Explanatory Note
(This note is not part of the Regulations)
These Regulations are made under paragraph 1 of Schedule 33 to the Finance Act 2000 which confers upon the Treasury a power to vary existing stamp duties. The Regulations provide that certain stamp duty reliefs for land in disadvantaged areas, contained in section 92(1) of, and paragraph 1 of Schedule 30 to, the Finance Act 2001 (“Section 92(1)” and “Schedule 30” respectively), shall not apply to certain instruments and otherwise restrict those reliefs.
Regulation 1 provides for citation and commencement, and regulation 2 for interpretation.
Regulation 3 sets out the instruments to which regulation 4 applies, and regulation 4 provides that neither section 92(1) nor paragraph 1 of Schedule 30 shall apply to such instruments. Regulation 4 provides also that paragraph 3 of Schedule 30 (exclusion of land in a disadvantaged area for the purposes of certification at a value) shall not apply to transactions effected by such instruments.
Regulation 5 provides for a restriction of the amount of any relief in the case of leases of land.
Regulation 6 provides that neither section 92(1) nor paragraph 1 of Schedule 30 shall have effect in relation to certain fixed duties.
Regulation 7 ensures that the provisions of Schedule 13 to the Finance Act 1999, in particular those concerning contracts for sale chargeable as conveyances on sale and those concerning agreements for leases, have effect in accordance with the provisions of these Regulations.