Finance Act 1994

241 Exchange, partition, etc. U.K.

(1) Where—

(a) the consideration for the transfer or vesting of any estate or interest in land or the grant of any [F1 lease] consists of or includes any property, and

(b) for the purposes of stamp duty chargeable under or by reference to [F2 Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale)] no amount or value is, apart from this section, attributed to that property on that transfer, vesting or grant,

then, for those purposes, the consideration or, as the case may be, the consideration so far as relating to that property shall be taken to be the market value of the property immediately before the instrument in question is executed and accordingly the instrument shall be charged with ad valorem duty under that heading.

(2) For the purposes of this section the market value of property at any time is the price which that property might reasonably be expected to fetch on a sale at that time in the open market.

F3 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F3 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6) This section shall apply to instruments executed after 7th December 1993, not being instruments executed in pursuance of a contract made before 30th November 1993.

Textual Amendments

F1 Word in s. 241(1)(a) substituted (27.7.1999 with effect as mentioned in s. 112(6) of the amending Act) by 1999 c. 16, s. 112(4)(6), 122, Sch. 14 para. 30(a)

F2 Words in s. 241(1)(b) substituted (27.7.1999 with effect as mentioned in s. 112(6) of the amending Act) by 1999 c. 16, s. 112(4)(6), 122, Sch. 14 para. 30(b)

F3 S. 241(3)-(5) repealed (27.7.1999 with effect as mentioned in Notes 1 and 2 to Sch. 20 Pt. V(2) of the repealing Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(2)