Part 3 U.K.Stamp taxes
Stamp duty land taxU.K.
94Alternative property financeU.K.
Schedule 8 (which makes amendments of Part 4 of FA 2003 relating to alternative property finance) has effect.
Stamp duty land tax and stamp dutyU.K.
F195Raising of thresholdsU.K.
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Textual Amendments
F1S. 95 repealed (with effect in accordance with Sch. 26 Pt. 7(1) Note of the amending Act) by Finance Act 2006 (c. 25), Sch. 26 Pt. 7(1)
96Removal of disadvantaged areas relief for non-residential propertyU.K.
Schedule 9 (which provides for the removal, in relation to non-residential property, of relief from stamp duty land tax and stamp duty for land in disadvantaged areas) has effect.
Stamp duty and stamp duty reserve taxU.K.
97Demutualisation of insurance companiesU.K.
(1)Section 90 of FA 1986 (other exceptions to the principal charge to stamp duty reserve tax under section 87 of that Act) is amended as follows.
(2)In subsection (1A) (section 87 not to apply to agreement to transfer unit under unit trust scheme if instrument giving effect to agreement would be exempt from stamp duty by virtue of provision in paragraph (a) or (b)) after paragraph (b) insert “, or
(c)section 96 of the Finance Act 1997 (demutualisation of insurance companies).”.
(3)Schedule 19 to FA 1999 (stamp duty and stamp duty reserve tax: unit trusts) is amended as follows.
(4)In paragraph 6 (exclusion, in certain cases of change of ownership, of charge to stamp duty reserve tax on surrender of unit to managers) in sub-paragraph (5) (provisions under which certain instruments would be exempt from stamp duty) after paragraph (b) insert “; and
(c)section 96 of the Finance Act 1997 (demutualisation of insurance companies).”.
(5)The amendment in subsection (2) applies where the relevant day for the purposes of section 87 of FA 1986 falls on or after the day on which this Act is passed.
(6)The amendment in subsection (4) applies in relation to surrenders (within the meaning of Part 2 of Schedule 19 to FA 1999) occurring on or after the day on which this Act is passed.