The Stamp Duty Land Tax (Amendment of Schedule 4 to the Finance Act 2003) Regulations 2003

Explanatory Note

(This note is not part of the Regulations)

Section 55(1) of the Finance Act 2003 (c. 14) provides that the amount of stamp duty land tax chargeable is by reference to the chargeable consideration for a land transaction. Section 50(2) confers power on the Treasury to amend Part 4 of that Act relating to chargeable consideration. Schedule 4 to the Act provides for the determination of chargeable consideration. These Regulations amend Schedule 4 in its application to arrangements involving public or educational bodies.

Regulation 1 provides for the citation and commencement of this instrument.

Regulation 2 amends Schedule 4 by adding a new paragraph 17 dealing with the calculation of chargeable consideration in relation to arrangements involving public or educational bodies. That paragraph applies where arrangements are made between a qualifying body (as described in paragraph 17(2)) and a non-qualifying body.

Regulation 2 also makes consequential amendments.

These Regulations do not impose any new costs on business.