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(a) the person transferring or vesting the estate or interest ("B") is connected with A; or
(b) some or all of the consideration for the transfer or vesting consists of the issue or transfer of shares in a company with which B is connected.
(2) For the purposes of Part I of Schedule 13 to the Finance Act 1999, an instrument transferring or vesting the estate or interest shall be taken to be a transfer on sale of the estate or interest.
(3) If for those purposes the amount or value of the consideration for the transfer on sale of the estate or interest would, apart from this paragraph, be less than the value determined under paragraph (4), the consideration shall be taken for those purposes to be the value determined under paragraph (4).
(4) That value is--
(a) the market value of the estate or interest immediately before the execution of the instrument transferring or vesting it; but
(5) Where--
(a) apart from this Resolution, an instrument would be chargeable to stamp duty in accordance with the Resolution of the House (Stamp duty: land transferred etc for other property) of 27th March 2000, and
(b) apart from that Resolution, the instrument would be chargeable to stamp duty in accordance with this Resolution,
the stamp duty chargeable on the instrument shall be determined in accordance with this Resolution (instead of that Resolution).
(6) This Resolution applies only if, in consequence of its application, the instrument transferring or vesting the estate or interest is chargeable with a greater amount of stamp duty than it would be apart from this Resolution and that Resolution.
(7) For the purposes of this Resolution, the market value of property at any time is the price which that property might reasonably be expected to fetch on a sale at that time in the open market.
(8) In this Resolution--
"company" means any body corporate;
"shares" includes stock and the reference to shares in a company includes a reference to securities issued by a company.
(9) For the purposes of this Resolution, the question whether any person is connected with another shall be determined in accordance with the provisions of section 839 of the Income and Corporation Taxes Act 1988.
(10) This Resolution shall be construed as one with the Stamp Act 1891.
(11) This Resolution applies to instruments executed on or after 28th March 2000.
(12) But this Resolution does not apply to an instrument giving effect to a contract made on or before 21st March 2000, unless--
(a) the instrument is made in consequence of the exercise after that date of any option, right of pre-emption or similar right; or
(b) the instrument transfers the property in question to, or vests it in, a person other than the purchaser under the contract, because of an assignment (or, in Scotland, assignation) or further contract made after that date.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of section 50 of the Finance Act 1973.
57. Stamp Duty (Grant of Lease to Connected Company)
- That the following provisions shall have effect for the period beginning 28th March 2000 and ending 31 days after the earliest of the dates mentioned in section 50(2) of the Finance Act 1973--
(1) This Resolution applies where a lease is granted to a company ("A") and--
(a) the person granting the lease ("B") is connected with A; or
(b) some or all of the consideration for the grant of the lease consists of the issue or transfer of shares in a company with which B is connected.
(2) Paragraph (3) has effect for the purposes of stamp duty chargeable under Part II of Schedule 13 to the Finance Act 1999 by reference to Part I of that Schedule.
(3) If, apart from this paragraph, the amount or value of the consideration for the grant would be less than the value determined under paragraph (4), the consideration shall be taken to be the value determined under paragraph (4).
(4) That value is--
(b) reduced by the value of so much of any actual consideration as does not consist of property.
(5) This Resolution applies only if, in consequence of its application, the lease is chargeable with a greater amount of stamp duty than it would be apart from this Resolution.
(6) For the purposes of this Resolution, the market value of property at any time is the price which that property might reasonably be expected to fetch on a sale at that time in the open market.
(7) In this Resolution--
"company" means any body corporate;
"shares" includes stock and the reference to shares in a company includes a reference to securities issued by a company.
(8) For the purposes of this Resolution, the question whether any person is connected with another shall be determined in accordance with the provisions of section 839 of the Income and Corporation Taxes Act 1988.
(9) This Resolution shall be construed as one with the Stamp Act 1891.
(10) This Resolution applies to instruments executed on or after 28th March 2000.
(11) But this Resolution does not apply to an instrument giving effect to a contract made on or before 21st March 2000, unless--
(a) the instrument is made in consequence of the exercise after that date of any option, right of pre-emption or similar right; or
(b) the instrument transfers the property in question to, or vests it in, a person other than the purchaser under the contract, because of an assignment (or, in Scotland, assignation) or further contract made after that date.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of section 50 of the Finance Act 1973.
58. Stamp Duty (Marketable Securities Transferred etc. for Exempt Property)
- That the following provisions shall have effect for the period beginning 28th March 2000 and ending 31 days after the earliest of the dates mentioned in section 50(2) of the Finance Act 1973--
(1) Paragraph (2) applies where--
- (2) For the purposes of Part I of Schedule 13 to the Finance Act 1999, the instrument transferring the marketable securities shall be taken to be a transfer on sale of those securities.
(3) If the amount or value of the consideration for that transfer on sale would (apart from this paragraph) exceed the market value of the marketable securities immediately before the execution of the instrument transferring them, the amount or value of the consideration shall be taken to be equal to that market value.
For this purpose the market value of property at any time is the price which that property might reasonably be expected to fetch on a sale at that time in the open market.
(4) Paragraph (2) has effect even though--
(a) the transfer of the marketable securities is the whole or part of the consideration for a sale of the other property; or
(b) the transaction is by way of exchange.
(5) Paragraph (2) does not affect any charge to stamp duty in respect of the same or any other instrument so far as it relates to the transfer of the other property.
(6) In this Resolution "qualifying property" means any debt due, stock or securities, to the extent that the debt, stock or securities are not chargeable securities, within the meaning of Part IV of the Finance Act 1986.
(7) This Resolution shall be construed as one with the Stamp Act 1891.
(8) This Resolution applies to instruments executed on or after 28th March 2000.
(9) But this Resolution does not apply to an instrument giving effect to a contract made on or before 21st March 2000, unless--
(a) the instrument is made in consequence of the exercise after that date of any option, right of pre-emption or similar right; or
(b) the instrument transfers the property in question to, or vests it in, a person other than the purchaser under the contract, because of an assignment (or, in Scotland, assignation) or further contract made after that date.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of section 50 of the Finance Act 1973.
59. Stamp Duty (Miscellaneous)
- That provision may be made--
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