The Finance Act 2003, Section 66 (Prescribed Transactions) Order 2005

Statutory Instruments

2005 No. 645

TAXES

The Finance Act 2003, Section 66 (Prescribed Transactions) Order 2005

Made

10th March 2005

Laid before the House of Commons

10th March 2005

Coming into force

1st April 2005

The Treasury, in exercise of the powers conferred upon them by section 66(2) of the Finance Act 2003(1), make the following Order:

Citation and commencement

1.  This Order may be cited as the Finance Act 2003, Section 66 (Prescribed Transactions) Order 2005 and shall come into force on 1st April 2005.

Prescribed transactions

2.  Any land transaction is exempt from stamp duty land tax if —

(a) it is effected under section 38 of the Energy Act 2004(2) (nuclear transfer schemes), and

(b) either the purchaser or the vendor is a public body(3).

Jim Murphy

Joan Ryan

Two of the Lords Commissioners of Her Majesty’s Treasury

10th March 2005

Explanatory Note

(This note is not part of the Order)

This Order exempts, from the charge to stamp duty land tax, land transactions which are effected under section 38 (nuclear transfer schemes) of the Energy Act 2004 (c. 20) if either the purchaser or the vendor is a public body within the meaning of section 66 of the Finance Act 2003 (c. 14).

Article 1 provides for the citation and commencement of the Order.

Article 2 prescribes the transactions which are to be exempt by virtue of section 66(2) of the Finance Act 2003.

This Order does not impose new costs on business.

(1)

2003 c. 14.

(2)

2004 c. 20.

(3)

See section 66(4) of the Finance Act 2003. Subsection (1) of that section exempts land transactions where both the purchaser and the vendor are public bodies.