PART IISTAMP DUTIES

Reduction of duties

4F1Reduced duty on conveyance or transfer on sale.

(1)

Subject to sub-sectionsF2 (1A) toF2 (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 M1 shall be charged by reference to the amount or value of the consideration for the sale at the following rates, that is to say—

F3(a)

where the amount or value of the consideration isF4 £60,000F4 or under and the instrument is certified, as described inF5 section 7(4) of the Finance Act (Northern Ireland) 1958F5, atF4 £60,000F4, nil;

F5(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 inF5 section 7(4) of the Finance Act (Northern Ireland) 1958F5 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 inF5 section 7(4) of the Finance Act (Northern Ireland) 1958F5 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 inF5 section 7(4) of the Finance Act (Northern Ireland) 1958F5 at £500,000,

the rate ofF6 £2.50F6 for every £100 or part of £100 of the consideration; and

(e)

in any other case the rate ofF6 £3.50F6 for every £100 or part of £100 of the consideration;

F5F3 and any duty chargeable by reference to that heading shall be charged accordingly.

F2F7(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 ofF5 paragraph (e)F5 there were substituted the words “ rate of 50p for every £100 or part of £100 of the consideration ”.

F2(2)

In relation to duty chargeableF2 by reference to the heading mentioned in subsection (1) aboveF2 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 exceedsF4 £600F4 a year, sub-section (1) shall have effectF3 as if

F5F3(a)F5

F3paragraph (a) and, in paragraphs (b) and (c), the words “paragraph (a) above does not apply and” were omittedF3F5 and

F5F5(b)

in paragraph (d) for the words “pargraphs (a) to (c)” there were substituted the words “ paragraphs (b) and (c) ”.

F5(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 M2 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” …F8 in the said Schedule 1.