The Stamp Duty Land Tax (Amendment of Part 4 of the Finance Act 2003) (No. 2) Regulations 2004

This instrument corrects an error made in S.I. 2004/1069 and is being issued free of charge to all known recipients of that instrument.

Statutory Instruments

2004 No. 1206

TAXES

The Stamp Duty Land Tax (Amendment of Part 4 of the Finance Act 2003) (No. 2) Regulations 2004

Made

26th April 2004

Laid before the House of Commons

26th April 2004

Coming into force

27th April 2004

The Treasury, in exercise of the powers conferred upon them by section 50(2) and (3) of the Finance Act 2003(1) make the following Regulations:

Citation and commencement

1.  These Regulations may be cited as the Stamp Duty Land Tax (Amendment of Part 4 of the Finance Act 2003) (No. 2) Regulations 2004 and shall come into force on 27th April 2004.

Amendment of the Finance Act 2003

2.  Part 4 of the Finance Act 2003 is amended as follows.

3.  For paragraph 17(1)(b) of Schedule 4 to the Finance Act 2003 (determining the chargeable consideration arrangements for land transactions involving public or educational bodies)(2) substitute—

“(b) in consideration (whether in whole or in part) of the main transfer there is a grant by B to A of a lease or under-lease of the whole, or substantially the whole, of that land (“the leaseback”),”.

Jim Murphy

Derek Twigg

Two of the Lords Commissioners of Her Majesty’s Treasury

26th April 2004

Explanatory Note

(This note is not part of the Regulations)

These Regulations amend paragraph 17(1)(b) of Schedule 4 to the Finance Act 2003. That paragraph was inserted by S.I. 2003/3293 and amended by S.I. 2004/1069.

Regulation 1 provides for the citation and commencement of the Regulations.

Regulation 2 amends paragraph 17(1)(b) of Schedule 4 to the Finance Act 2003 so that it refers to a lease back of land by a non-qualifying body to a qualifying body. This substitution corrects an error made in S.I. 2004/1069.

These Regulations do not impose new costs on business.

(1)

2003 c. 14.

(2)

Paragraph 17 was inserted by regulation 2(5) of S.I. 2003/3293 and amended by S.I. 2004/1069.