"Table — 62. Landfill Tax (Rate) — 27 Mar 2000

Resolved,

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) In Part II of Schedule 13 to the Finance Act 1999--

(a) in paragraph 11, in paragraph 1 of the table, and

(b) in paragraph 12(3), in paragraphs 1(a) and (b) of the table,

for "£500" there shall be substituted "£5,000".

(2) This Resolution has effect in relation to instruments executed on or after 28th March 2000.

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.

Resolved,

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) In paragraph 12(3) of Schedule 13 to the Finance Act 1999, in paragraph 1 of the Table, for "less than 7 years" substitute "not more than 7 years".

(2) Subject to paragraphs (4) to (13), paragraph (1) applies to instruments executed on or after 1st October 1999.

(3) Paragraphs (4) to (13) apply to--

(a) leases of land for a term of seven years, and

(b) agreements for leases of land for a term of seven years,

executed on or after 1st October 1999 and before the commencement date.

(4) An instrument to which this paragraph applies which is stamped with the appropriate amount of duty is duly stamped, whenever it was executed.

(5) An instrument to which this paragraph applies which--

(a) immediately before the commencement date was duly stamped, but

(b) was stamped with less than the appropriate amount of duty,

ceases to be duly stamped on the commencement date.

(6) Paragraph (5) applies even if the instrument has been stamped in accordance with section 12(5) of the Stamp Act 1891 with a stamp denoting that it is duly stamped.

(7) If an instrument ceases to be duly stamped on the commencement date as a result of paragraph (5)--

(a) section 12(6) of the Stamp Act 1891 does not apply to it at any time when it is not duly stamped, and

(b) section 14(1) of that Act does not apply to it at any time when it is not duly stamped, unless the unpaid duty and any interest or penalty is paid in accordance with that subsection.

(8) Section 12A(1) of the Stamp Act 1891 does not prevent an instrument to which this paragraph applies which is stamped with less than the appropriate amount of duty from being stamped with additional duty.

(9) Section 14(4) of the Stamp Act 1891 applies in relation to an instrument to which this paragraph applies as if, as respects any time on or after the commencement date, the reference to the law in force at the time when it was executed were to the law in force on the commencement date.

(10) Paragraphs (12) and (13) apply for the purpose of applying sections 12 to 13B and 15 to 15B of the Stamp Act 1891 in relation to any additional duty chargeable on an instrument to which this paragraph applies.

(11) Those sections continue to apply without modification as respects any other stamp duty chargeable on the instrument.

(12) Those sections have effect as respects the additional duty as if--

(a) the additional duty were the only stamp duty chargeable on the instrument;

(b) the instrument had been executed on the commencement date; and

(c) in the case of an instrument executed outside the United Kingdom and first received in the United Kingdom before the commencement date, the instrument had been first received in the United Kingdom on the commencement date.

(13) Accordingly, those sections apply as respects additional duty as if--

(a) references to duty were to additional duty;

(b) references to stamping were to stamping with additional duty;

(c) references to an instrument's being stamped were to its being stamped with additional duty;

(d) references to an instrument's being duly stamped were to its being stamped with all the additional duty chargeable on it;

(e) references to an instrument's being unstamped were to its not being stamped with any additional duty;

(f) references to an instrument's being insufficiently stamped were to its being stamped with insufficient additional duty;

(g) references to adjudication, or an appeal, under any of those sections were to adjudication or an appeal under the section in question as it has effect as respects additional duty; and

(h) references to the maximum penalty were to the maximum penalty as respects additional duty.

(14) In this Resolution--

Resolved,

That provision may be made authorising the variation of existing stamp duties by regulations.

55. Stamp Duty (Land Transferred etc. for Other Property)

Resolved,

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--

(a) an instrument transferring or vesting an estate or interest in land would not, apart from this Resolution, be or fall to be treated as a conveyance or transfer on sale for the purposes of stamp duty; but

(b) the transfer or vesting of the estate or interest is for consideration; and

(c) the consideration is or includes any property ("the other property").

(2) For the purposes of Part I of Schedule 13 to the Finance Act 1999, the instrument transferring or vesting the estate or interest shall be taken to be a transfer on sale of the estate or interest.

(3) If--

(a) the other property is or includes one or more estates or interests in land, and

(b) ad valorem duty is chargeable on the conveyance or transfer of all or any of those estates or interests,

the amount of duty that would (apart from this paragraph) be chargeable in consequence of paragraph (2) on the transfer on sale there mentioned shall be reduced (but not below nil) by the total of the ad valorem duty chargeable as mentioned in paragraph (b).

(4) If, for the purposes of Part I of Schedule 13 to the Finance Act 1999, the amount or value of the consideration for the transfer on sale mentioned in paragraph (2) would (apart from this paragraph) exceed the market value of the estate or interest immediately before the execution of the instrument transferring or vesting it, the amount or value of the consideration shall be taken for those purposes to be equal to that market value.

(5) 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.

(6) Paragraph (2) has effect even though--

(a) the transfer or vesting of the estate or interest is the whole or part of the consideration for a sale of the other property; or

(b) the transaction is by way of exchange.

(7) 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.

(8) This Resolution is subject to paragraph (5) of the Resolution of the House (Stamp duty (transfer of land to connected company)) of 27th March 2000.

(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.

Resolved,

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 an estate or interest in land is transferred to or vested in a company ("A") and--

(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

(b) reduced by the value of so much of any actual consideration as does not consist of property.

(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--

(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.

Resolved,

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--

(a) the market value, immediately before the instrument granting the lease is executed, of the lease granted; but

(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--

(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.

Resolved,

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.

Resolved,

That provision may be made--

(a) amending section 55 of the Stamp Act 1891, section 42 of the Finance Act 1930, section 11 of the Finance Act (Northern Ireland) 1954, sections 75 and 76 of the Finance Act 1986 and section 151 of the Finance Act 1995; and

(b) about stamp duty on documents relating to the surrender or renunciation of leases.

Resolved,

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) No stamp duty is chargeable on an instrument for the sale, transfer or other disposition of intellectual property.

(2) Where stamp duty under Part I of Schedule 13 to the Finance Act 1999 is chargeable on an instrument and part of the property concerned consists of intellectual property--

(a) the consideration in respect of which duty would otherwise be charged shall be apportioned, on such basis as is just and reasonable, as between the part of the property which consists of intellectual property and the part which does not, and

(b) the instrument shall be charged only in respect of the consideration attributed to such of the property as is not intellectual property.

(3) Where part of the property referred to in section 58(1) of the Stamp Act 1891 consists of intellectual property, that provision shall have effect as if "the parties think fit" read "is just and reasonable".

(4) Where--

(5) In a case where paragraph (3) or (4) applies and the consideration is apportioned in a manner that is not just and reasonable, the enactments relating to stamp duty shall have effect as if--

(a) the consideration had been apportioned in a manner that is just and reasonable, and

(b) the amount of any distinct consideration set forth in any conveyance relating to a separate part or parcel of property were such amount as is found by a just and reasonable apportionment (and not the amount actually set forth).

"The enactments relating to stamp duty" means the Stamp Act 1891 and any enactment amending or which is to be construed as one with that Act.

(6) For the purposes of paragraph (4)--

(a) a person is a relevant person if he is a person by or for whom the property is contracted to be purchased;

(b) the question whether persons are connected with one another shall be determined in accordance with section 839 of the Income and Corporation Taxes Act 1988.

(7) Intellectual property shall be disregarded for the purposes of paragraph 6 of Schedule 13 to the Finance Act 1999.

(8) Any statement as mentioned in paragraph 6(1) of that Schedule shall be construed as leaving out of account any matter which is to be so disregarded.

(9) Section 12 of the Finance Act 1895 does not require any person who is authorised to purchase any property as mentioned in that section after 27th March 2000 to include any intellectual property in the instrument of conveyance required by that section to be produced to the Commissioners.

(10) If the property consists wholly of intellectual property no instrument of conveyance need be produced to the Commissioners under that section.

(11) Subject to paragraph (12), the preceding paragraphs of this Resolution apply to instruments executed on or after 28th March 2000.

(12) Paragraphs (9) and (10) apply where the Act mentioned in section 12 of the Finance Act 1895, and by virtue of which property is vested or a person is authorised to purchase property, is passed after 27th March 2000.

(13) In this Resolution "intellectual property" means--

(a) any patent, trade mark, registered design, copyright or design right,

(b) any plant breeders' rights and rights under section 7 of the Plant Varieties Act 1997,

(c) any licence or other right in respect of anything within paragraph (a) or (b), or

(d) any rights under the law of a country outside the United Kingdom that correspond or are similar to those within paragraph (a), (b) or (c).

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.

Resolved,

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) Section 55 of the Finance Act 1987 shall be amended as follows.

(2) In subsection (1)--

(3) In subsection (1), after "National Assembly for Wales," there shall be inserted "or

(d) to the Northern Ireland Assembly Commission,".

(4) Paragraph (3) has effect in relation to instruments executed on or after 28th March 2000.

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.

Motion made, and Question put,

That--

(1) In section 42 of the Finance Act 1996, in subsections (1)(a) and (2) for "£10" there shall be substituted "£11".

(2) This Resolution has effect in relation to taxable disposals made, or treated as made, on or after 1st April 2000.

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.

The House divided: Ayes 334, Noes 136.

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