Motion made, and Question,
That the following provisions shall have effect for the period beginning 26th March 1985 and ending 31 days after the earliest of the dates mentioned in section 50(2) of the Finance Act 1973—
(1) Where, within the period of two years after a person's death, any of the dispositions (whether effected by will, under the law relating to intestacy or otherwise) of the property of which he was competent to dispose are varied by an instrument executed by the persons or any of the persons who benefit or would benefit under the dispositions, stamp duty under the heading "Conveyance or Transfer on Sale" in Schedule 1 to the Stamp Act 1891 shall not be chargeable on the instrument.
(2) Paragraph (1) above does not apply where the variation is made for any consideration in money or money's worth other than consideration consisting of the making of a variation in respect of another of the dispositions.
(3) Paragraph (1) above applies whether or not the administration of the estate is complete or the property has been distributed in accordance with the original dispositions.
(4) Where property is appropriated by a personal representative in or towards satisfaction of a general legacy of money, stamp duty under the heading mentioned in paragraph (1) above shall not be chargeable on an instrument giving effect to the appropriation.
(5) An instrument in respect of which stamp duty is not chargeable under the heading mentioned in paragraph (1) above by virtue only of paragraph (1) or (4) above shall be chargeable under this paragraph with stamp duty of 50p.
(6) But an instrument which is chargeable under paragraph (5) above shall not be treated as duly stamped unless it has, in accordance with section 12 of the Stamp Act 1891, been stamped with a particular stamp denoting that it is duly stamped.
(7) Paragraphs (1) to (6) above shall apply to instruments executed on or after 26th March 1985.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of section 50 of the Finance Act 1973. — [Mr. Lawson.]
put forthwith pursuant to Standing Order No. 114 (Ways and Means motions), and agreed to.