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Finance Act 2005

Amendment of section 40 (calculation of ad valorem duty on stock and securities) of Principal Act.

116.—(1) Section 40 of the Principal Act is amended by substituting the following for subsection (2):

“(2) Where the consideration, or any part of the consideration, for a conveyance on sale of any property, consists of any security not being a marketable security, the conveyance shall be charged with ad valorem duty as a conveyance on sale of that property for a consideration equal to the value of that property on the date of execution of the conveyance.

(3) For the purposes of subsection (2) ‘property’ includes any estate or interest in property.”.

(2) This section applies as respects instruments executed on or after 2 March 2005.