Schedule 8 (which makes amendments of Part 4 of FA 2003 relating to alternative property finance) has effect.
(1)In subsection (2) of section 55 of FA 2003 (amount of stamp duty land tax chargeable: general), in Table A (bands and percentages for residential property) for “£60,000” in both places substitute “£120,000”.
(2)In paragraph 2(3) of Schedule 5 to that Act (amount of stamp duty land tax chargeable: rent), in Table A (bands and percentages for residential property) for “£60,000” in both places substitute “£120,000”.
(3)In Schedule 13 to FA 1999 (stamp duty: instruments chargeable and rates of duty), in paragraph 4 (bands and percentages for conveyance or transfer on sale of property other than stock or marketable securities), for “£60,000” in both places substitute “£120,000”.
(4)Subsections (1) and (2) apply in relation to any transaction of which the effective date (within the meaning of Part 4 of FA 2003) is after 16th March 2005.
(5)Subsection (3) applies in relation to instruments executed after 16th March 2005.
Schedule 9 (which provides for the removal, in relation to non-residential property, of relief from stamp duty land tax and stamp duty for land in disadvantaged areas) has effect.
(1)Section 90 of FA 1986 (other exceptions to the principal charge to stamp duty reserve tax under section 87 of that Act) is amended as follows.
(2)In subsection (1A) (section 87 not to apply to agreement to transfer unit under unit trust scheme if instrument giving effect to agreement would be exempt from stamp duty by virtue of provision in paragraph (a) or (b)) after paragraph (b) insert “, or
(c)section 96 of the Finance Act 1997 (demutualisation of insurance companies).”.
(3)Schedule 19 to FA 1999 (stamp duty and stamp duty reserve tax: unit trusts) is amended as follows.
(4)In paragraph 6 (exclusion, in certain cases of change of ownership, of charge to stamp duty reserve tax on surrender of unit to managers) in sub-paragraph (5) (provisions under which certain instruments would be exempt from stamp duty) after paragraph (b) insert “; and
(c)section 96 of the Finance Act 1997 (demutualisation of insurance companies).”.
(5)The amendment in subsection (2) applies where the relevant day for the purposes of section 87 of FA 1986 falls on or after the day on which this Act is passed.
(6)The amendment in subsection (4) applies in relation to surrenders (within the meaning of Part 2 of Schedule 19 to FA 1999) occurring on or after the day on which this Act is passed.