or part of £50 of the consideration;

c

where paragraph (a) above does not apply and—

i

the amount or value of the consideration exceeds £500 but does not exceed £250,000, and

ii

the instrument is certified as described in section 34(4) of the Finance Act 1958 at £250,000,

the rate of £1 for every £100 or part of £100 of the consideration;

d

where paragraphs (a) to (c) above do not apply and—

i

the amount or value of the consideration does not exceed £500,000, and

ii

the instrument is certified as described in section 34(4) of the Finance Act 1958 at £500,000,

the rate of F6£2.50p for every £100 or part of £100 of the consideration; and

e

in any other case the rate of F7£3.50pfor every £100 or part of £100 of the consideration;

and any duty chargeable by reference to that heading shall be charged accordingly.

1A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8

2

In relation to duty chargeable F9by reference to the heading mentioned in subsection (1) above by virtue of the heading “Lease or Tack” in the said Schedule 1 in a case where part of the consideration consists of rent and that rent exceeds F10£600 a year, subsection (1) above shall have effect F11as ifF12(a)paragraph (a) and, in paragraphs (b) and (c), the words “paragraph (a) above does not apply and” were omitted. F13and

b

in paragraph (d) for the words “paragraphs (a) to (c)” there were substituted the words “paragraphs (b) and (c)”.

3

Nothing in this section shall affect any enactment imposing an upper limit on the amount of duty chargeable ad valorem.

4

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F14