92Stamp duty: exemption for land in disadvantaged areas
(1)No stamp duty shall be chargeable under Part 1 or 2, or paragraph 16 of Part 3, of Schedule 13 to the Finance Act 1999 (c. 16) on—
(a)a conveyance or transfer of an estate or interest in land, or
(b)a lease of land,
if the land is situated in a disadvantaged area.
(2)Where stamp duty would be chargeable on an instrument but for subsection (1), that subsection shall have effect in relation to the instrument only if the instrument is certified to the Commissioners as being an instrument on which stamp duty is by virtue of that subsection not chargeable.
(3)No instrument which is certified as mentioned in subsection (2) shall be taken to be duly stamped unless—
(a)it is stamped in accordance with section 12 of the Stamp Act 1891 (c. 39) with a particular stamp denoting that it is not chargeable with any duty or that it is duly stamped, or
(b)it is stamped with the duty to which it would have been liable but for this section.
(4)For the purposes of this section and Schedule 30 to this Act, a disadvantaged area is an area designated as such by regulations made by the Treasury; and any such regulations may—
(a)designate specified areas as disadvantaged areas, or
(b)provide for areas of a description specified in the regulations to be designated as disadvantaged areas.
(5)If regulations under subsection (4) so provide, the designation of an area as a disadvantaged area shall have effect for such period as may be specified by or determined in accordance with the regulations.
(6)Schedule 30 to this Act (which makes further provision about land in disadvantaged areas) shall have effect.
(7)This section and Schedule 30 to this Act shall be construed as one with the Stamp Act 1891.
(8)The provisions of this section and Schedule 30 to this Act shall have effect in relation to instruments executed on or after such date as may be specified by order made by the Treasury.
(9)Regulations under subsection (4)—
(a)may make different provision for different cases, and
(b)may contain such incidental, supplementary, consequential or transitional provision as appears to the Treasury to be necessary or expedient.
(10)The power to make regulations under subsection (4) shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.
(11)The power to make an order under subsection (8) shall be exercisable by statutory instrument.