Finance Act, 1991

FIFTH SCHEDULE

Stamp Duty on Instruments

Section 90 .

PART I

Bonds, Covenants, etc.

“BOND, COVENANT, or INSTRUMENT of any kind whatsoever.

(1) Being the only or principal or primary security for any annuity (except upon the original creation thereof by way of sale or security, and except a superannuation annuity), or for any sum or sums of money at stated periods, not being interest for any principal sum secured by a duly stamped instrument, nor rent reserved by a lease.

For a definite and certain period, so that the total amount to be ultimately payable can be ascertained—

where the total amount does not exceed £20,000

Exempt

where the total amount exceeds £20,000:

for every £1,000, or fractional part of £1,000, of the amount secured

£1.00

Provided that the duty so charged shall not exceed £500.

For the term of life or any other indefinite period:

for every £100, or fractional part of £100, of the annuity or sum periodically payable

£2.50

Provided that the duty so charged shall not exceed £500.

(2) Being a collateral or auxiliary or additional or substituted security for any of the above-mentioned purposes where the principal or primary instrument is duly stamped.

Where the amount secured does not exceed £20,000

Exempt

Where the total amount to be ultimately payable can be ascertained and exceeds £20,000

£10.00

In any other case:

for every £100, or fractional part of £100, of the annuity or sum periodically payable

50p

Provided that the duty so charged shall not exceed £500.

(3) Being a grant or contract for payment of a superannuation annuity, that is to say, a deferred life annuity granted or secured to any person in consideration of annual premiums payable until he attains a specified age and so as to commence on his attaining that age.

For every £100, or fractional part of £100, of the annuity

50p

Provided that the duty so charged shall not exceed £500.

”.

PART II

Leases

“LEASE

(1) For any indefinite term or any term not exceeding 35 years:

of any dwelling house, part of a dwelling house, or apartment at a rent not exceeding £6,000 per annum

Exempt

(2) For any definite term less than a year of any lands, tenements or heritable subjects

The same duty as a lease for a year at the rent reserved for the definite term

(3) For any other definite term or for any indefinite term of any lands, tenements, or heritable subjects—

(a) where the consideration, or any part of the consideration (other than rent), moving either to the lessor or to any other person, consists of any money, stock or security, and—

(i) the amount or value of such consideration does not exceed £5,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions, in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds£5,000

Exempt

(ii) the amount or value of such consideration exceeds £5,000 but does not exceed £10,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds £10,000:

for every £100, or fractional part of £100, of the consideration

£1.00

(iii) the amount or value of such consideration exceeds £10,000 but does not exceed £15,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds £15,000:

for every £100, or fractional part of £100, of the consideration

£2.00

(iv) the amount or value of such consideration exceeds £15,000 but does not exceed £25,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds £25,000:

for every £100, or fractional part of £100, of the consideration

£3.00

(v) the amount or value of such consideration exceeds £25,000 but does not exceed £50,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds £50,000:

for every £100, or fractional part of £100, of the consideration

£4.00

(vi) the amount or value of such consideration exceeds £50,000 but does not exceed £60,000 and the lease contains a statement certifying that the transaction thereby effected does not form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration other than rent exceeds £60,000:

for every £100, or fractional part of £100, of the consideration

£5.00

(vii) the case is of any other kind whatsoever not hereinbefore described:

for every £100, or fractional part of £100, of the consideration

£6.00

(b) where the consideration or any part of the consideration is any rent, in respect of such consideration, whether reserved as a yearly rent or otherwise:

(i) if the term does not exceed 35 years or is indefinite:

for every £100, or fractional part of £100, of the average annual rent

£1.00

(ii) if the term exceeds 35 years but does not exceed 100 years:

for every £100, or fractional part of £100, of the average annual rent

£6.00

(iii) if the term exceeds 100 years:

for every £100, or fractional part of £100, of the average annual rent

£12.00

(4) Lease made subsequently to, and in conformity with, an agreement duly stamped under the provisions of section 75 of the Stamp Act, 1891

£1.00

(5) Of any other kind whatsoever not hereinbefore described

£1.00

”.

PART III

Mortgages, Bonds, Debentures and certain Covenants and Warrants of Attorney

“MORTGAGE, BOND, DEBENTURE, COVENANT (except a marketable security) and WARRANT OF ATTORNEY to confess and enter up judgment.

(1) Being the only or principal or primary security (other than an equitable mortgage) for the payment or repayment of money:

where the amount secured does not exceed £20,000

Exempt

where the amount secured exceeds £20,000:

for every £1,000, or fractional part of £1,000, of the amount secured

£1.00

Provided that the duty so charged shall not exceed £500.

(2) Being a collateral, or auxiliary, or additional, or substituted security (other than an equitable mortgage), or by way of further assurance for the above-mentioned purpose where the principal or primary security is duly stamped:

where the amount secured does not exceed £20,000

Exempt

where the amount secured exceeds £20,000

£10.00

(3) Being an equitable mortgage:

where the amount secured does not exceed £20,000

Exempt

where the amount secured exceeds £20,000:

for every £1,000, or fractional part of £1,000, of the amount secured

50p

Provided that the duty so charged shall not exceed £500.

(4) TRANSFER, ASSIGNMENT or DISPOSITION of any mortgage, bond, debenture, or covenant (except a marketable security) or of any money or stock secured by any such instrument, or by any warrant of attorney to enter up judgment, or by any judgment:

where the amount secured does not exceed £20,000

Exempt

where the amount secured exceeds £20,000:

for every £1,000, or fractional part of £1,000, of the amount transferred, assigned, or disposed, exclusive of interest which is not in arrear

50p

Provided that the duty so charged shall not exceed £500;

where any further money is added to the money already secured

The same duty as a principal security for such further money.

”.