Finance Act, 1991
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Alteration of stamp duties on leases. |
102.—The Finance Act, 1949 , is hereby amended as respects instruments executed on or after the 1st day of November, 1991, by the substitution of the following section for section 24: | |
“24. (1) Any lease (not being executed in good faith and for valuable consideration) shall, for the purposes of this section, be deemed to be a lease operating as a voluntary disposition inter vivos, and the consideration for any lease shall not, for this purpose, be deemed to be valuable consideration where the Commissioners are of opinion that, by reason of the inadequacy of consideration or other circumstances, the lease confers a substantial benefit on the lessee. | ||
(2) Where by operation of the provisions of this section any lease is deemed to operate as a voluntary disposition inter vivos the reference to consideration (other than rent) in the heading of charge entitled ‘LEASE’, which is set out in the First Schedule to the Stamp Act, 1891, shall be construed in relation to duty chargeable on such lease as a reference to the minimum amount or value that would be necessary in order that the lease, any rent thereunder remaining unchanged, would not be a lease operating as a voluntary disposition inter vivos. | ||
(3) Subsection (2) of section 74 of the Finance (1909-10) Act, 1910 , shall, with any necessary modifications, apply to a lease operating as a voluntary disposition inter vivos in the same manner as to a conveyance or transfer operating as a voluntary disposition inter vivos.”. |