Part IV Stamp Duties

Reduction of duties

C155 Reduced duty on conveyance or transfer on sale.

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—

F2a

where the amount or value of the consideration is F3£60,000 or under and the instrument is certified, as described in section 34(4) of the Finance Act M21958, at F3£60,000, 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

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4

2

In relation to duty chargeable F5by 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 F6£600 a year, subsection (1) above shall have effect F7as 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

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8