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| Surrender of leases. |
126. - (1) Where a lease is or has been surrendered or, in Scotland, renounced at any time, a document evidencing the surrender or renunciation shall be treated for the purposes of stamp duty as if it were a deed executed at that time effecting the surrender or renunciation.
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(2) Stamp duty shall be chargeable by virtue of subsection (1) on a document containing a statutory declaration, notwithstanding anything in rule 316(1) of the Land Registration Rules 1925 or any other provision of those Rules or of any other rules (whenever made) under section 144 of the S.R.& O. 1925/1093.Land Registration Act 1925.
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(3) Stamp duty shall not be chargeable by virtue of subsection (1) on any lease or agreement for a lease or with respect to any letting if the lease or agreement-
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(a) is made in consideration of the surrender or renunciation; and |
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(b) relates to the same subject matter as the lease surrendered or renounced. |
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(4) Stamp duty shall not be chargeable by virtue of subsection (1) on any document if a document falling within subsection (5) has been duly stamped.
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(5) The documents that fall within this subsection are-
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(a) a deed effecting the surrender or renunciation; |
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(b) an agreement which falls to be treated for the purposes of stamp duty as if it were such a deed; |
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(c) any document which falls to be so treated by virtue of subsection (1); and |
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(d) any lease or agreement falling within subsection (3). |
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(6) A land registrar shall regard a document which by virtue of subsection (4) is not chargeable to stamp duty by virtue of subsection (1) as not duly stamped unless-
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(a) it is stamped as if it were a deed effecting the surrender or renunciation; or |
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(b) it appears by some stamp impressed on it that the full and proper duty chargeable on such a deed has been paid on another document; or |
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(c) it appears by some stamp impressed on it that a lease or agreement falling within subsection (3) has been duly stamped; or |
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(d) the land registrar is aware of a document falling within subsection (5) which has been duly stamped. |
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(7) The documents which evidence the surrender or renunciation of a lease shall be taken to include an application, in consequence of the surrender or renunciation of the lease, for-
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(a) the making in a land register, or |
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(b) the removal from a land register, |
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of an entry relating to the lease.
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(8) In this section-
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(a) in relation to England and Wales, means the register kept under section 1 of the Land Registration Act 1925;
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(b) in relation to Scotland, means the Land Register of Scotland or the General Register of Sasines;
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(c) in relation to Northern Ireland, means the register maintained under section 10 of the Land Registration Act (Northern Ireland) 1970;
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(a) in relation to England and Wales, means the Chief Land Registrar or any other officer of Her Majesty's Land Registry exercising functions of the Chief Land Registrar;
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(b) in relation to Scotland, means the Keeper of the Registers of Scotland;
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(c) in relation to Northern Ireland, means the Registrar of Titles or any other official of the Land Registry exercising functions of the Registrar of Titles.
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(9) This section shall be construed as one with the Stamp Act 1891.
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(10) This section applies to documents relating to the surrender or renunciation of a lease on or after the day on which this Act is passed.
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| Abolition of duty on instruments relating to intellectual property. |
127. - (1) No stamp duty is chargeable on an instrument for the sale, transfer or other disposition of intellectual property.
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(2) In subsection (1) "intellectual property" means-
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(a) any patent, trade mark, registered design, copyright or design right, |
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(b) any plant breeders' rights and rights under section 7 of the Plant Varieties Act 1997, |
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(c) any licence or other right in respect of anything within paragraph (a) or (b), and |
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(d) any rights under the law of a country or territory outside the United Kingdom that correspond or are similar to those within paragraph (a), (b) or (c). |
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(3) Schedule 34 to this Act (which contains provisions supplementing this section) has effect.
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(4) This section and Schedule 34 shall be construed as one with the Stamp Act 1891.
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(5) This section applies to instruments executed on or after 28th March 2000.
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(6) This section shall be deemed to have come into force on that date.
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| Transfers to registered social landlords etc. |
128. - (1) No stamp duty shall be chargeable under Part I or II, or paragraph 16 of Part III, of Schedule 13 to the Finance Act 1999 on a conveyance or transfer of an estate or interest in land, or on a lease of land,-
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(a) to a qualifying landlord controlled by its tenants; |
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(b) to a qualifying landlord by a qualifying transferor; or |
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(c) to a qualifying landlord purchasing the estate or interest, or the grant of the lease, with the assistance of a public subsidy. |
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(2) For the purposes of this section the cases where a qualifying landlord is controlled by its tenants are those cases where the majority of the board members of the qualifying landlord are tenants occupying properties owned or managed by the qualifying landlord.
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(3) For the purposes of subsection (2) a "board member" means-
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(a) in relation to a qualifying landlord which is a company, a director of the company; |
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(b) in relation to a qualifying landlord which is a body corporate whose affairs are managed by its members, a member; |
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(c) in relation to a qualifying landlord which is a body of trustees, a member of that body of trustees; |
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(d) in relation to a qualifying landlord not falling within any of paragraphs (a) to (c), a member of the committee of management or other body to which is entrusted the direction of the affairs of the qualifying landlord. |
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(4) In subsection (3), "company" has the same meaning as in the Companies Act 1985 (see section 735(1) of that Act).
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(5) In this section "qualifying landlord" means-
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(a) in relation to England and Wales, any body registered as a social landlord in a register maintained under section 1(1) of the Housing Act 1996; |
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(b) in relation to Scotland- |
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(i) any housing association registered in the register maintained under section 3(1) of the Housing Associations Act 1985 by Scottish Homes; or
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(ii) any body corporate whose objects correspond to those of a housing association and which, pursuant to a contract with Scottish Homes, is registered in a register kept for the purpose by Scottish Homes;
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(c) in relation to Northern Ireland, any housing association registered in the register maintained under Article 14 of the Housing (Northern Ireland) Order 1992. |
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(6) In this section "qualifying transferor" means any of the following-
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(a) a qualifying landlord; |
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(b) a housing action trust established under Part III of the Housing Act 1988; |
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(c) a principal council, within the meaning of the Local Government Act 1972; |
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(d) the Common Council of the City of London; |
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(e) a council constituted under section 2 of the Local Government etc. (Scotland) Act 1994; |
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(g) the Department for Social Development in Northern Ireland; |
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(h) the Northern Ireland Housing Executive. |
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(7) In this section "public subsidy" means any grant or other financial assistance-
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(a) made or given by way of a distribution pursuant to section 25 of the National Lottery etc. Act 1993 (application of money by distributing bodies); |
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(b) under section 18 of the Housing Act 1996 (social housing grants); |
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(c) under section 126 of the Housing Grants, Construction and Regeneration Act 1996 (financial assistance for regeneration and development); |
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(d) under section 2 of the Housing (Scotland) Act 1988 (general functions of Scottish Homes); or |
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(e) under Article 33 of the Housing (Northern Ireland) Order 1992 (housing association grants). |
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(8) Where stamp duty would be chargeable on an instrument but for paragraph (c) of subsection (1), that subsection shall only have effect in relation to the instrument if the instrument is certified to the Board by the qualifying landlord concerned as being an instrument on which stamp duty is by virtue of that paragraph not chargeable.
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(9) An instrument on which stamp duty is not chargeable by virtue only of this section shall not be taken to be duly stamped unless-
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(a) it is stamped with the duty to which it would be liable but for this section; or |
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(b) it has, in accordance with section 12 of the Stamp Act 1891, been stamped with a particular stamp denoting that it is not chargeable with any duty. |
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(10) This section applies to instruments executed after the day on which this Act is passed.
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| The Northern Ireland Assembly Commission. |
129. - (1) Amend section 55 of the Finance Act 1987 (Crown exemption from stamp duty) as follows.
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(2) In subsection (1) (which specifies the bodies relieved from stamp duty)-
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(a) after "agreed to be made" insert "(a)"; |
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(b) after "Minister of the Crown or" insert "(b)"; and |
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(c) after "Treasury, or" insert "(c)". |
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(3) In subsection (1), after "National Assembly for Wales," insert "or
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(d) to the Northern Ireland Assembly Commission,". |
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(4) Subsection (3) has effect in relation to instruments executed on or after 28th March 2000.
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(5) This section shall be deemed to have come into force on 28th March 2000.
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| Loan capital where return bears inverse relationship to results. |
130. - (1) In section 79 of the Finance Act 1986 (loan capital), after subsection (7) insert-
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"(7A) Subsection (4) above shall not be prevented from applying to an instrument by virtue of subsection (6)(b) above by reason only that the loan capital concerned carries a right to interest which-
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(a) reduces in the event of the results of a business or part of a business improving, or the value of any property increasing, or |
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(b) increases in the event of the results of a business or part of a business deteriorating, or the value of any property diminishing.". |
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(2) For the purposes of stamp duty, subsection (1) above has effect where the instrument is executed on or after 21st March 2000.
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(3) For the purposes of stamp duty reserve tax, subsection (1) above has effect-
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(a) in relation to the charge to tax under section 87 of the Finance Act 1986, where- |
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(i) the agreement to transfer is conditional and the condition is satisfied on or after 21st March 2000, or
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(ii) the agreement is not conditional and is made on or after that date;
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(b) in relation to the charge to tax under section 93(1) of that Act, where securities are transferred, issued or appropriated on or after 21st March 2000 (whenever the arrangement was made); |
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(c) in relation to the charge to tax under section 96(1) of that Act, where securities are transferred or issued on or after 21st March 2000 (whenever the arrangement was made); |
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(d) in relation to the charge to tax under section 93(10) of that Act, where securities are issued or transferred on sale, under terms there mentioned, on or after 21st March 2000; |
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(e) in relation to the charge to tax under section 96(8) of that Act, where securities are issued or transferred on sale, under terms there mentioned, on or after 21st March 2000. |
