Finance Act, 1994

Particulars to be delivered in cases of transfers and leases.

107.—(1) It shall be the duty of the transferor or lessor, on the occasion of any transfer of the fee simple of any land or of any interest in land or on the grant of any lease of any land for a term exceeding 14 years (whether the transfer or lease is on sale or as a voluntary disposition inter vivos), to present to the Commissioners such particulars in relation to such class or category of transfer or lease as they may prescribe by regulations and, without prejudice to the generality of the foregoing, the regulations may make provision in relation to all or any of the following matters—

(a) the form in which the particulars are to be delivered;

(b) the time limits within which the particulars are to be delivered;

(c) the manner in which the land is to be described or classified;

(d) the furnishing of tax reference numbers of the parties to the instrument.

(2) For the purposes of section 14 of the Act of 1891 and notwithstanding anything in section 12 of that Act, any transfer or lease to which regulations made pursuant to subsection (1) apply shall not be deemed duly stamped unless it is stamped with a stamp denoting that all particulars requested by the Commissioners have been delivered.

(3) If the transferor or lessor fails to comply with this provision, such person shall be guilty of an offence and shall be liable on summary conviction to a fine not exceeding £500.

(4) The provisions of this section shall apply to any instrument executed on and from the date on which the regulations under subsection (1) shall first have effect.

(5) Section 4 of the Finance (1909-10) Act, 1910 , shall cease to have effect other than in respect of any instrument executed before the date on which regulations under subsection (1) first have effect.

(6) In this section “transferor”, “lessor”, “fee simple”, “interest”, “land” and “lease” have the same meanings, respectively, as they have in section 41 of the Finance (1909-10) Act, 1910 .