HC Deb 07 December 1993 vol 234 cc275-6

Resolved,

That the following provisions shall have effect for the period beginning 7th December 1993 and ending 31 days after the earliest of the dates mentioned in section 50(2) of the Finance Act 1973—

(1) Where— (a) the consideration for the transfer or vesting of any estate or interest in land or the grant of any lease or tack consists of or includes any property, and (b) for the purposes of stamp duty chargeable under or by reference to the heading "Conveyance or Transfer on sale" in Schedule 1 to the Stamp Act 1891 no amount or value is, apart from this Resolution, attributed to that property on that transfer, vesting or grant, then, for those purposes, the consideration or, as the case may be, the consideration so far as relating to that property shall be taken to be the market value of the property immediately before the instrument in question is executed, and accordingly the instrument shall be charged with ad valorem duty under that heading.

(2) For the purposes of this Resolution the market value of the property at any time is the price which that property might reasonably be expected to fetch on a sale at that time in the open market.

(3) Stamp duty shall not be chargeable under the heading "Exchange or Excambion" in Schedule 1 to the Stamp Act 1891, and section 73 of that Act o(exchange and partition or division) shall cease to apply to the exchange of property; and, accordingly, in that section the words from first "upon" to "heritable property, or" and the words "exchange or" shall cease to have effect.

(4) In that section, as amended by paragraph (3) above, for "real or heritable property" there shall be substituted "estate or interest in land".

(5) In Schedule 1 to that Act, in paragraph (3) of the heading "Lease or Tack" (consideration consisting of money, stock or security charged as on a conveyance on sale), for "or security" there shall be substituted "security or other property".

(6) This Resolution shall apply to instruments executed after 7th December 1993, not being instruments executed in pursuance of a control made before 30th November 1993.

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.