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Finance Act 2012

Part 1: Stamp Duty and Stamp Duty Land Tax
Nationalisation schemes

2.Paragraph 1(1) repeals section 52 of Finance Act (FA) 1946 which provides for exemption from stamp duty for instruments connected with nationalisation schemes.

3.Paragraph 1(2) makes consequential amendments.

Visiting forces and allied headquarters

4.Paragraph 2 repeals section 74 of FA 1960 which provides exemption from stamp duty for transfers of land made in connection with the provision of facilities for visiting forces and allied headquarters.

Shared ownership transactions

5.Paragraph 3(1) repeals section 97 of FA 1980, section 108 of FA 1981 and section 54 of FA 1987.  Those provisions provide relief from stamp duty for purchases of residential property under shared ownership schemes.

6.Paragraph 3(2) makes consequential amendments.

Instruments subject to duty of fixed amount

7.Paragraph 4 amends section 87 of FA 1985, removing the power conferred by subsection (2) for HM Treasury to make regulations specifying that certain instruments are exempt from stamp duty of a fixed amount.

Acquisitions

8.Paragraph 5(1) repeals section 76 of FA 1986 and section 113 of, and Schedule 35 to, FA 2002 which provide for a reduced rate of stamp duty for certain company acquisitions and for the withdrawal of the relief in specified circumstances.

9.Paragraph 5(2) makes consequential amendments.

Transfers to registered social landlords

10.Paragraph 6 repeals section 130 of FA 2000 as well as references to that paragraph elsewhere in the Act.  That provision provides relief from stamp duty for transfers of land to registered social landlords.

Land in disadvantaged areas

11.Paragraph 7(1) repeals sections 92 to 92B of, and Schedule 30 to, FA 2001.  Those provisions provide relief from stamp duty for purchases of residential property in areas designated as disadvantaged.

12.Paragraph 7(2) makes consequential amendments.

13.Paragraph 7(3) provides for any regulations made under section 92 of FA 2001 to continue to have effect for the purposes of section 72DA of the Insolvency Act 1986.

14.Paragraph 8(1) repeals section 57 of, and Schedule 6 to, FA 2003 which provide relief from stamp duty land tax for purchases of residential property in areas designated as disadvantaged.

15.Paragraphs 8(2) and (3) make consequential amendments.

Leases granted by registered social landlords

16.Paragraph 9(1) repeals sections 128, 129 and subsections (3) to (6) and (9) of section 130 of FA 2003.  Those provisions provide exemption from stamp duty for certain leases granted by registered social landlords.

17.Paragraph 9(2) makes consequential amendments.

Application and transitional provision

18.Paragraph 10 sets out the commencement provisions that apply to the amendments made by paragraphs 1 to 9.

19.Paragraph 11 provides that, subject to certain conditions, stamp duty disadvantaged areas relief will continue to apply to the completion of contracts entered into on or before 16 March 2005, when the relief for transfers of commercial land was withdrawn.

20.Paragraph 12 provides that, subject to certain exclusions, the relief will continue to apply to the completion or substantial performance of contracts entered into on or before 16 March 2005, when the relief for transfers of commercial land was withdrawn.  The exclusions include the variation or the assignment of the contract or the subsale of the property after 16 March 2005.

21.Paragraph 13 provides that claims for relief for transactions with an effective date on or before 5 April 2013 must be made before 6 May 2014.

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