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(This note is not part of the Regulations)
Section 92 of the Finance Act 2001 (“the 2001 Act”) provides for an exemption from the stamp duty chargeable on a conveyance or transfer on sale of an estate or interest in land or a lease of land if the land in question is situated in a disadvantaged area. Schedule 30 to the 2001 Act makes similar provision in relation to cases where land is partly in a disadvantaged area. Section 92(4) of the 2001 Act provides that a disadvantaged area is an area designated as such by regulations made by the Treasury.
These Regulations designate the areas specified in Schedules 1 to 4 as disadvantaged areas for the purposes of section 92 of, and Schedule 30 to, the 2001 Act.
Schedule 1 specifies areas in England.
Schedule 2 specifies areas in Wales.
Schedule 3 specifies areas in Scotland.
Schedule 4 specifies areas in Northern Ireland.
The effect of section 92 of, and Schedule 30 to, the 2001 Act has been varied by the Variation of Stamp Duties Regulations 2001 (S.I. 2001/3746). As varied, the exemptions apply broadly only to conveyances or transfers on sale where the consideration is £150,000 or less or, in relation to grants of leases, only in respect of the stamp duty payable on a premium of £150,000 or less.
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