(1)Where a conveyance or transfer to which this section applies is subject contingently to the payment of any money (whether by virtue of that conveyance or transfer or otherwise), then, notwithstanding section 57 of the [1891 c. 39.] Stamp Act 1891, that money shall not be deemed to be part of the consideration in respect of which the conveyance or transfer is chargeable with ad valorem duty.
(2)For the purposes of section 74(5) of the [1910 c. 8.] Finance (1909-10) Act 1910 the consideration for any conveyance or transfer to which this section applies shall be deemed to be valuable consideration.
(3)This section applies to any conveyance or transfer on sale of a dwelling-house (including the grant of a lease) at a discount by—
(a)any Minister of the Crown or Northern Ireland department;
(b)a local authority within the meaning of Part V of the [1957 c. 56.] Housing Act 1957, a county council, a district council within the meaning of the [1972 c. 9 (N.I.).] Local Government Act (Northern Ireland) 1972 or in Scotland a regional, district or islands council, the common good of such a council or any trust under its control;
(c)the Housing Corporation ;
(d)the Scottish Special Housing Association ;
(e)the Northern Ireland Housing Executive ;
(f)a housing association registered under section 13 of the [1974 c. 44.] Housing Act 1974 or Article 124 of the [S.I. 1981/156 (N.I. 3).] Housing (Northern Ireland) Order 1981;
(g)a development corporation established by an order made or having effect as if made under the [1965 c. 59.] New Towns Act 1965 or the [1968 c. 16.] New Towns (Scotland) Act 1968 or an urban development corporation established by an order made under section 135 of the [1980 c. 65.] Local Government, Planning and Land Act 1980 ;
(h)the Commission for the New Towns or a new town commission established under section 7 of the [1965 c. 13 (N.I.).] New Towns Act (Northern Ireland) 1965 ;
(i)the Development Board for Rural Wales ;
(j)the Council of the Isles of Scilly ;
(k)a police authority within the meaning of section 62(b) of the [1964 c. 48.] Police Act 1964 or section 2(1) or 19(9)(b) of the [1967 c. 77.] Police (Scotland) Act 1967, or the Police Authority for Northern Ireland;
(l)an Education and Libraries Board established under the [S.I. 1972/1263 (N.I. 12).] Education and Libraries (Northern Ireland) Order 1972;
(m)any person mentioned in paragraph (e), (i), (j) or (l) of section 1(10) of the [1980 c. 52.] Tenants' Rights, Etc. (Scotland) Act 1980.
(4)This section applies to instruments executed on or after 23rd March 1981 and shall be deemed to have come into force on that date.