Finance Act, 1993
|
PART IV Stamp Duties | ||
|
Amendment of section 112 (stamp duty on transfers of building land) of Finance Act, 1990. |
100.— Section 112 of the Finance Act, 1990 , is hereby amended as respects a conveyance, transfer or lease of any land executed on or after the 25th day of February, 1993— | |
(a) by the substitution in subsection (1) of the following paragraphs for paragraphs (a) and (b): | ||
“(a) in the case of such sale, under 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.’ in the First Schedule (as amended by the Finance Act, 1970 , and subsequent enactments) to the Stamp Act, 1891, on an amount which is the greater of— | ||
(i) any consideration paid in respect of the sale of that land, and | ||
(ii) 25 per cent. of the aggregate of the consideration at subparagraph (i) and the consideration paid, or to be paid, in respect of the building of the dwelling-house or apartment on that land; | ||
(b) in the case of such lease, under the Heading ‘LEASE’ in the First Schedule (as amended by the Finance Act, 1970 , and subsequent enactments) to the Stamp Act, 1891, on an amount which is the greater of— | ||
(i) any consideration (other than rent) paid in respect of the lease of that land, and | ||
(ii) 25 per cent. of the aggregate of the consideration at subparagraph (i) and the consideration paid, or to be paid, in respect of the building of the dwelling-house or apartment on that land.”, | ||
and | ||
(b) by the substitution in paragraph (a) of subsection (3) of “such aggregate consideration” for “the aggregate consideration which is chargeable under subsection (1)”. |