Section 110 | Stamp duty abolished in certain cases.

(1)Where apart from this section stamp duty under any of the provisions of Schedule 13 to the Finance Act 1999 would be chargeable on an instrument, stamp duty shall not be so chargeable if the property consists entirely of exempt property.^F1

(5)For the purposes of this section exempt property is property other than—

(a)land,

(b)an interest in the proceeds of the sale of land held on trust for sale, or^F2

(c)a licence to occupy land.

(6)This section applies to—

(a)an instrument executed in pursuance of a contract made on or after the abolition day;

(b)an instrument which is not executed in pursuance of a contract and is executed on or after the abolition day.

(7)For the purposes of this section the abolition day is such day as may be appointed under section 111(1) of the Finance Act 1990 (abolition of stamp duty for securities etc).