Motion made, and Question,
That the following provisions shall have effect for the period beginning 20th March 1984 and ending 31 days after the earliest of the dates mentioned in section 50(2) of the Finance Act 1973—
§ (1) In subsection (4) of section 58 of the Stamp Act 1891 (in case of a sub-sale to a single purchaser, duty chargeable only on consideration moving from the sub-purchaser) after the words "conveyed immediately to the sub-purchaser" there shall be inserted the words "then, except where—
- (a) the chargeable consideration moving from the sub-purchaser is less than the value of the property immediately before the contract of sale to him, and
- (b) the conveyance is not one which section 107 of the Finance Act 1981 (sales of houses at discount by local authorities etc.) applies".
§ (2) In subsection (5) of section 58 of the Stamp Act 1891 (in case of a sub-sale in parts or parcels to different sub-purchasers, each conveyance chargeable with duty only on consideration moving from the sub-purchaser) after the words "to different persons in parts or parcels" there shall be inserted the words "then, except where the aggregate of the chargeable consideration for the sale of all such parts or parcels is less than the value of the whole of the property immediately before the contract for their sale or, as the case may be, the first contract for the sale of any of them".
(3) At the end of the said section 58 there shall be inserted the following subsection:—
(7) any reference in subsecton (4) or subsection (5) of this section to chargeable consideration is a reference to
consideration which falls to be brought into account in determining the duty (if any) chargeable on the conveyance to the sub-purchaser or, as the case may be, on the conveyance of each of the parts or parcels in question; and in any case where it is necessary for the purposes of either of those subsections to determine the value of any property, that value shall be determined as for the purposes of section 74 of the Finance (1909–10) Act 1910 (gifts inter)" vivos).
§ (4) The foregoing provisions apply where the contract for the sub-sale or, as the case may be, the first contract for sub-sale of a part or parcel is entered into on or after 20th March 1984.
§ put forthwith pursuant to Standing Order No. 114 (Ways and Means motions), and agreed to.