Finance Act, 1999

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PART 4

Stamp Duties

Chapter 1

General Provisions

Provision relating to First Schedule to Stamp Act, 1891.

140.—(1) (a) For the avoidance of doubt it is hereby declared that 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” in the First Schedule to the Stamp Act, 1891, shall be deemed always to have had effect (prior to the substitution made by section 7 (a) of the Finance (No. 2) Act, 1998 , but subsequent to the substitution made by section 117 (a) of the Finance Act, 1997 ) as if the following paragraph were substituted for the paragraph (8) which was inserted by section 117 (a) of the Finance Act, 1997 :

“(8) Of any other kind whatsoever not hereinbefore described by reference to a consideration for which a rate of duty has already been specified at paragraphs (1) to (7):

(b) For the avoidance of doubt it is hereby declared that the Heading “LEASE” in the First Schedule to the Stamp Act, 1891, shall be deemed always to have had effect (prior to the substitution made by section 7(b) of the Finance (No. 2) Act, 1998 , but subsequent to the substitution made by section 117 (b) of the Finance Act, 1997 ) as if the following clause were substituted for the clause (viii) of subparagraph (a) of paragraph (3) which was inserted by section 117 (b) of the Finance Act, 1997 :

“(viii) the case is of any other kind whatsoever not hereinbefore described by reference to a consideration for which a rate of duty has already been specified at clauses (i) to (vii):

(2) Subsection (1) shall not apply to an instrument in relation to which either of the Headings referred to at paragraph (a) or paragraph (b) of subsection (1) was the subject matter of an appeal under section 13 of the Stamp Act, 1891, being an appeal made before the 2nd day of March, 1999.