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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Regulations)

Section 87(2) of the Finance Act 1985 provides that instruments which would otherwise be chargeable with stamp duty of a fixed amount under any provision specified in regulations shall not be so charged if they are of a kind specified in regulations and certified to be instruments of that kind.

These Regulations specify the provisions under which, subject to conditions, that duty shall not be charged; specify the instruments (executed on or after 1st May 1987) in relation to which the exemption is available; and provide for the certification requirements.

Regulation 1 provides the title and commencement date.

Regulation 2 provides the conditions for the exemption.

Regulation 3 provides for the requirements for the certificate and the conditions which have to be fulfilled.

Regulation 4 introduces the Schedule which specifies the instruments which may qualify for the exemption provided by regulation 2.

Regulation 5 dispenses with the requirement of adjudication in accordance with section 12 of the Stamp Act 1891 as required by sections 82(5) and 84(9) of the Finance Act 1985.