Finance Act, 1991

Procedure to apply where consideration etc., cannot be ascertained.

104.—(1) Where in the case of any instrument which, except for the fact that the amount or value of the consideration or the average annual rent cannot be ascertained at the date of execution thereof, would otherwise be chargeable with ad valorem duty on such consideration or rent as a conveyance or transfer on sale or as a lease, the Commissioners may charge ad valorem duty on such instrument as if—

(a) in the case of a conveyance or transfer on sale, the value of the property conveyed or transferred was substituted for the amount or value of the consideration chargeable under the appropriate heading of charge under the Heading “CONVEYANCE or TRANSFER on sale of any stocks or marketable securities” or the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities” in the First Schedule to the Act of 1891;

(b) in the case of a lease, the amount or value of the consideration, other than rent, which could be obtained from a tenant leasing the property for full consideration under the terms created by the lease (but disregarding the amount or value of any rent or consideration other than rent payable thereunder) was substituted for the amount or value of the consideration, other than rent, chargeable under the heading of charge entitled “LEASE” in the First Schedule to the Act of 1891.

(2) (a) For the purposes of subsection (1) the provisions of subsections (2) and (3) of section 56 of the Act of 1891 shall be disregarded and those provisions shall not apply to any instrument in relation to which subsection (1) applies.

(b) Subsection (1) shall not apply to any instrument in relation to which subsection (3) (a) of section 112 of the Finance Act, 1990 , applies.

(3) This section shall have effect as respects instruments executed after the passing of this Act.