Finance Act 1963 (c. 25)

Part IV U.K. Stamp Duties

Reduction of duties U.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 M1 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—

[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 M2 1958, 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 [F4 by 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 [F6 as 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

F1 Words substituted by Finance Act 1986 (c. 41, SIF 114), s. 64(2)(3)

F2 S. 55(1)(a)–(c) substituted by virtue of Finance Act 1984 (c. 43, SIF 114), s. 109(1)

F3 S. 55(1A)(which was inserted by Finance Act 1986 (c. 41, SIF 114), s. 64(1)(3) ) is now repealed by Finance Act 1990 (c. 29, SIF 114), s. 132, Sch. 19 Pt. VI

F4 Words substituted by Finance Act 1986 (c. 41, SIF 114), s. 64(2)(3)

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

F6 Words substituted by Finance Act 1984 (c. 43, SIF 114), s. 109(1)

F7 S. 55(4) repealed by Finance Act 1970 (c. 24), Sch. 8 Pt. V

Modifications etc. (not altering text)

C1 S. 55 modified (retrospective to 16.1.1992) by Stamp Duty (Temporary Provisions) Act 1992 (c. 2), s. 1(1)(a)(b)(2)(4)

Marginal Citations

M1 1891 c. 39.

M2 1958 c. 56(114).