Finance Act, 1986
Stamp duty on certain instruments. |
96.—(1) Where, in connection with, or in contemplation of, a sale of property, the vendor enters into— | |
(a) an agreement for the grant of a lease of the property for a term exceeding 35 years, or | ||
(b) an agreement (other than a contract for the sale of the property) under which the vendor grants any other rights in relation to the property, | ||
any conveyance or transfer, subject to the agreement, of the property by the vendor shall be charged to stamp duty as a conveyance or transfer on sale of the property for a consideration equal to the value of the property and the value shall be determined without regard to the agreement. | ||
(2) A declaration by deed under section 65 (2) of the Conveyancing Act, 1881 , to the effect that, from and after the execution of the deed, a term subsisting in land shall be enlarged, shall, where the term was created by an instrument executed within 6 years of the date of the execution of the deed, be charged to stamp duty as a conveyance or transfer on sale of that land for a consideration equal to the value of the land and that value shall be determined without regard to the said term or any part thereof. | ||
(3) The provisions of section 50 of the Finance Act, 1979 , shall not apply to a deed which is chargeable to stamp duty under subsection (2). | ||
(4) This section shall have effect with respect to any instrument executed on or after the date of the passing of this Act. |