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Finance Act 1963

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This is the original version (as it was originally enacted).

55Reduced duty on conveyance or transfer on sale

(1)Subject to subsections (2) and (3) below and to the following provisions of this Part of this Act, the stamp duty chargeable under the heading " Conveyance or Transfer on sale " in Schedule 1 to the Stamp Act 1891 shall be charged by reference to the amount or value of the consideration for the sale at the following rates, that is to say—

(a)where the amount or value of the consideration is £4,500 or under and the instrument is certified within the meaning of section 34 of the Finance Act 1958 at £4,500, nil;

(b)where the amount or value of the consideration is £6,000 or under and the instrument is certified as aforesaid at £6,000, the rate specified in column 2 of Part I of Schedule 11 to this Act;

(c)in any other case, the rate specified in column 3 of Part I of that Schedule ;

and any duty chargeable by reference to that heading shall be charged accordingly.

(2)In relation to duty chargeable under or by reference to the said heading as it applies to a conveyance or transfer of stock or marketable securities, and to duty chargeable by reference to that heading by virtue of the heading " Lease or Tack " in the said Schedule 1 in a case where part of the consideration consists of rent and that rent exceeds £50 a year, subsection (1) above shall have effect as if paragraphs (a) and (b), and the words " in any other case " in paragraph (c), were omitted.

(3)Nothing in this section shall affect any enactment imposing an upper limit on the amount of duty chargeable ad valorem.

(4)In subsection (8) of section 34 of the Finance Act 1958 for the words " this section relating to instruments certified at three thousand five hundred pounds " there shall be substituted the words

section 55 of the Finance Act 1963 relating to instruments certified at £4,500.

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