Finance (No. 2) Act, 1998
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Amendment of section 112 (stamp duty on transfers of building land) of Finance Act, 1990. |
12.— Section 112 of the Finance Act, 1990 , is hereby amended— | |
(a) in subsection (1) (inserted by the Finance Act, 1993 ) by the substitution 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, as if the property concerned were residential property on an amount equal to the aggregate of— | ||
(i) any consideration paid in respect of the sale of that land, and | ||
(ii) any consideration paid, or to be paid, in respect of the building of the dwellinghouse or apartment on that land; | ||
(b) in the case of such lease, under subparagraph (a) of paragraph (3) of the Heading ‘LEASE’ in the First Schedule (as amended by the Finance Act, 1970 , and subsequent enactments) to the Stamp Act, 1891, as if the property concerned were residential property on an amount equal to the aggregate of— | ||
(i) any consideration (other than rent) paid in respect of the lease of that land, and | ||
(ii) any consideration paid, or to be paid, in respect of the building of the dwellinghouse or apartment on that land.”, | ||
and | ||
(b) in paragraph (a) of subsection (3) by the substitution of “the aggregate consideration which is chargeable under subsection (1)” for “such aggregate consideration”. |