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There are outstanding changes not yet made by the legislation.gov.uk editorial team to Finance Act 1931. Any changes that have already been made by the team appear in the content and are referenced with annotations.
(1)On the occasion of—
(a)any transfer on sale of the fee simple of land;
(b)the grant of any lease of land for a term of seven or more years;
(c)any transfer on sale of any such lease;
it shall be the duty of the transferee, lessee, or proposed lessee to produce to the Commissioners the instrument by means of which the transfer is effected, or the lease granted or agreed to be granted, as the case may be, and to comply with the requirements of the Second Schedule to this Act, and if he fails so to produce any such instrument within thirty days after the execution thereof or, in the case of an instrument first executed at any place out of Great Britain after the instrument is first received in Great Britain, or fails to comply with the requirements of the said Schedule, he shall be liable on summary conviction to a fine not exceeding [F1level 3 on the standard scale].
(2)Where in accordance with the provisions of the last foregoing subsection any agreement for any lease of land for a term of seven or more years has been produced to the Commissioners, and the requirements of the said Second Schedule with respect thereto are complied with, it shall not be necessary under this section to produce to the Commissioners the instrument granting the lease in pursuance of the agreement or to comply with the requirements of the said Schedule with respect thereto, unless that instrument is inconsistent with the agreement, but the Commissioners shall, if any such instrument is produced to them and application is made for that purpose, denote on the instrument that the instrument has been so produced.
(3)This section shall not apply with respect to any instrument which relates solely to incorporeal hereditaments or to a grave or right of burial, . . . F2.
(4)Notwithstanding anything in section twelve of the M1Stamp Act 1891, no instrument required by this section to be produced to the Commissioners shall be deemed, for the purposes of section fourteen of that Act, to be duly stamped unless it is stamped with a stamp denoting that the instrument has been so produced.
(5)This section shall come into operation on the first day of September, nineteen hundred and thirty-one.
F3(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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