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.