Finance Act, 2001

Amendment of Chapter 2 of Part 7 of Principal Act.

209.—(1) Chapter 2 of Part 7 of the Principal Act is amended by the insertion of the following section after section 92B:

“Residential property investor relief.

92C.—(1) The amount of stamp duty chargeable under or by reference to paragraphs (1) to (6) of 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’ or clauses (i) to (vi) of paragraph (3)(a) of the heading ‘LEASE’, as the case may be, in Schedule 1 on any instrument to which this section applies shall be reduced where—

(a) paragraph (1) or (2) or clause (i) or (ii) applies, to an amount equal to three-ninths,

(b) paragraph (3) or clause (iii) applies, to an amount equal to four-ninths,

(c) paragraph (4) or clause (iv) applies, to an amount equal to five-ninths,

(d) paragraph (5) or clause (v) applies, to an amount equal to six-ninths,

(e) paragraph (6) or clause (vi) applies, to an amount equal to seven and one half-ninths,

of the amount which would otherwise have been chargeable but where the amount so obtained is a fraction of £1 that amount shall be rounded up to the nearest £.

(2) This section shall apply to any instrument which contains a statement, in such form as the Commissioners may specify, certifying that the instrument—

(a) is one to which section 29 or 53 applies, or

(b) gives effect to the purchase of a dwellinghouse or apartment on the erection of that dwellinghouse or apartment and that section 29 or 53 do not apply.”.

(2) Subsection (1) shall have effect as respects instruments executed on or after 27 February 2001 subject to the substitution in subsection (1) of section 92C (inserted by subsection (1)) of “down to nearest €” for “up to the nearest £”, for instruments executed on or after 1 January 2002.