Section 55 | Reduced duty on conveyance or transfer on sale.

(1)Subject to subsections (1A) to (3) below and to the following provisions of this Part of this Act, the stamp duty chargeable under the heading “Conveyance or Transfer on sale” in Schedule 1 to the Stamp Act 1891 shall be charged by reference to the amount or value of the consideration for the sale at the following rates, that is to say—

(a)where the amount or value of the consideration is £60,000 or under and the instrument is certified, as described in section 34(4) of the Finance Act 1958, at £60,000, nil;

(b)where paragraph (a) above does not apply and—

(i)the amount or value of the consideration does not exceed £500, and

(ii)the instrument is certified as described in section 34(4) of the Finance Act 1958 at £250,000,

(c)where paragraph (a) above does not apply and—

(i)the amount or value of the consideration exceeds £500 but does not exceed £250,000, and

(ii)the instrument is certified as described in section 34(4) of the Finance Act 1958 at £250,000,

(d)where paragraphs (a) to (c) above do not apply and—

(i)the amount or value of the consideration does not exceed £500,000, and

(ii)the instrument is certified as described in section 34(4) of the Finance Act 1958 at £500,000,

(e)in any other case the rate of £3.50pfor every £100 or part of £100 of the consideration;

the rate of 50p for every £50 or part of £50 of the consideration;the rate of £1 for every £100 or part of £100 of the consideration;the rate of £2.50p for every £100 or part of £100 of the consideration; and

(1A)Repealed

(2)In relation to duty chargeable by reference to the heading mentioned in subsection (1) above by virtue of the heading “Lease or Tack” in the said Schedule 1 in a case where part of the consideration consists of rent and that rent exceeds £600 a year, subsection (1) above shall have effect as if(a)paragraph (a) and, in paragraphs (b) and (c), the words “paragraph (a) above does not apply and” were omitted. and

(b)in paragraph (d) for the words “paragraphs (a) to (c)” there were substituted the words “paragraphs (b) and (c)”.

(3)Nothing in this section shall affect any enactment imposing an upper limit on the amount of duty chargeable ad valorem.

(4)Repealed