Modifications etc. (not altering text)
C1Pt. 4 construed as one with S.I. 2006/575, reg. 43 (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 43(4)
C2Pt. 4 modified (coming into force at 2 p.m. on 6.12.2006) by The Stamp Duty Land Tax (Variation of the Finance Act 2003) Regulations 2006 (S.I. 2006/3237), regs. 1, 2, Sch.
(1)This section applies to so much of the chargeable consideration for a land transaction as consists of an annuity payable—
(a)for life, or
(b)in perpetuity, or
(c)for an indefinite period, or
(d)for a definite period exceeding twelve years.
(2)For the purposes of this Part the consideration to be taken into account is limited to twelve years' annual payments.
(3)Where the amount payable varies, or may vary, from year to year, the twelve highest annual payments shall be taken.
No account shall be taken for the purposes of this Schedule of any provision for adjustment of the amount payable in line with the retail price index.
(4)References in this section to annual payments are to payments in respect of each successive period of twelve months beginning with the effective date of the transaction.
(5)For the purposes of this section the amount or value of any payment shall be determined (if necessary) in accordance with section 51 (contingent, uncertain or unascertained consideration).
(6)References in this section to an annuity include any consideration (other than rent) that falls to be paid or provided periodically. References to payment shall be read accordingly.
(7)Where this section applies—
(a)section 80 (adjustment where contingency ceases or consideration is ascertained) does not apply, and
(b)no application may be made under section 90 (application to defer payment in case of contingent or uncertain consideration).
Commencement Information
I1Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)