Paragraph 7 C1

United Kingdom

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch. 13 para. 3 repealed (prosp.) by Finance Act 1999 s. 123(3) s. 123(4) 139 Sch. 20 Pt. 5(6) Note
Sch. 13 para. 4 repealed in part (prosp.) by Finance Act 1999 s. 123(3) s. 123(4) 139 Sch. 20 Pt. 5(6) Note
Sch. 13 para. 6 restricted (1.10.1999) by Finance Act 1999 s. 112(4) s. 112(6) 122 Sch. 14 para. 27 (subst. 1991 c. 31 s. 113(1))
Sch. 13 para. 7 24 repealed in part (prosp.) by Finance Act 1999 s. 123(3) s. 123(4) 139 Sch. 20 Pt. 5(6) Note

(1)

A contract or agreement for the sale of—

(a)

any equitable estate or interest in property, or

(b)

any estate or interest in property except—

(i)

land,

(ii)

goods, wares or merchandise,

(iii)

stock or marketable securities,

(iv)

any ship or vessel, or a part interest, share or property of or in any ship or vessel, or

(v)

property of any description situated outside the United Kingdom,

is chargeable with the samead valorem duty, to be paid by the purchaser, as if it were an actual conveyance on sale of the estate, interest or property contracted or agreed to be sold.

(2)

Where the purchaser has paidad valorem duty and before having obtained a conveyance or transfer of the property enters into a contract or agreement for the sale of the same, the contract or agreement is chargeable, if the consideration for that sale is in excess of the consideration for the original sale, with thead valorem duty payable in respect of the excess consideration but is not otherwise chargeable.

(3)

Where duty has been paid in conformity with sub-paragraphs (1) and (2), the conveyance or transfer to the purchaser or sub-purchaser, or any other person on his behalf or by his direction, is not chargeable with any duty.

(4)

In that case, upon application and upon production of the contract or agreement (or contracts or agreements) duly stamped, the Commissioners shall either—

(a)

denote the payment of thead valorem duty upon the conveyance or transfer, or

(b)

transfer thead valorem duty to the conveyance or transfer.

Annotations

Modifications

C1: Sch. 13 Pt. I paras. 7-9 modified (28.11.2001) by S.I. 2001/3746, art. 7(1)(a)

Notes on Schedule 13

Modifications

C1: Sch. 13 restricted (10.7.2003) by Finance Act 2003 (c. 14), s. 125(1) (with s. 125(8))
C2: Sch. 13 excluded (with effect in accordance with Sch. 24 para. 12(4) of the amending Act) by Finance Act 2014 (c. 26), Sch. 24 para. 5

Notes on Part I

Modifications

C1

Sch. 13 Pt. I excluded (28.7.2000 with effect as mentioned in s. 130(10) of the amending Act) by 2000 c. 17, s. 130(1)(10)

C2

Sch. 13 Pt. I modified (retrospective to 28.3.2000 and with effect as mentioned in s. 118(10)(11) of the amending Act) by 2000 c. 17, s. 118 (with s. 118(9))

Sch. 13 Pt. I modified (retrospective to 28.3.2000 and with effect as mentioned in s. 119(11)(12) of the amending Act) by 2000 c. 17, s. 119 (with s. 120)

Sch. 13 Pt. I modified (retrospective to 28.3.2000 and with effect as mentioned in s. 122(8)(9) of the amending Act) by 2000 c. 17, s. 122

Sch. 13 Pt. I amended (11.5.2001 with effect as mentioned in s. 92(8) of the amending Act) by 2001 c. 9, s. 92, Sch. 30 para. 1(1); S.I. 2001/3748, art. 2

Sch. 13 Pt. I excluded (11.5.2001 with effect as mentioned in s. 92(8) of the amending Act) by 2001 c. 9, s. 92(1); S.I. 2001/3748, art. 2