5. Stamp Duty (Gifts Inter Vivos)

Orders of the Day — Budget Resolutions and Economic Situation – in the House of Commons at 9:28 pm on 25th March 1985.

Alert me about debates like this

Motion made, and Question,That the following provisions shall have effect for the period beginning 26th March 1985 and ending 31 days after the earliest of the dates mentioned in section 50(2) of the Finance Act 1973—(1) The stamp duty chargeable by virtue of section 74 of the Finance (1909–10) Act 1910 (gifts inter vivos) is abolished.(2) In section 58(7) of the Stamp Act 1891 (valuation by reference to value for purposes of section 74 of 1910 Act) for the words from "the value" to the end there shall be substituted "the value at any time of any property, that value shall be taken to be the price which the property might reasonably be expected to fetch on a sale at that time in the open market.(3) An instrument—

  1. (a) in respect of which stamp duty would be chargeable by virtue of section 74 of the 1910 Act apart from paragraph (1) above, and
  2. (b) on which stamp duty is not chargeable under the heading "Conveyance or Transfer on Sale" in Schedule 1 to the Stamp Act 1891,
shall not be deemed to be duly stamped unless it has, in accordance with section 12 of the 1891 Act, been stamped with a particular stamp denoting that it is duly stamped or that it is not chargeable with any duty.(4) Paragraphs (1) to (3) above shall apply to—
  1. (a) instruments executed on or after 26th March 1985, and
  2. (b) instruments executed on or after 19th March 1985 which are stamped on or after 26th March 1985.
(5) 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 falling within paragraph (4)(b) above shall be deemed to be that as varied in accordance with this Resolution.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 — [Mr. Lawson].put forthwith pursuant to Standing Order No. 114 (Ways and Means motions), and agreed to.