The Stamp Duty Land Tax (Variation of Part 4 of the Finance Act 2003) Regulations 2008

Statutory Instruments

2008 No. 2338

Stamp Duty Land Tax

The Stamp Duty Land Tax (Variation of Part 4 of the Finance Act 2003) Regulations 2008

Approved by the House of Commons

Made

2nd September 2008

Laid before the House of Commons

2nd September 2008

Coming into force

3rd September 2008

The Treasury consider it expedient in the public interest to make the provision made by these Regulations.

Accordingly, the Treasury make the following Regulations in exercise of the power conferred by section 109 of the Finance Act 2003(1).

Citation, commencement and effect

1.  (1)  These Regulations may be cited as the Stamp Duty Land Tax (Variation of Part 4 of the Finance Act 2003) Regulations 2008 and shall come into force on 3rd September 2008.

(2) These Regulations shall have effect in relation to transactions with an effective date—

(a)on or after 3rd September 2008, and

(b)before 3rd September 2009.

Variation of Part 4 of the Finance Act 2003

2.  In section 77A(1) of the Finance Act 2003 (exceptions from notification for certain acquisitions of major interests in land)(2) in item 1 after “Schedule 3” insert “other than an acquisition which is exempt by virtue of any regulations made under paragraph 5 of that Schedule”.

Steve McCabe

Alan Campbell

Two of the Lords Commissioners of Her Majesty’s Treasury

2nd September 2008

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations vary Part 4 of the Finance Act 2003 (stamp duty land tax) so as to provide that acquisitions which are exempt from charge by virtue of regulations made under paragraph 5 of Schedule 3 to that Act are not excepted from notification. The Stamp Duty Land Tax (Exemption of Certain Acquisitions of Residential Property) Regulations 2008 (SI 2008/2339) which come into force on the same day as these Regulations are made under that power.

A full and final Impact Assessment has not been produced for this instrument as a negligible impact on the private or voluntary sectors is foreseen.

(2)

Section 77A was inserted by section 94 of the Finance Act 2008 (c. 9).