Finance Act, 1983

Amendment of section 74 (stamp duty on gifts inter vivos) of Finance (1909-10) Act, 1910.

92.—(1) Section 74 of the Finance (1909-10) Act, 1910 , is hereby amended by the substitution of the following subsection for subsection (5):

“(5) Any conveyance or transfer (not being a disposition made in favour of a purchaser or incumbrancer or other person in good faith and for valuable consideration) shall, for the purposes of this section, be deemed to be a conveyance or transfer operating as a voluntary disposition inter vivos, and the consideration for any conveyance or transfer shall not for this purpose be deemed to be valuable consideration where marriage is the consideration, or part of the consideration, or where the Commissioners are of opinion that by reason of the inadequacy of the sum paid as consideration or other circumstances the conveyance or transfer confers a substantial benefit on the person to whom the property is conveyed or transferred.”.

(2) This section shall have effect with respect to any instrument executed on or after the date of the passing of this Act.