Section 55 of the
Subject to the modification mentioned in subsection (5) below, in subsection (1) (which specifies rates of stamp duty), for paragraphs (b) and (c) there shall be substituted—
where paragraph (a) above does not apply and— the amount or value of the consideration does not exceed £500, and the instrument is certified as described in section 34(4) of the the rate of 50p for every £50 or part of £50 of the consideration; where paragraph (a) above does not apply and— the amount or value of the consideration exceeds £500 but does not exceed £250,000, and 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; where paragraphs (a) to (c) above do not apply and— the amount or value of the consideration does not exceed £500,000, and the instrument is certified as described in section 34(4) of the Finance Act 1958 at £500,000, the rate of £1.50p for every £100 or part of £100 of the consideration; and in any other case the rate of £2 for every £100 or part of £100 of the consideration;
In subsection (1A) (disregard of paragraph (a) to paragraph (c) of subsection (1) in relation to conveyances or transfers of stock or marketable securities) for “paragraph (c)” there shall be substituted “paragraph (e)”.
In subsection (2) (disregard of paragraph (a) for the purposes of leases where consideration includes rent which exceeds £600 a year)—
after the words “shall have effect as if” there shall be inserted “(a)”, and
after the word “omitted” there shall be inserted—
and in paragraph (d) for the words “paragraphs (a) to (c)” there were substituted the words “paragraphs (b) and (c)”.
In section 4 of the
This section shall apply to instruments executed on or after 8th July 1997, except where the instrument in question is executed in pursuance of a contract made on or before 2nd July 1997.
This section shall be deemed to have come into force on 8th July 1997.
In section 1(3) of the
in the case of a resolution passed in February or March in any year, one expiring with 5th August in the same calendar year; and
In section 246(2)(b) of the Taxes Act 1988 (charge to ACT at previous year’s rate until 5th May in any year), for “May” there shall be substituted “August”.
Subsection (1) above applies in relation to resolutions passed after the day on which this Act is passed.
In this Act “the Taxes Act 1988” means the Income and Corporation Taxes Act 1988.
The enactments mentioned in Schedule 8 to this Act (which include spent provisions) are hereby repealed to the extent specified in the third column of that Schedule.
The repeals specified in that Schedule have effect subject to the commencement provisions and savings contained or referred to in the notes set out in that Schedule.
This Act may be cited as the Finance (No. 2) Act 1997.