Section 42 | The tax

(1)A tax (to be known as “stamp duty land tax”) shall be charged in accordance with this Part on land transactions.

(2)The tax is chargeable—

(a)whether or not there is any instrument effecting the transaction,

(b)if there is such an instrument, whether or not it is executed in the United Kingdom, and

(c)whether or not any party to the transaction is present, or resident, in the United Kingdom.

(3)The tax is under the care and management of the Commissioners of Inland Revenue (referred to in this Part as “the Board”).