PART II

STAMP DUTIES

Reduction of duties

Reduced duty on conveyance or transfer on sale.
4
1
Subject to sub-sections (1A) to (3) and to the following provisions of this Part the stamp duty chargeable under the heading “Conveyance or Transfer on sale” in Schedule 1 to the Stamp Act 1891 shall be charged by reference to the amount or value of the consideration for the sale at the following rates, that is to say—
a
where the amount or value of the consideration is
£60,000
or under and the instrument is certified, as described in
section 7(4) of the Finance Act (Northern Ireland) 1958
, at
£60,000
, nil;
b
where paragraph (a) above does not apply and—
i
the amount or value of the consideration does not exceed £500, and
ii
the instrument is certified as described in
section 7(4) of the Finance Act (Northern Ireland) 1958
at £250,000,
the rate of 50p for every £50 or part of £50 of the consideration;
c
where paragraph (a) above does not apply and—
i
the amount or value of the consideration exceeds £500 but does not exceed £250,000, and
ii
the instrument is certified as described in
section 7(4) of the Finance Act (Northern Ireland) 1958
at £250,000,
the rate of £1 for every £100 or part of £100 of the consideration.
d
where paragraphs (a) to (c) above do not apply and—
i
the amount or value of the consideration does not exceed £500,000, and
ii
the instrument is certified as described in
section 7(4) of the Finance Act (Northern Ireland) 1958
at £500,000,
the rate of
£2.50
for every £100 or part of £100 of the consideration; and
e
in any other case the rate of
£3.50
for every £100 or part of £100 of the consideration;
and any duty chargeable by reference to that heading shall be charged accordingly.
1A
In relation to duty chargeable under or by reference to the heading mentioned in subsection (1) above as it applies to a conveyance or transfer of stock or marketable securities, that subsection shall have effect as if for the words from “following rates” to the end of
paragraph (e)
there were substituted the words
“ rate of 50p for every £100 or part of £100 of the consideration ”
.
2
In relation to duty chargeable by reference to the heading mentioned in subsection (1) above by virtue of the heading “Lease or Tack” in Schedule 1 to the Stamp Act 1891 in a case where part of the consideration consists of rent and that rent exceeds £600 a year, sub-section (1) shall have effect as if
a
paragraph (a) and, in paragraphs (b) and (c), the words “paragraph (a) above does not apply and” were omitted
and
b
in paragraph (d) for the words “pargraphs (a) to (c)” there were substituted the words
“ paragraphs (b) and (c) ”
.
3
Nothing in this section shall affect any enactment imposing an upper limit on the amount of duty chargeable ad valorem.
4
If as respects any instrument this section operates to provide that stamp duty chargeable under the heading “Conveyance or Transfer on sale”
in Schedule 1 to the Stamp Act 1891 shall be charged at a nil rate, that instrument shall not be chargeable with stamp duty under the headings “Deed of any kind whatsoever, not described in this schedule”
… in the said Schedule 1.

Reduced duty on leases.
5
Subs.(1) rep. by 1972 NI 11; 1974 c.30; subs.(2) rep. by 1974 c.30
3
For the purposes of the said heading a lease granted for a fixed term and thereafter until determined shall be treated as a lease for a definite term equal to the fixed term together with such further period as must elapse before the earliest date at which the lease can be determined; and section 75 of the said Act of 1891 (agreements for leases) shall be construed accordingly.
Subs.(4) repeals ss.76, 77(3), 78 of 1891 c.39

Miscellaneous reductions.
6
1
The rates of stamp duty chargeable under or by reference to the following headings, or parts of headings, in Schedule 1 to the Stamp Act 1891, that is to say—
- Bond, Covenant or Instrument of any kind whatsoever;
…
- Mortgage, Bond, Debenture, Covenant, and Warrant of Attorney;
……
shall be those at which the duty would be chargeable if section 6 of the Finance Act (Northern Ireland) 1947 (which doubled the rates) had not been enacted.
Subs.(2) rep. by 1970 c.21 (NI)
S. 7 rep. by 1973 NI 18
1891 c.39
1947 c.15
Rep. with saving, 1999 c. 16
1986 c. 41
1891 c. 39
1984 c. 43
1993 c. 34
1997 c. 58
1999 c. 16
Rep. prosp. by 1990 c. 29
1970 c.21 (NI)
Rep. with saving, 1999 c. 16
1891 (c.39)
Rep. with saving, 1999 c. 16
1973 NI 18
1970 c.21 (NI)
;
1974 c.30
Rep. with saving, 1999 c. 16