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.
1891 c.39
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)