- Latest available (Revised)
- Point in Time (31/07/1997)
- Original (As enacted)
Version Superseded: 31/07/1998
Point in time view as at 31/07/1997.
There are currently no known outstanding effects for the Finance (No. 2) Act 1997,
Part IV
.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
(1)Section 55 of the M1Finance Act 1963 and section 4 of the M2Finance Act Northern Ireland) 1963 (both of which provide for rates of stamp duty on conveyance and transfer on sale) shall each be amended in accordance with the provisions of subsections (2) to (4) below.
(2)Subject to the modification mentioned in subsection (5) below, in subsection (1) (which specifies rates of stamp duty), for paragraphs (b) and (c) there shall be substituted—
“(b)where paragraph (a) above does not apply and—
(i)the amount or value of the consideration does not exceed £500, and
(ii)the instrument is certified as described in section 34(4) of the M3Finance Act 1958 at £250,000,
the rate of 50p for every £50 or part of £50 of the consideration;
(c)where paragraph (a) above does not apply and—
(i)the amount or value of the consideration exceeds £500 but does not exceed £250,000, and
(ii)the instrument is certified as described in section 34(4) of the Finance Act 1958 at £250,000,
the rate of £1 for every £100 or part of £100 of the consideration;
(d)where paragraphs (a) to (c) above do not apply and—
(i)the amount or value of the consideration does not exceed £500,000, and
(ii)the instrument is certified as described in section 34(4) of the Finance Act 1958 at £500,000,
the rate of £1.50p for every £100 or part of £100 of the consideration; and
(e)in any other case the rate of £2 for every £100 or part of £100 of the consideration;”.
(3)In subsection (1A) (disregard of paragraph (a) to paragraph (c) of subsection (1) in relation to conveyances or transfers of stock or marketable securities) for “paragraph (c)” there shall be substituted “ paragraph (e) ”.
(4)In subsection (2) (disregard of paragraph (a) for the purposes of leases where consideration includes rent which exceeds £600 a year)—
(a)after the words “shall have effect as if” there shall be inserted “ (a) ”, and
(b)after the word “omitted” there shall be inserted—
“and
(b)in paragraph (d) for the words “paragraphs (a) to (c)” there were substituted the words “paragraphs (b) and (c)”.”
(5)In section 4 of the M4Finance Act Northern Ireland) 1963, for the words “section 34(4) of the M5Finance Act 1958”, wherever they occur, there shall be substituted the words “ section 7(4) of the M6Finance Act Northern Ireland) 1958 ”.
(6)This section shall apply to instruments executed on or after 8th July 1997, except where the instrument in question is executed in pursuance of a contract made on or before 2nd July 1997.
(7)This section shall be deemed to have come into force on 8th July 1997.
Marginal Citations
(1)In section 1(3) of the M7Provisional Collection of Taxes Act 1968 (period for which resolution has statutory effect), after paragraph (a) there shall be inserted the following paragraph—
“(aa)in the case of a resolution passed in February or March in any year, one expiring with 5th August in the same calendar year; and”.
(2)In section 246(2)(b) of the M8Taxes Act 1988 (charge to ACT at previous year’s rate until 5th May in any year), for “May” there shall be substituted “ August ”.
(3)Subsection (1) above applies in relation to resolutions passed after the day on which this Act is passed.
In this Act “the Taxes Act 1988” means the M9 Income and Corporation Taxes Act 1988.
(1)The enactments mentioned in Schedule 8 to this Act (which include spent provisions) are hereby repealed to the extent specified in the third column of that Schedule.
(2)The repeals specified in that Schedule have effect subject to the commencement provisions and savings contained or referred to in the notes set out in that Schedule.
This Act may be cited as the Finance (No. 2) Act 1997.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: