Finance Act, 1982

Amendment of First Schedule to Stamp Act, 1891.

94.—(1) In this section “the First Schedule” means the First Schedule, as amended by the Finance Act, 1970 , and subsequent enactments, to the Stamp Act, 1891.

(2) The First Schedule (other than the Heading “CONVEYANCE or TRANSFER on sale, of any stocks or marketable securities.”, the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities.”, the Heading “LEASE” and the Heading “POLICY OF LIFE INSURANCE”), sections 56, 59, 62 and 106 of the Stamp Act, 1891, section 9 of the Finance Act, 1902 , section 42 of the Finance Act, 1920 , and section 30 of the Finance Act, 1961 , are hereby amended by the substitution of “£5” for “fifty pence” in each place where it occurs.

(3) The Heading set out in Part I of the Fourth Schedule to this Act is hereby substituted for the Heading “DUPLICATE or COUNTERPART of any instrument chargeable with any duty.” in the First Schedule.

(4) (a) The Headings set out in Part II of the Fourth Schedule to this Act are hereby substituted for the Headings “POLICY OF LIFE INSURANCE.” and “POLICY OF LIFE INSURANCE made for a period not exceeding two years” in the First Schedule.

(b) (i) The following shall be exempt from all stamp duties:

(I) cover notes, slips and other instruments usually made in anticipation of the issue of a formal policy, not being instruments relating to life insurance;

(II) instruments embodying alterations of the terms or conditions of any policy of insurance other than life insurance;

and an instrument exempted by virtue of subparagraph (i) (I) of this paragraph shall not be taken for the purposes of the Stamp Act, 1891, to be a policy of insurance.

(ii) An instrument shall not be charged with duty exceeding £1 by reason only that it contains or relates to two or more distinct matters each falling within the Heading “POLICY of INSURANCE other than Life Insurance” (inserted by this subsection).

(5) The paragraph set out in Part III of the Fourth Schedule to this Act is hereby substituted for paragraph (4) of the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities.” in the First Schedule.

(6) (a) Subject to paragraph (b) of this subsection, this section shall come into operation on the date of the passing of this Act.

(b) Subsection (4) of this section shall come into operation on the 1st day of August, 1982.

(c) The said subsection (4) shall not have effect with respect to any instrument referred to therein executed before the said 1st day of August, 1982, and the other provisions of this section shall not have effect with respect to any instrument executed before the date of the passing of this Act.