3(1)Where part of the property referred to in section 58(1) of the Stamp Act 1891 (consideration to be apportioned between different instruments as parties think fit) consists of intellectual property, that provision shall have effect as if “the parties think fit" read “is just and reasonable".U.K.
(2)Where—
(a)part of the property referred to in section 58(2) of the Stamp Act 1891 (property contracted to be purchased by two or more persons etc.) consists of intellectual property, and
(b)both or (as the case may be) all the relevant persons are connected with one another,
that provision shall have effect as if the words from “for distinct parts of the consideration" to the end of the subsection read “, the consideration is to be apportioned in such manner as is just and reasonable, so that a distinct consideration for each separate part or parcel is set forth in the conveyance relating thereto, and such conveyance is to be charged withad valorem duty in respect of such distinct consideration.".
(3)In a case where sub-paragraph (1) or (2) applies and the consideration is apportioned in a manner that is not just and reasonable, the enactments relating to stamp duty shall have effect as if—
(a)the consideration had been apportioned in a manner that is just and reasonable, and
(b)the amount of any distinct consideration set forth in any conveyance relating to a separate part or parcel of property were such amount as is found by a just and reasonable apportionment (and not the amount actually set forth).
(4)For the purposes of sub-paragraph (2)—
(a)a person is a relevant person if he is a person by or for whom the property is contracted to be purchased;
(b)the question whether persons are connected with one another shall be determined in accordance with [section 1122 of the Corporation Tax Act 2010].
(5)In sub-paragraph (3) “the enactments relating to stamp duty” means the Stamp Act 1891 and any enactment amending or which is to be construed as one with that Act.
(6)This paragraph applies to instruments executed on or after 28th March 2000.
Textual Amendments
Marginal Citations