Finance Act, 1992
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Procedure to apply where consideration etc. cannot be ascertained. |
213.—The Finance Act, 1991 , is hereby amended by the substitution of the following section for section 104: | |
“104.—(1) Where— | ||
(a) the consideration for a sale, or | ||
(b) the average annual rent or consideration other than rent for a lease, | ||
cannot be ascertained at the date of execution of a conveyance or lease and such consideration or rent would, if ascertainable, be chargeable with ad valorem duty in respect of such sale or lease, then stamp duty shall be charged on such sale or lease based on the amount or value of the consideration or rent that could be obtained from a purchaser or tenant paying full consideration or rent for such sale or lease. | ||
(2) Where, in the case of a lease to which the provisions of subsection (1) would apply but for the fact that both the rent and the consideration other than rent payable cannot be ascertained, then stamp duty shall be charged on such lease based on the amount or value of the consideration other than rent that could be obtained from a tenant paying full consideration for such lease if the rent reserved in the lease was a nil amount. | ||
(3) (a) The provisions of subsection (2) and (3) of section 56 of the Act of 1891 shall not apply to any instrument in relation to which subsection (1) applies. | ||
(b) The provisions of this section shall not apply to any instrument in relation to which subsection (3) (a) of section 112 of the Finance Act, 1990 , applies.”. |