Finance Act, 1994
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Stamp duty and value-added tax. |
108.—(1) As respects any instrument executed on or after the 11th day of April, 1994, the consideration or rent chargeable under the Heading— | |
(a) “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 | ||
(b) “LEASE” | ||
in the First Schedule shall exclude any value-added tax chargeable under section 2 of the Value-Added Tax Act, 1972 , on such sale or lease. | ||
(2) Any instrument of sale or lease stamped prior to the 11th day of April, 1994 (whether or not the Commissioners have expressed their opinion with reference to it under the provisions of section 12 of the Act of 1891) shall, notwithstanding that it does not bear stamp duty in respect of any value-added tax charged under section 2 of the Value-Added Tax Act, 1972 , on such sale or lease, as respects such unpaid duty, be deemed duly stamped in accordance with the law in force at the time when it was first executed. |