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(a) the annual rent in relation to the transaction in question, or
(b) if that transaction is one of a number of linked transactions for which the chargeable consideration consists of or includes rent, the total of the annual rents in relation to all of those transactions.
(7) In sub-paragraph (6), the “annual rent” means the average annual rent over the term of the lease or, if—
(a) different amounts of rent are payable for different parts of the term, and
(b) those amounts (or any of them) are ascertainable at the effective date of the transaction,
the average annual rent over the period for which the highest ascertainable rent is payable.
(8) In this paragraph, “relevant land” has the meaning given in section 55(3) and (4).”
(4) Each of the following provisions of Schedule 6 to that Act (SDLT: disadvantaged areas relief) is amended in accordance with paragraph (5) of this Resolution—
(a) paragraph 5(4) (residential land wholly situated in disadvantaged area),
(b) paragraph 6(6) (mixed land wholly situated in disadvantaged area),
(c) paragraph 9(4) (residential land partly situated in disadvantaged area), and
(d) paragraph 10(6) (mixed land wholly partly situated in disadvantaged area).
(5) In those provisions—
(a) in paragraph (a), omit sub-paragraph (i) (and the “and” after it), and
(b) omit paragraph (b).
(6) In paragraph 12 of that Schedule (rent and annual rent) for “9(2)” substitute “9A”.
(7) In Schedule 8 to that Act (SDLT: charities relief) in paragraph 3—
(a) in sub-paragraph (3)(b), for “does not exceed £600” substitute “is less than £1,000”, and
(b) in sub-paragraph (5), for “9(2)” substitute “9A”.
(8) In Schedule 15 to that Act (SDLT: partnerships)—
(a) in paragraph 11(2B)(a), for “9(2A)” substitute “9A(6)”,
(b) in paragraph 19(2B), for “9(2A)” substitute “9A(6)”, and
(c) in paragraph 23(3)(c), for “9(2)” substitute “9A”.
(9) In Schedule 17A to that Act (SDLT: further provisions relating to leases) in paragraph 18A(5)(a)—
(a) for “9(2)” substitute “9A”,
(b) for “the Tables” substitute “Table B”, and
(c) for “the relevant rental figure exceeds £600” substitute “the relevant rent attributable to non-residential property is not less than £1,000”.
(10) The amendments made by this Resolution have effect in relation to transactions with an effective date on or after 12 March 2008.
And it is 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.
44. Stamp duty land tax (withdrawal of group relief)
That—
(1) Part 1 of Schedule 7 to the Finance Act 2003 (group relief) is amended as follows.
(2) In paragraph 3(5), for “paragraph 4” substitute “paragraphs 4 and 4ZA”.
(3) In paragraph 4 (cases in which group relief not withdrawn)—
(a) omit sub-paragraphs (2) and (3), and
(b) in sub-paragraph (5), for “sub-paragraphs (3) and (4)” substitute “sub-paragraph (4)”.
(4) After that paragraph insert—
“Group relief not withdrawn where vendor leaves group
(1) 4ZA Group relief is not withdrawn under paragraph 3 where the purchaser ceases to be a member of the same group as the vendor because the vendor leaves the group.
(2) The vendor is regarded as leaving the group if the companies cease to be members of the same group by reason of a transaction relating to shares in—
(a) the vendor, or
(b) another company that—
(i) is above the vendor in the group structure, and
(ii) as a result of the transaction ceases to be a member of the same group as the purchaser.
(3) For the purpose of sub-paragraph (2) a company is “above” the vendor in the group structure if the vendor, or another company that is above the vendor in the group structure, is a 75% subsidiary of the company.
(4) But if there is a change in the control of the purchaser after the vendor leaves the group, paragraphs 3, 4(6) and (7), 5 and 6 have effect as if the purchaser had then ceased to be a member of the same group as the vendor.
(5) For the purposes of this paragraph there is a change in the control of the purchaser if—
(a) a person who controls the purchaser (alone or with others) ceases to do so,
(b) a person obtains control of the purchaser (alone or with others), or
(c) the purchaser is wound up.
(6) For the purposes of sub-paragraph (5) a person does not control, or obtain control of, the purchaser if that person is under the control of another person or other persons.
(7) In this paragraph references to “control” shall be interpreted in accordance with section 416 of the Taxes Act 1988 (subject to sub-paragraph (6)).”
(5) In paragraph 4A(1) (withdrawal of group relief in certain cases involving successive transactions), in the words following paragraph (d), for “and 4” substitute “, 4 and 4ZA”.
(6) The amendments made by this Resolution have effect—
(a) in relation to transactions with an effective date on or after 13 March 2008, and
(b) (subject to paragraph (7)) in relation to transactions with an effective date before that day if, on or after that day, there is a change in the control of the purchaser (within the meaning of paragraph 4ZA(5) of Schedule 7 to the Finance Act 2003, inserted by this Resolution).
(7) The amendments made by this Resolution do not have effect by virtue of paragraph (6)(b) where the change of control takes place in pursuance of a contract entered into before 13 March 2008.
And it is 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.
45. Stamp duty (exemption from ad valorem duty for low value transactions)
That the following provisions shall have effect for the period beginning with 19 March 2008 and ending 31 days after the earliest of the dates mentioned in section 50(2) of the Finance Act 1973—
(1) Paragraph 1 of Schedule 13 to the Finance Act 1999 (charge to stamp duty on conveyance or transfer on sale) is amended as follows.
(2) In sub-paragraph (3), for “(4)” substitute “(3A)”.
(3) After that sub-paragraph insert—
“ (3A) Stamp duty is not chargeable under sub-paragraph (1) on a transfer of stock or marketable securities where—
(a) the amount or value of the consideration for the sale is £1,000 or under, and
(b) the instrument is certified at £1,000.”
(4) In paragraph 6(1) of that Schedule (meaning of instrument being certified at an amount), for “paragraph” substitute “paragraphs 1(3A) and”.
(5) The amendments made by this Resolution have effect in relation to instruments executed on or after 13 March 2008 and not stamped before 19 March 2008.
(6) For the purposes of section 14(4) of the Stamp Act 1891 (instruments not to be given in evidence etc unless stamped in accordance with the law in force at the time of first execution), the law in force at the time of execution of an instrument—
(a) executed on or after 13 March 2008 but before 19 March 2008, and
(b) not stamped before 19 March 2008,
shall be deemed to be the law as varied in accordance with this Resolution.
And it is 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.
Stamp duty (abolition of fixed 46. duty on certain instruments)
That the following provisions shall have effect for the period beginning with 19 March 2008 and ending 31 days after the earliest of the dates mentioned in section 50(2) of the Finance Act 1973—
(1) In section 129(1) of the Finance Act 1982 (exemption from duty on grants, transfers to charities etc), omit “, or paragraph 16,”.
(2) Part 3 of the Finance Act 1985 (stamp duty) is amended as follows.
(3) In section 83 (transfers in connection with divorce, dissolution of civil partnership, etc), omit subsection (2) (fixed duty).
(4) In section 84 (death: varying dispositions, and appropriations)—
(a) omit subsections (8) and (9) (fixed duty and adjudication), and
(b) in subsection (11) (commencement), omit from “and,” to “subsection (8) above”.
(5) Part 3 of the Finance Act 1986 (stamp duty) is amended as follows.
(6) In section 66 (company’s purchase of own shares), omit subsection (2A) (fixed duty).
(7) In section 67 (stamp duty on certain transfers to depositary receipt systems)—
(a) in subsection (1), after “instrument” insert “(other than a bearer instrument)”,
(b) in subsection (3), for the words from the beginning to “then,” substitute “In any other case—
(a) stamp duty is chargeable on the instrument under this subsection, and
(b) ”,
(c) in subsection (9) (transfer of securities between depositary receipt systems), for “the stamp duty chargeable on the instrument is £5” substitute “stamp duty is not chargeable on the instrument”, and
(d) after subsection (9) insert—
“ (9A) In this section “bearer instrument” has the meaning given in paragraph 3 of Schedule 15 to the Finance Act 1999.”
(8) In section 70 (stamp duty on certain transfers to a clearance system)—
(a) in subsection (1), after “instrument” insert “(other than a bearer instrument)”,
(b) in subsection (3), for the words from the beginning to “then,” substitute “In any other case—
(a) stamp duty is chargeable on the instrument under this subsection, and
(b) ”,
(c) in subsection (9) (transfer of securities between clearance systems), for “the stamp duty chargeable on the instrument is £5” substitute “stamp duty is not chargeable on the instrument”, and
(d) after subsection (9) insert—
“ (9A) In this section “bearer instrument” has the meaning given in paragraph 3 of Schedule 15 to the Finance Act 1999.”
(9) In section 72A(1) (transfer of securities between depositary receipt system and clearance system), for paragraph (b) substitute—
“ (b) stamp duty is not chargeable on the instrument.”
(10) In Part 3 of the Finance Act 1987 (stamp duty and stamp duty reserve tax)—
(a) in section 50(1) (warrants to purchase Government stock, etc), omit “, or paragraph 16”, and
(b) in section 55(1) (Crown exemption), omit “, or paragraph 16”.
(11) Schedule 13 to the Finance Act 1999 (instruments chargeable to stamp duty and rates of duty) is amended as follows.
(12) In paragraph 1(5) (treasury shares), for the words from “any instrument” to the end substitute “sub-paragraph (1) does not apply to any instrument to which sub-paragraph (6) applies.”
(13) In Part 3 (other instruments chargeable to stamp duty and rates of duty) omit—
(a) paragraph 16 (fixed duty on transfer otherwise than on sale) and the heading before it,
(b) paragraph 17 (fixed duty on declaration of use or trust) and the heading before it,
(c) paragraph 18(2) (fixed duty on disposition of certain property in Scotland),
(d) paragraph 19(1) (fixed duty on duplicate or counterpart),
(e) paragraph 21(3) (fixed duty on partition or division),
(f) paragraph 22 (fixed duty on release or renunciation) and the heading before it, and
(g) paragraph 23 (fixed duty on surrender) and the heading before it.
(14) Schedule 15 to the Finance Act 1999 (stamp duty: bearer instruments) is amended as follows.
(15) Omit paragraph 6 (fixed duty on instrument given in substitution for a like instrument stamped ad valorem).
(16) At the beginning of Part 2 (exemptions) insert—
“Substitute instruments
12A (1) Stamp duty is not chargeable on a substitute instrument.
(2) A substitute instrument is a bearer instrument given in substitution for a like instrument stamped ad valorem (whether under this Schedule or otherwise) (“the original instrument”).
(3) The substitute instrument shall not be treated as duly stamped unless it appears by some stamp impressed on it that the full and proper duty has been paid on the original instrument.”
(17) In paragraph 20 (variation of original terms or conditions), for paragraph (b) substitute—
“ (b) has been stamped in accordance with paragraph 12A, or”.
(18) In paragraph 26 (instruments treated as duly stamped), omit paragraph (b) (and the “or” before it).
(19) Paragraphs (1) to (4), (10)(b) and (11) to (13) do not have effect in relation to an instrument effecting a land transaction or a duplicate or counterpart of such an instrument.
(20) In paragraph (19) “land transaction” has the same meaning as in Part 4 of the Finance Act 2003, except that it does not include a transfer of an interest in a property-investment partnership (within the meaning of Schedule 15 of that Act).
(21) The amendments made by this Resolution have effect in relation to instruments executed on or after 13 March 2008 and not stamped before 19 March 2008.
(22) For the purposes of section 14(4) of the Stamp Act 1891 (instruments not to be given in evidence etc unless stamped in accordance with the law in force at the time of first execution), the law in force at the time of execution of an instrument—
(a) executed on or after 13 March 2008 but before 19 March 2008, and
(b) not stamped before 19 March 2008,
shall be deemed to be the law as varied in accordance with this Resolution.
And it is 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.
47. Expenses of management of investment business (oil extraction etc)
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