50. Reduction of Stamp Duty on Conveyances and Leases

Orders of the Day — Budget Resolutions and Economic Situation – in the House of Commons at 9:30 pm on 15th March 1982.

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Motion made, and Question,

That the following provisions shall have effect for the period beginning 22nd March 1982 and ending 31 days after the earliest of the dates mentioned in section 50(2) of the Finance Act 1973—

(1) In subsection (1) of section 55 of the Finance Act 1963 and in the Table in Part I of Schedule 11 to that Act (under which stamp duty is not chargeable on conveyances and transfers certified at £20, 000 and is chargeable at reduced rates on those certified at £25, 000, £30, 000 and £35, 000 and in subsection (1) of section 4 of the Finance Act (Northern Ireland) 1963 and in the Table in Part I of Scedule 1 to that Act (which makes similar provision for Northern Ireland)) for "£20, 000", "£25, 000", "£30, 000" and "£35, 000", wherever occurring, there shall be substituted respectively "£25, 000", "£30, 000", "£35, 000" and "£40, 000".

(2) In subsection (2) of the said section 55 and of the said section 4 (under which the relief afforded by subsection (1) of those sections is not available as respects the duty chargeable in respect of the premium for a lease if the consideration includes rent exceeding £250 a year) for "£250" there shall be substituted "£300".

(3) In the heading "Lease or Tack" in Schedule 1 to the Stamp Act 1891 as it applies throughout the United Kingdom—

  1. (a) in paragraph (2)(a) (duty where definite term less than a year of furnished dwelling-house and rent exceeds £400) for "£400" there shall be substituted "£500", and
  2. (b) in the Table in paragraph (3) (which provides for duty on rent in the case of any other term and the first column of which indicates the rent, the second column the duty where the term does not exceed 7 years or is indefinite, the third column the duty where the term exceed 7 years but not 35 years, the fourth column the duty where the term exceeds 35 years but not 100 years and the fifth column the duty where the term exceeds 100 years) for the last entry there shall be substituted—

Exceeding £400 and not exceeding £450Nil9·0054·00108·00
Exceeding £450 and not exceeding £500Nil10·0060·00120·00
Exceeding £500 for any full sum of £50 and also for any fractional part thereof.0·501·0060·012·00"

(4) The foregoing provisions shall apply to instruments executed on or after 22nd March 1982.

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.— [Sir Geoffrey Howe.]

put forthwith pursuant to Standing Order No. 94 (Ways and Means motions), and agreed to.