Amendment of section 36 (certain contracts for sale of leasehold interests to be chargeable as conveyances on sale) of Principal Act.
134.—(1) Section 36 of the Principal Act is amended by inserting the following subsection after subsection (2):
“(3) Where on or after 1 March 2003 a charge arises under subsection (2) in respect of a contract or agreement for sale executed prior to 4 December 2002, the ad valorem stamp duty payable on that contract or agreement for sale shall be calculated by reference to the rates of ad valorem stamp duty in force on the date that the charge arises.”.
(2) Subsection (1) applies and has effect in relation to contracts or agreements for sale executed prior to 4 December 2002 in respect of charges arising on or after 1 March 2003.
