Finance Act, 1993

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PART IV

Stamp Duties

Amendment of section 112 (stamp duty on transfers of building land) of Finance Act, 1990.

100.— Section 112 of the Finance Act, 1990 , is hereby amended as respects a conveyance, transfer or lease of any land executed on or after the 25th day of February, 1993—

(a) by the substitution in subsection (1) of the following paragraphs for paragraphs (a) and (b):

“(a) in the case of such sale, under the Heading ‘CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities, or a policy of insurance, or a policy of life insurance.’ in the First Schedule (as amended by the Finance Act, 1970 , and subsequent enactments) to the Stamp Act, 1891, on an amount which is the greater of—

(i) any consideration paid in respect of the sale of that land, and

(ii) 25 per cent. of the aggregate of the consideration at subparagraph (i) and the consideration paid, or to be paid, in respect of the building of the dwelling-house or apartment on that land;

(b) in the case of such lease, under the Heading ‘LEASE’ in the First Schedule (as amended by the Finance Act, 1970 , and subsequent enactments) to the Stamp Act, 1891, on an amount which is the greater of—

(i) any consideration (other than rent) paid in respect of the lease of that land, and

(ii) 25 per cent. of the aggregate of the consideration at subparagraph (i) and the consideration paid, or to be paid, in respect of the building of the dwelling-house or apartment on that land.”,

and

(b) by the substitution in paragraph (a) of subsection (3) of “such aggregate consideration” for “the aggregate consideration which is chargeable under subsection (1)”.