HC Deb 01 April 1974 vol 871 cc1021-2

Motion made, and Question, That for the period beginning on 1st May 1974 and ending 31 days after the earlieset of the dales mentioned in subsection (2) of section 50 of the Finance Act 1973, the provisions set out below shall have effect. And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the said section 50.

  1. (1) As from 1st May 1974 the stamp duty chargeable under the heading "Conveyance or Transfer on sale" in Schedule 1 to the Stamp Act 1891 shall be double that which would have been chargeable immediately before that date, but so that, except in the case of transfers of stock (including units under unit trust schemes) or marketable securities, the stamp duty chargeable under that heading shall be charged by reference to the amount or value of the consideration for the sale at the following rates, that is to say—
    1. (a) where the amount or value of the consideration is £15,000 or under and the instrument is certified within the meaning of section 34 of the Finance Act 1958 at £15,000, nil;
    2. (b) where the amount or value of the consideration is £20,000, or under and the instrument is certified as aforesaid at £20,000, one-quarter of the full rate;
    3. (c) where the amount or value of the consideration is £25,000 or under and the instrument is certified as aforesaid at £25,000, one-half of the full rate;
    4. (d) where the amount or value of the consideration is £30,000 or under and the instrument is certified as aforesaid at £30,000, three-quarters of the full rate;
    and any stamp duty chargeable by reference to that heading shall be charged accordingly.
  2. (2) Where the amount of any stamp duty which would otherwise be chargeable under or by reference to the said heading is neither 5p nor a multiple of 5p, the amount chargeable shall be equal to the smallest sum greater than that amount which is either 5p or a multiple of 5p.
  3. (3) Paragraph (1) above shall not affect the operation of any enactment limiting an ad valorem duty to 50p in certain cases.
  4. (4) As from 1st May 1974—
    1. (a) the heading "Bearer Instrument" in Schedule 1 to the Stamp Act 1891, as amended by paragraph 6 of Schedule 7 to the Finance Act 1970, shall have effect as if; in paragraphs (3) and (4), for the references to 5p there were substituted references to 10p;
    2. (b) the heaving "Duplicate or Counterpart of any instrument chargeable with any duty" in the said Schedule 1 shall have effect as if for each of the references to 25p there were substituted a reference to 50p;
      3. 1022
    3. (c) the heading "Lease or Tack" in the said Schedule 1 shall have effect as if—
      1. (i) the duty chargeable under paragraph (2)(a) and paragraph (4) were if and £2 respectively; and
      2. (ii) subject to section 125(3) of the Finance Act 1972, each of the rates specified in the Table set out in paragraph (3), as substituted by section 56(1) of the Finance Act 1963, were doubled;
    4. (d) section 62(2) of the Finance Act 1963 (Commonwealth stock), as amended by paragraph 11 of Schedule 7 to the Finance Act 1970, shall have effect as if for the references to 5p and 25p there were substituted references to 10p and 50p respectively; and
    5. (e) subsection (3) of section 65 of the Finance Act 1971 (composition in respect of transfer duty on certain loan capital) shall have effect as if for "15p" there were substituted "30p", but only as regards agreements entered into under that section on or after 1st May 1974.—[Mr. Healey.]

put forthwith pursuant to Standing Order No. 94 (Ways and Means motions), and agreed to.