Part 4 OTHER TAXES
Stamp duty and stamp duty reserve tax
F192A Restriction of exemption in the case of residential property etc
1
Regulations may provide for an exemption conferred by section 92 or by Schedule 30 to this Act not to apply in cases specified by reference to either or both of the following—
a
whether the land in question is residential property;
b
the amount or value of the consideration.
2
Regulations may contain provision corresponding to or modifying that made by Schedule 30 to this Act in the case of—
a
a building or land only part of which falls within subsection (1)(a) or (b) of section 92B (meaning of “residential property”), or
b
an interest in or right over land that subsists only partly as mentioned in subsection (1)(c) of that section.
3
Where by virtue of regulations under this section the availability of an exemption depends on the land in question not being, or not being entirely, residential property, the certification under section 92(2) must include a statement that the land is not residential property or, as the case may be, that it is not residential property to the extent stated.
4
Where by virtue of regulations under this section the availability of an exemption depends on the amount or value of the consideration not exceeding a specified amount, the instrument in question must be certified at that amount (or at a lower amount).
The reference here to an instrument being certified at an amount shall be construed in accordance with paragraph 6 of Schedule 13 to the Finance Act 1999 (as if the reference were contained in paragraph 4 of that Schedule).
5
The power to make regulations under this section is exercisable by the Treasury.
6
Regulations under this section—
a
may make different provision for different cases, and
b
may contain such incidental, supplementary, consequential or transitional provision as appears to the Treasury to be necessary or expedient.
7
Regulations under this section must be made by statutory instrument, which shall be subject to annulment in pursuance of a resolution of the House of Commons.