Finance Act 1980

Part V U.K. Stamp Duty

95 Reduction of stamp duty on conveyances and leases. U.K.

(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

(2) In subsection (2) of the said section 55 and of the said section 4 (under which the relief afforded by subsection (1) of those sections is not available as respects the duty chargeable in respect of the premium for a lease if the consideration includes rent exceeding £150 a year) for “£150” there shall be substituted “£250”.

(3) In the heading “Lease or Tack” in Schedule 1 to the M1 Stamp Act 1891 as it applies throughout the United Kingdom—

(a) in paragraph (2)(a) (duty where definite term less than a year of furnished dwelling-house and rent exceeds £250) for “£250” there shall be substituted “£400”, and

(b) in the Table in paragraph (3) (which provides for duty on rent in the case of any other term and the first column of which indicates the rent, the second column the duty where the term does not exceed 7 years or is indefinite, the third column the duty where the term exceeds 7 years but not 35 years, the fourth column the duty where the term exceeds 35 years but not 100 years and the fifth column the duty where the term exceeds 100 years) for the last entry there shall be substituted—

“Exceeding £250 and not exceeding £300.	Nil	6.00	36.00	72.00
Exceeding £300 and not exceeding £350.	Nil	7.00	42.00	84.00
Exceeding £350 and not exceeding £400.	Nil	8.00	48.00	96.00
Exceeding £400
for any full sum of £50 and also for any fractional part thereof.	0.50	1.00	6.00	12.00”

(4) This section applies to instruments executed on or after 6th April 1980 and shall be deemed to have come into force on that date.

Textual Amendments

F1 S. 95(1) repealed by Finance Act 1984 (c. 43, SIF 114), s. 128(6), Sch. 23 Pt. X

Modifications etc. (not altering text)

C1 The text of s. 95(2)–(4) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991

Marginal Citations

M1 1891 c. 39.

96 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2 U.K.

Textual Amendments

F2 S. 96 repealed by Finance Act 1986 (c. 41, SIF 114), s. 114, Sch. 23 Pt. IX(2)

97 Shared ownership transactions. U.K.

(1) A lease to which this section applies shall, instead of being chargeable with stamp duty under the heading “Lease or Tack” in Schedule 1 to the M2 Stamp Act 1891, be chargeable with stamp duty under the heading “Conveyance or Transfer on Sale” in that Schedule as if it were a conveyance for a consideration equal to the value [F3 or sum] stated in the lease in accordance with subsection (2)(d) below ; and where stamp duty has been paid on a lease in accordance with this section stamp duty shall not be chargeable under that Act on any instrument executed in pursuance of the lease whereby the reversion is transferred to the lessee.

(2) This section applies to any lease granted by a body mentioned in subsection (3) below, being a lease which—

(a) is of a dwelling for the exclusive use of the lessee or, if there are joint lessees, of those lessees;

[F4 (b) is granted partly in consideration of a premium calculated by reference to—

(i) the market value of the dwelling, or

(ii) a sum calculated by reference to that value, and partly in consideration of rent]

(c) provides for the lessee to acquire reversion; and

(d) contains a statement of the market value referred to in [F5 paragraph (b)(i) above or, as the case may be, the sum referred to in paragraph (b)(ii) above] and a statement to the effect that the parties intend duty to be charged in accordance with this section by reference to that value [F6 or as the case may be, to that sum].

(3) The bodies referred to in subsection (2) above are—

[F7 (a) a local housing authority within the meaning of the Housing Act 1985;

(b) a housing association [F8 within the meaning of] the Housing Associations Act 1985 or [F9 Part VII] of the Housing (Northern Ireland) Order 1981;]

(c) a development corporation established by an order made, or having effect as if made, under the M3 New Towns Act 1965 ;

[F10 (cc) a housing action trust established under Part III of the Housing Act 1988;]

(d) the Commission for the New Towns;

F11 (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(f) the Northern Ireland Housing Executive;

(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12

(4) For the purposes of subsection (1) above an instrument transferring a reversion shall not be regarded as executed in pursuance of a lease in respect of which duty has been paid in accordance with this section unless it contains a statement to the effect that it has been so executed.

Textual Amendments

F3 Words inserted by Finance Act 1981 (c. 35, SIF 114), s. 108(1)(2)(7)

F4 S. 97(2)(b) substituted by Finance Act 1981 (c. 35, SIF 114), s. 108(1)(3)(a)(7)

F5 Words substituted by Finance Act 1981 (c. 35, SIF 114), s. 108(1)(3)(b)(7)

F6 Words added by Finance Act 1981 (c. 35, SIF 114), s. 108(1)(3)(b)(7)

F7 S. 97(3)(a)(b) substituted by Housing (Consequential Provisions) Act 1985 (c. 71, SIF 61), s. 4, Sch. 2 para. 43

F8 Words substituted by Finance Act 1987 (c. 16, SIF 114), s. 54(1)(a)(4)

F9 Words substituted by Finance Act 1987 (c. 16, SIF 114), s. 54(1)(b)(4)

F10 S. 97(3)(cc) inserted by Finance Act 1988 (c. 39, SIF 114), s. 142(1)

F11 S. 97(3)(e) repealed (1.10.1998) by 1998 c. 38, s. 152, Sch. 18 Pt. IV (with ss. 137(1), 139(2), 143(2)); S.I. 1998/2244, art. 4

F12 S. 97(3)(g) repealed by Housing (Consequential Provisions) Act 1985 (c. 71, SIF 61), s. 3, Sch. 1 Pt. I

Modifications etc. (not altering text)

C2 S. 97 extended by Finance Act 1987 (c. 16, SIF 114), s. 54(2)–(4)

Marginal Citations

M2 1891 c. 39.

M3 1965. c. 59.

98 Maintenance funds for historic buildings. U.K.

(1) No stamp duty shall be chargeable on any instrument whereby property ceases to be comprised in a settlement if as a result of the property or part of it becoming comprised in another settlement (otherwise than by virtue of the instrument itself) there is by virtue of [F13 paragraph 9(1) or 17(1) of Schedule 4 to the Capital Transfer Tax Act 1984 there is no charge to capital transfer tax in respect of the property ceasing to be comprised in the settlement or a reduced charge to that tax by virtue of paragraph 9(4) or 17(4) of that Schedule] but where only part of the property becomes comprised in the other settlement this subsection shall not affect the stamp duty chargeable on the instrument by reference to the other part.

(2) An instrument in respect of which stamp duty is not chargeable by virtue only of this section or in respect of which the duty chargeable is reduced by virtue of this section shall not be treated as duly stamped unless it is stamped in accordance with section 12 of the M4 Stamp Act 1891 with a stamp denoting that it is not chargeable with any duty or that it is duly stamped.

Textual Amendments

F13 Words substituted by Capital Transfer Tax Act 1984 (c. 51, SIF 65), s. 276, Sch. 8 para. 19

Marginal Citations

M4 1891 c. 39.

99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F14 U.K.

Textual Amendments

F14 S. 99 repealed by Finance Act 1985 (c. 54, SIF 114), s. 98(6), Sch. 27 Pt. IX(2)

100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F15 U.K.

Textual Amendments

F15 S. 100 repealed by Finance Act 1986 (c. 41, SIF 114), s. 114, Sch. 23 Pt. IX(4)

101 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F16 U.K.

Textual Amendments

F16 S. 101 repealed by Finance Act 1990 (c. 29, SIF 114), s. 132, Sch. 19 Pt. VI and expressed to be repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(5) Note 1 of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(5)

102 Conveyance in consideration of debt. U.K.

(1) Where—

(a) any property is conveyed to any person wholly or in part in consideration of a debt due to him; and

(b) apart from this section the consideration in respect of which the conveyance would be chargeable in ad valorem duty by virtue of section 57 of the M5 Stamp Duty Act 1891 (which deemed the debt to be the consideration) would exceed the value of the property conveyed,

that consideration shall be treated as reduced to that value.

(2) Where subsection (1) above applies in relation to any conveyance, it shall not be treated as stamp duty unless it is stamped in accordance with section 12 of the said Act of 1891 with a stamp denoting that it is not chargeable with any duty or that it is duly stamped.

Marginal Citations

M5 1891 c. 39.

103 Admission of Northern Ireland barristers etc. U.K.

Section 2 of the M6 Finance (Stamp Duty) Act (Northern Ireland) 1926 (stamp duty on admission to degree of barrister-at-law or as student of the Inn of Court of Northern Ireland) and section 3 of that Act (payments to the Inn of Court of Northern Ireland out of the proceeds of stamp duty) shall cease to have effect.

Modifications etc. (not altering text)

C3 The text of s. 103 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

Marginal Citations

M6 1926 c. 24. (N.I.).