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22 Mar 2005 : Column 849
(1) In subsection (2) of section 55 of the Finance Act 2003, in Table A, for "£60,000" in both places there shall be substituted "£120,000".
(2) In paragraph 2(3) of Schedule 5 to that Act, in Table A, for "£60,000" in both places there shall be substituted "£120,000".
(3) In Schedule 13 to the Finance Act 1999, in paragraph 4, for "£60,000" in both places there shall be substituted "£120,000".
(4) Paragraphs (1) and (2) of this Resolution shall apply in relation to any transaction of which the effective date (within the meaning of Part 4 of the Finance Act 2003) is after 16th March 2005.
(5) Paragraph (3) of this Resolution shall apply in relation to instruments executed after 16th March 2005.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
(1) Schedule 6 to the Finance Act 2003 shall be amended in accordance with paragraphs (2) to (7) of this Resolution.
(2) In paragraph 3, after "if" there shall be inserted "(a)" and at the end there shall be inserted ", and
"This paragraph applies, where the land is partly non-residential property and partly residential property, in relation to the consideration attributable to land that is residential property.";
(b) in the second sentence of that sub-paragraph "land that is non-residential property or" shall be omitted;
(5) In paragraph 7(1) after "if" there shall be inserted "(a)" and at the end of that sub-paragraph there shall be inserted ", and
"This paragraph applies, where the land situated in a disadvantaged area is partly non-residential property and partly residential property, in relation to the consideration attributable to land that is residential property.";
(b) in the second sentence of that sub-paragraph "land that is non-residential property or" shall be omitted;
(8) The Stamp Duty (Disadvantaged Areas) (Application of Exemptions) Regulations 2003 shall be amended in accordance with paragraphs (9) and (10) of this Resolution.
" 2A Disapplication of exemptions conferred by section 92 or by Schedule 30 where all of land is non-residential property
An exemption conferred by section 92 or by Schedule 30 shall not apply where none of the land in question is residential property.".
" (3A) An exemption conferred by section 92 or by Schedule 30 shall not apply in relation to any duty chargeable in respect of relevant consideration, or the rate or average rate of rent, attributed to the land in question to the extent that it is not residential property.".
(11) Subject to paragraph (12) of this Resolution, paragraphs (1) to (7) of this Resolution shall apply in relation to any transaction of which the effective date is after 16th March 2005.
(a) in relation to any transaction that is effected in pursuance of a contract entered into and substantially performed on or before 16th March 2005, or
(b) (subject to paragraph (13) of this Resolution) in relation to any other transaction that is effected in pursuance of a contract entered into on or before that date.
(13) The exclusion by paragraph (12)(b) of this Resolution of transactions effected in pursuance of contracts entered into on or before 16th March 2005 shall not apply—
(a) if there is any variation of the contract or assignment of rights under the contract after that date,
(b) if the transaction is effected in consequence of the exercise after that date of any option, right of pre-emption or similar right, or
(c) if after that date there is an assignment, subsale or other transaction (relating to the whole or part of the subject-matter of the contract) as a result of which a person other than the purchaser under the contract becomes entitled to call for a conveyance to him.
(14) In this Resolution "effective date" and "substantially performed" have the same meaning as in Part 4 of the Finance Act 2003.
(15) Subject to paragraph (16) of this Resolution, paragraphs (8) to (10) of this Resolution shall apply in relation to instruments executed after 16th March 2005.
(16) Those paragraphs shall not apply in relation to an instrument giving effect to a contract entered into on or before 16th March 2005, 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 the Provisional Collection of Taxes Act 1968.
That provision may be made for successive substitutions of the Table in Schedule 1 to the Inheritance Tax Act 1984.
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