http://www.legislation.gov.uk/ukpga/1997/58/section/49Finance (No. 2) Act 1997An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.1997-07-31texttext/xmlenStatute Law Database2024-04-02Expert Participation2016-09-15 Part IV 491Section 55 of the Finance Act 1963 and section 4 of the Finance Act Northern Ireland) 1963 (both of which provide for rates of stamp duty on conveyance and transfer on sale) shall each be amended in accordance with the provisions of subsections (2) to (4) below.2Subject to the modification mentioned in subsection (5) below, in subsection (1) (which specifies rates of stamp duty), for paragraphs (b) and (c) there shall be substituted—bwhere paragraph (a) above does not apply and—ithe amount or value of the consideration does not exceed £500, andiithe instrument is certified as described in section 34(4) of the Finance Act 1958 at £250,000,the rate of 50p for every £50 or part of £50 of the consideration;cwhere paragraph (a) above does not apply and—ithe amount or value of the consideration exceeds £500 but does not exceed £250,000, andiithe 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;dwhere paragraphs (a) to (c) above do not apply and—ithe amount or value of the consideration does not exceed £500,000, andiithe instrument is certified as described in section 34(4) of the Finance Act 1958 at £500,000,the rate of £1.50p for every £100 or part of £100 of the consideration; andein any other case the rate of £2 for every £100 or part of £100 of the consideration;.3In subsection (1A) (disregard of paragraph (a) to paragraph (c) of subsection (1) in relation to conveyances or transfers of stock or marketable securities) for “paragraph (c)” there shall be substituted “ paragraph (e) ”.4In subsection (2) (disregard of paragraph (a) for the purposes of leases where consideration includes rent which exceeds £600 a year)—aafter the words “shall have effect as if” there shall be inserted “ (a) ”, andbafter the word “omitted” there shall be inserted—andbin paragraph (d) for the words “paragraphs (a) to (c)” there were substituted the words “paragraphs (b) and (c)”.5In section 4 of the Finance Act Northern Ireland) 1963, for the words “section 34(4) of the Finance Act 1958”, wherever they occur, there shall be substituted the words “ section 7(4) of the Finance Act Northern Ireland) 1958 ”.6This section shall apply to instruments executed on or after 8th July 1997, except where the instrument in question is executed in pursuance of a contract made on or before 2nd July 1997.7This section shall be deemed to have come into force on 8th July 1997.S. 49 repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(2) of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(5), Notes 1, 21963 c. 25. 1963 c. 22 (N.I.). 1958 c. 56. 1963 c. 22 (N.I.). 1958 c. 56. 1958 c. 14 (N.I.).