5(1)Stamp duty is not to be chargeable—U.K.
(a)on a transfer scheme; or
(b)on an instrument or agreement certified by the Secretary of State to the Commissioners of Inland Revenue as made for the purposes of a transfer scheme, or as made for purposes connected with such a scheme.
(2)But a transfer scheme, or an instrument or agreement so certified, is to be treated as duly stamped only if—
(a)in accordance with section 12 of the Stamp Act 1891 (c. 39) it has been stamped with a stamp denoting either that it is not chargeable to duty or that it has been duly stamped; or
(b)it is stamped with the duty to which it would be chargeable apart from this paragraph.
Commencement Information
I1Sch. 2 para. 5 in force at 18.9.2003 by S.I. 2003/1900, art. 2(2), Sch. 2
[F15A.(1)For the purposes of stamp duty land tax, a land transaction effected by, or for the purposes of, or for purposes connected with, a transfer scheme is exempt from charge.
(2)Relief under this paragraph must be claimed in a land transaction return or an amendment of such a return.
(3)In this paragraph—
“land transaction” has the meaning given by section 43(1) of the Finance Act 2003;
“land transaction return” has the meaning given by section 76(1) of that Act.]
Textual Amendments
F1 Sch. 2 para. 5A inserted (1.12.2003) by The Stamp Duty Land Tax (Consequential Amendment of Enactments) Regulations 2003 (S.I. 2003/2867), reg. 1, Sch. para. 33