Part IV Stamp Duties
Reduction of duties
C155 Reduced duty on conveyance or transfer on sale.
1
Subject to subsections F7(1A) to (3) below and to the following provisions of this Part of this Act, the stamp duty chargeable under the heading “Conveyance or Transfer on sale” in Schedule 1 to the M1Stamp 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—
F8a
F10b
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 34(4) of the M3Finance Act 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 34(4) of the Finance Act 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 34(4) of the Finance Act 1958 at £500,000,
the rate of F11£2.50p for every £100 or part of £100 of the consideration; and
e
in any other case the rate of F12£3.50pfor every £100 or part of £100 of the consideration;
and any duty chargeable by reference to that heading shall be charged accordingly.
1A
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F13
2
In relation to duty chargeable F14by reference to the heading mentioned in subsection (1) above by virtue of the heading “Lease or Tack” in the said Schedule 1 in a case where part of the consideration consists of rent and that rent exceeds F15£600 a year, subsection (1) above shall have effect F16as ifF17(a)paragraph (a) and, in paragraphs (b) and (c), the words “paragraph (a) above does not apply and” were omitted. F18and
b
in paragraph (d) for the words “paragraphs (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
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F19
56 Reduced duty on leases.
1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F20
C23
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.
C34
Section 76, subsections (3) and (4) of section 77 and section 78 of the said Act of 1891 shall cease to have effect.
57 Miscellaneous reductions.
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
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F21
Mortgage, Bond, Debenture, Covenant and Warrant of Attorney,
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F22
shall be those at which the duty would be chargeable if section 52 of the M4Finance Act 1947 (which doubled the rates) had not been enacted.
2
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F23
58. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1
Bearer Instruments
59 Stamp duty on bearer instruments.
1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F24
2
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F25
C45
Section 44 of the Finance Act 1944 (repayment of transfer duty in case of securities transferable by delivery) shall cease to have effect.
60. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2
61. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3
Miscellaneous
62 Commonwealth stock.
1
2
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F27
3
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F28
4
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F29
5
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F30
6
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F27
63 Securities for annual and other payments.
In determining whether an instrument is—
a
the only, principal or primary security for any annuity or for any sum or sums of money within the meaning of paragraph (1) of the heading “Bond, Covenant or Instrument of any kind whatsoever” in Schedule 1 to the Stamp Act 1891; or
b
the only, principal or primary security for the payment or repayment of money within the meaning of paragraph (1) of the heading “Mortgage, Bond, Debenture, Covenant and Warrant of Attorney” in that Schedule,
no account shall be taken of any other instrument which is a security for the same annuity, sum or sums, or for the same payment or repayment, as the case may be, or for any part thereof, unless that other instrument is chargeable with stamp duty under either of the said paragraphs and is duly stamped.
64. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4
65 Miscellaneous exemptions.
1
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F31
2
In Part VII of the M6Finance Act 1946 . . . F32, the references to a unit trust scheme shall be deemed not to include references—
a
b
to any unit trust scheme the units in which are, under the terms of the trust instrument relating to the scheme, required to be held only by bodies of persons established for charitable purposes only or trustees of trusts so established.