(1)Subject to subsections [F1(1A) to] (3) below and to the following provisions of this Part of this Act, the stamp duty chargeable under the heading “Conveyance or Transfer on sale” in Schedule 1 to the M1Stamp Act 1891 shall be charged by reference to the amount or value of the consideration for the sale at the following rates, that is to say—
[F2(a)where the amount or value of the consideration is £30,000 or under and the instrument is certified , as described in section 34(4) of the Finance Act M21958, at £30,000, nil;
(b)where paragraph (a) above does not apply and the amount or value of the consideration does not exceed £500, the rate of 50p for every £50 or part of £50 of the consideration; and
(c)where paragraph (a) above does not apply and the amount or value of the consideration exceeds £500, the rate of £1 for every £100 or part of £100 of the consideration]
and any duty chargeable by reference to that heading shall be charged accordingly.
(1A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3
(2)In relation to duty chargeable [F4by reference to the heading mentioned in subsection (1) above] by virtue of the heading “Lease or Tack” in the said Schedule 1 in a case where part of the consideration consists of rent and that rent exceeds [F5£300] a year, subsection (1) above shall have effect [F6as if paragraph (a) and, in paragraphs (b) and (c), the words “paragraph (a) above does not apply and” were omitted].
(3)Nothing in this section shall affect any enactment imposing an upper limit on the amount of duty chargeable ad valorem.
(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7
Textual Amendments
F1Words substituted by Finance Act 1986 (c. 41, SIF 114), s. 64(2)(3)
F2S. 55(1)(a)–(c) substituted by virtue of Finance Act 1984 (c. 43, SIF 114), s. 109(1)
F3S. 55(1A)(which was inserted by Finance Act 1986 (c. 41, SIF 114), s. 64(1)(3) ) is now repealed by Finance Act 1990 (c. 29, SIF 114), s. 132, Sch. 19 Pt. VI
F4Words substituted by Finance Act 1986 (c. 41, SIF 114), s. 64(2)(3)
F5 “£300” substituted by virtue of Finance Act 1982 (c. 39, SIF 114), s. 128(2)
F6Words substituted by Finance Act 1984 (c. 43, SIF 114), s. 109(1)
F7S. 55(4) repealed by Finance Act 1970 (c. 24), Sch. 8 Pt. V
Modifications etc. (not altering text)
C1S. 55 modified (retrospective to 16.1.1992) by Stamp Duty (Temporary Provisions) Act 1992 (c. 2), s. 1(1)(a)(b)(2)(4)
Marginal Citations
M21958 c. 56(114).
(1), (2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8
(3)For the purposes of the said heading a lease granted for a fixed term and thereafter until determined shall be treated as a lease for a definite term equal to the fixed term together with such further period as must elapse before the earliest date at which the lease can be determined; and section 75 of the said Act of 1891 (agreements for leases) shall be construed accordingly.
(4)Section 76, subsections (3) and (4) of section 77 and section 78 of the said Act of 1891 shall cease to have effect.
Textual Amendments
F8S. 56(1)(2) repealed with saving by Finance Act 1974 (c. 30), s. 49(2)(3), Sch. 14 Pt. III
Modifications etc. (not altering text)
C2The “said heading” means the heading “Lease or Tack” in Stamp Act 1891 (c. 39), Sch. 1
C3The text of ss. 56(4), 59(5), 68, 73(9) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.
(1)The rates of stamp duty chargeable under or by reference to the following headings or parts of headings in Schedule 1 to the Stamp Act 1891, that is to say—
Bond, Covenant or Instrument of any kind whatsoever
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F9
Mortgage, Bond, Debenture, Covenant and Warrant of Attorney,
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F10
shall be those at which the duty would be chargeable if section 52 of the M3Finance Act 1947 (which doubled the rates) had not been enacted.
(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F11
Textual Amendments
F9Words repealed with saving by Finance Act 1973 (c. 51),s. 59(7), Sch. 22 Pt. V
F10Words repealed by Finance Act 1967 (c. 54), Sch. 16 Pt. VII, Finance Act 1970 (c. 24), Sch. 8 Pt. IV and (with saving) Finance Act 1974 (c. 30), s. 49(3), Sch. 14 Pt. IV
F11S. 57(2) repealed by Finance Act 1970 (c. 21), Sch. 8 Pt. IV
Marginal Citations
Textual Amendments
F12S. 58 repealed by Finance Act 1974 (c. 30), Sch. 14 Pt. VII; and expressed to be repealed (27.7.1999) by 1999 c. 16, s. 139, Sch. 20 Pt. V(2)
(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F13
(2)—(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F14
(5)Section 44 of the Finance Act 1944 (repayment of transfer duty in case of securities transferable by delivery) shall cease to have effect.
Textual Amendments
F13S. 59(1) repealed by Finance Act 1990 (c. 29, SIF 114), s. 132, Sch. 19 Pt. VI
F14Ss. 59(2)–(4), 60, 61, 62(4), 65(1), 67 repealed by Finance Act 1990 (c. 29, SIF 114), s. 132, Sch. 19 Pt. VI
Modifications etc. (not altering text)
C4The text of ss. 56(4), 59(5), 68, 73(9) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.
Textual Amendments
F15Ss. 59(2)–(4), 60, 61, 62(4), 65(1), 67 repealed by Finance Act 1990 (c. 29, SIF 114), s. 132, Sch. 19 Pt. VI; and expressed to be repealed (27.7.1999) by 1999 c. 16, s. 139, Sch. 20 Pt. V(2)
Textual Amendments
F16Ss. 59(2)–(4), 60, 61, 62(4), 65(1), 67 repealed by Finance Act 1990 (c. 29, SIF 114), s. 132, Sch. 19 Pt. VI; and expressed to be repealed (27.7.1999) by 1999 c. 16, s. 139, Sch. 20 Pt. V(2)
(1)In Schedule 1 to the M4Stamp Act 1891, the heading “Conveyance or Transfer whether on sale or otherwise” (which relates to Canadian and colonial stock) shall be omitted, . . . F17.
(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F18
(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F19
(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F20
(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F21
(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F18
Textual Amendments
F17Words repealed by Finance Act 1990 (c. 29, SIF 114), s. 132, Sch. 19 Pt. VI
F18S. 62(2)(6) repealed by Finance Act 1986 (c. 41, SIF 114), ss. 79(1)(a)(9)–(11), 114, Sch. 23 Pt. IX(2)
F19S. 62(3) repealed by Finance Act 1976 (c. 40), Sch. 15 Pt. VI
F20Ss. 59(2)–(4), 60, 61, 62(4), 65(1), 67 repealed by Finance Act 1990 (c. 29, SIF 114), s. 132, Sch. 19 Pt. VI
F21S. 62(5) repealed by Statute Law (Repeals) Act 1989 (c. 43), s. 1(1), Sch. 1 Pt. II Gp. 2
Marginal Citations
In determining whether an instrument is—
(a)the only, principal or primary security for any annuity or for any sum or sums of money within the meaning of paragraph (1) of the heading “Bond, Covenant or Instrument of any kind whatsoever” in Schedule 1 to the Stamp Act 1891; or
(b)the only, principal or primary security for the payment or repayment of money within the meaning of paragraph (1) of the heading “Mortgage, Bond, Debenture, Covenant and Warrant of Attorney” in that Schedule,
no account shall be taken of any other instrument which is a security for the same annuity, sum or sums, or for the same payment or repayment, as the case may be, or for any part thereof, unless that other instrument is chargeable with stamp duty under either of the said paragraphs and is duly stamped.
Textual Amendments
F22S. 64 repealed by Finance Act 1985 (c. 54, SIF 114), s. 98(6), Sch. 27 Pt. IX(1)
(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F23
(2)In Part VII of the M5Finance Act 1946 . . . F24, the references to a unit trust scheme shall be deemed not to include references—
(a)to any common investment scheme under section 22 of the M6Charities Act 1960; or
(b)to any unit trust scheme the units in which are, under the terms of the trust instrument relating to the scheme, required to be held only by bodies of persons established for charitable purposes only or trustees of trusts so established.
(3)No stamp duty shall be chargeable in respect of any form of application for legal aid under [F25the M7Legal Aid Act 1974 or the M8Legal Aid (Scotland) Act 1967] or in respect of any form relating to the offer and acceptance of a certificate pursuant to an application for legal aid under those Acts.
Textual Amendments
F23Ss. 59(2)–(4), 60, 61, 62(4), 65(1), 67 repealed by Finance Act 1990 (c. 29, SIF 114), s. 132, Sch. 19 Pt. VI
F24Words repealed by Finance Act 1988 (c. 39, SIF 114), s. 148, Sch. 14 Pt. XI
F25Words substituted by virtue of Interpretation Act 1978 (c. 30), s. 17(2)(a)
Marginal Citations
Textual Amendments
F26S. 66 repealed by Finance Act 1967 (c. 54), s. 29(5)(b), Sch. 16 Pt. III
Textual Amendments
F27Ss. 59(2)–(4), 60, 61, 62(4), 65(1), 67 repealed by Finance Act 1990 (c. 29, SIF 114), s. 132, Sch. 19 Pt. VI and subject to an amendment to s. 67 (27.7.1999) by 1999 c. 16, ss. 113(3)(4), 114(1)(2), Sch. 16 para. 2, Sch. 17 Pt. I para. 6