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Finance Act 1972

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This is the original version (as it was originally enacted).

125Reduction of stamp duty on conveyances and leases

(1)In subsection (1) of section 55 of, and in Part I of Schedule 11 to, the [1963 c. 25.] Finance Act 1963 (under which, as amended by section 27(1) of the [1967 c. 54.] Finance Act 1967 and paragraph 10 of Schedule 7 to the [1970 c. 24.] Finance Act 1970, duty is not chargeable on conveyances or transfers certified at £5,500 and is chargeable at a reduced rate on those certified at £7,000), for " £5,500 " and " £7,000 ", wherever occurring, there shall be substituted respectively " £10,000 " and " £15,000 ".

(2)In subsection (2) of the said section 55 (under which the relief afforded by subsection (1) of that section is not available as respects the duty chargeable in respect of a premium for a lease if the consideration includes rent exceeding £50 a year) for " £50 " there shall be substituted " £150 ".

(3)No duty shall be chargeable under paragraph (3) of the heading " Lease or Tack " in Schedule 1 to the [1891 c. 39.] Stamp Act 1891 in respect of consideration consisting of rent if the term does not exceed seven years or is indefinite and the rent is at a rate or average rate not exceeding £250 per annum; and accordingly—

(a)the rate of duty specified in the second column of the Table in that paragraph as applicable where the rent is at a rate or average rate exceeding £100 shall apply only when the rent is at a rate or average rate exceeding £250; and

(b)in paragraph (2)(a) of that heading for " £100 " there shall be substituted " £250 ".

(4)This section has effect in relation to instruments executed on or after 1st August 1972.

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