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Amendment of Schedule 1 to Principal Act (stamp duties on instruments)
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77. (1) Schedule 1 to the Principal Act is amended—
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(a) in paragraph (5) under the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance”—
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(i) by inserting “of property that is land” after “inter vivos”,
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(ii) by substituting the following for subparagraph (a):
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“(a) the instrument is executed—
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(i) on or after 1 January 2015 and before 1 January 2016, or
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(ii) on or after 1 January 2016 and before 1 January 2018 and the individual by whom the property is being conveyed or transferred has not, at the date of the conveyance or transfer, attained the age of 67 years,
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(aa) the individual to whom the property is being conveyed or transferred is an individual—
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(i) who, from the date of conveyance or transfer and for a period of not less than 6 years thereafter—
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(I) farms the land, or
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(II) leases it for a period of not less than 6 years to an individual who farms the land,
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and
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(ii) who, in a case where subclause (I) applies—
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(I) is the holder of or, within a period of 4 years from the date of transfer or conveyance, will be the holder of, a qualification set out in Schedule 2, 2A or 2B to the Act, or
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(II) spends not less than 50 per cent of that individual’s normal working time farming land (including the land conveyed or transferred),
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(ab) in a case where subparagraph (aa)(i)(II) applies, the individual to whom the land is leased—
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(i) is the holder of or, within a period of 4 years from the date of transfer or conveyance, will be the holder of, a qualification set out in Schedule 2, 2A or 2B to the Act, or
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(ii) spends not less than 50 per cent of that individual’s normal working time farming land (including the land conveyed or transferred),
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(ac) the land is farmed on a commercial basis and with a view to the realisation of profits from that land, and”,
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and
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(iii) in subparagraph (b) by deleting “the instrument contains a certificate by the party to whom the property is being conveyed or transferred to the effect that”,
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and
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(b) by inserting the following paragraph after paragraph (5):
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“(5A) Where any of the conditions in paragraph (5) are not complied with, at the time of the conveyance or transfer or subsequently, paragraph (5) shall not apply, any additional duty shall be chargeable by reference to the rate of duty in paragraph (4) and the provisions of this Act, in relation to the delivering of returns, the charging of interest and (where appropriate) the incurring of a penalty shall apply from the date on which compliance with any such condition ceases.”.
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(2) This section comes into operation on 1 January 2015.
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