Explanatory note

These Regulations are made under section 92A of the Finance Act 2001 (c. 9) which confers upon the Treasury power to provide that the stamp duty exemptions relating to land in disadvantaged areas (contained in section 92 of, and Schedule 30 to, that Act) shall not apply in cases specified by reference to certain matters.

Regulation 1 provides for citation, commencement and effect, and regulation 2 for interpretation.

Regulation 3 specifies cases in which the exemptions are not to apply. The cases are where all the land in question is residential property (within the meaning given by section 92B of the Finance Act 2001) and the amount or value of certain consideration is more than £150,000. This restriction of the exemptions applies only in relation to the stamp duty chargeable in respect of that consideration.

Regulation 4 provides additionally that, where the instrument in question is a lease of land, the exemptions are not to apply where the rate or average rate of rent is more than £15,000. This restriction of the exemptions applies only in relation to the stamp duty chargeable in respect of the rate or average rate.

Regulation 5 provides for how the exemptions are to apply where the land in question is only partly residential property.

Regulation 6 provides for how the amount of any consideration is to be determined for the purposes of regulations 3, 4 and 5, in particular where land is situated partly in a disadvantaged area and partly outside such an area.

Regulation 7 provides that, where there is a single contract for the conveyance, transfer or lease of land comprising or including six or more separate dwellings, none of that land counts as residential property.

Regulation 8 revokes an earlier set of regulations (the Variation of Stamp Duties Regulations 2001 (S.I. 2001/3746)) which limited the application of the exemptions. This revocation is made by these Regulations in accordance with section 110(6) of the Finance Act 2002 (c. 23).