Interpretation
2.—(1) In these Regulations—
“conveyance on sale” has the same meaning as in Part 1 of Schedule 13 to the Finance Act 1999(1) (see paragraph 1(2) of that Schedule);
“instrument” and “executed” have the meanings given by section 122(1) of the Stamp Act 1891(2);
“lease of land” has the same meaning as in Part 2 of Schedule 13 to the Finance Act 1999;
“the rate or average rate of rent” means the rate of rent by reference to which stamp duty is determined under paragraph 12(3) of Schedule 13 to the Finance Act 1999;
“relevant consideration” means—
in the case of a conveyance or transfer on sale, the consideration for the sale;
in the case of a lease of land, the consideration in respect of which, under paragraph 12(2) of Schedule 13 to the Finance Act 1999, the stamp duty is the same as that on a conveyance on a sale for the same consideration;
“residential property” has the meaning given by section 92B read together with regulation 7.
(2) In these Regulations—
(a)unless the context otherwise requires, any reference to a numbered section is a reference to the section of the Finance Act 2001 bearing that number; and
(b)any reference to “Schedule 30” is a reference to Schedule 30 to that Act(3).
1891 c. 39. Section 122 was relevantly amended by section 239(1)(a) of the Finance Act 1994 (c. 9).
Schedule 30 was amended by section 110(4) and (5) of the Finance Act 2002.