The Stamp Duty (Exempt Instruments) Regulations 1985

EXPLANATORY NOTE

By section 28(1)(a) and (c) of the Finance Act 1931 it is provided that on certain transfers on sale of land the transferee must produce to the Commissioners of Inland Revenue (“the Board”) the instrument of transfer as well as particulars relating to the transfer as set out in Schedule 2 to that Act (“the Schedule 2 particulars”). Under powers conferred on them by section 89 of the Finance Act 1985 the Board may by Regulations prescribe for the purposes of that section classes of instrument to which the provisions of section 28 above shall not apply and provide for the Schedule 2 particulars to be furnished to them in accordance with the Regulations.

These Regulations prescribe for the purposes of section 89 above a class of instrument of transfer which is to be furnished (with the Schedule 2 particulars) to the Chief Land Registrar; they provide also that he shall transmit to the Board the Schedule 2 particulars.

Regulation 1 provides the title and commencement date and Regulation 2 defines terms used.

Regulation 3 prescribes the class of instrument and lays down conditions: that no stamp duty is payable (and it is so certified); that the instrument is one executed on or after 1st January 1986; that the land is registered land, or is unregistered land which will fall to be registered on the occasion of the transfer including unregistered land transferred by the instrument to a third party by a purchaser before he registers his transfer.

Regulation 4 provides that the instrument shall be delivered to the Land Registry with a document, duly signed by the applicant for registration, giving the Schedule 2 particulars.

Regulation 5 provides that the Chief Land Registrar shall furnish to the Board the Schedule 2 particulars (given to him under Regulation 4).