Finance Act 1963

Reduction of dutiesU.K.

55 Reduced duty on conveyance or transfer on sale.U.K.

(1)Subject to subsections [F1(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—

[F2(a)where the amount or value of the consideration is £30,000 or under and the instrument is certified , as described in section 34(4) of the Finance Act M21958, at £30,000, nil;

(b)where paragraph (a) above does not apply and the amount or value of the consideration does not exceed £500, the rate of 50p for every £50 or part of £50 of the consideration; and

(c)where paragraph (a) above does not apply and the amount or value of the consideration exceeds £500, the rate of £1 for every £100 or part of £100 of the consideration]

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

(1A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3

(2)In relation to duty chargeable [F4by 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 [F5£300] a year, subsection (1) above shall have effect [F6as if paragraph (a) and, in paragraphs (b) and (c), the words “paragraph (a) above does not apply and” were omitted].

(3)Nothing in this section shall affect any enactment imposing an upper limit on the amount of duty chargeable ad valorem.

(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7

Textual Amendments

F2S. 55(1)(a)–(c) substituted by virtue of Finance Act 1984 (c. 43, SIF 114), s. 109(1)

F5 “£300” substituted by virtue of Finance Act 1982 (c. 39, SIF 114), s. 128(2)

Modifications etc. (not altering text)

Marginal Citations

56 Reduced duty on leases.U.K.

(1), (2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8

(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.

(4)Section 76, subsections (3) and (4) of section 77 and section 78 of the said Act of 1891 shall cease to have effect.

Textual Amendments

Modifications etc. (not altering text)

C2The “said heading” means the heading “Lease or Tack” in Stamp Act 1891 (c. 39), Sch. 1

C3The text of ss. 56(4), 59(5), 68, 73(9) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

57 Miscellaneous reductions.U.K.

(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

  • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F9

  • Mortgage, Bond, Debenture, Covenant and Warrant of Attorney,

  • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F10

shall be those at which the duty would be chargeable if section 52 of the M3Finance Act 1947 (which doubled the rates) had not been enacted.

(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F11

Textual Amendments

F9Words repealed with saving by Finance Act 1973 (c. 51),s. 59(7), Sch. 22 Pt. V

Marginal Citations

58. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12U.K.

Textual Amendments

F12S. 58 repealed by Finance Act 1974 (c. 30), Sch. 14 Pt. VII; and expressed to be repealed (27.7.1999) by 1999 c. 16, s. 139, Sch. 20 Pt. V(2)