Section 114 | Rates: conveyance or transfer on sale.

(1)In Schedule 13 to the Finance Act 1999 (instruments chargeable and rates of duty), in Part I (conveyance or transfer on sale), in the third column of the table in paragraph 4—

(a)in the third entry, for “2.5%" substitute “ 3% ”; and

(b)in the fourth entry, for “3.5%" substitute “ 4% ”.

(2)This section applies to instruments executed on or after 28th March 2000.

(3)But this section 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.

(4)This section shall be deemed to have come into force on 28th March 2000.