SDLTM49500 | Commencement and transitional provisions

Stamp duty credit FA03/SCH19/PARA5

Where a Stamp Duty Land Tax transaction is effected in pursuance of a contract enteredinto before the implementation date for Stamp Duty Land Tax (1 December 2003), credit isgiven in computing the Stamp Duty Land Tax payable for any ad valorem stamp duty paid onthe contract (but not so as to give rise to any repayment) by virtue of FA03/SCH19/PARA5).

Pre-implementation contracts for land transactions subject to ad valorem stamp duty are

• agreements for leases

• contracts for sale chargeable under FA02/S115 (consideration in excess of £10 million)