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Amendment of Chapter 2 of Part 7 of Principal Act.
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113.—(1) Chapter 2 of Part 7 of the Principal Act is amended—
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(a) in section 92A by inserting the following subsections after subsection (6):
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“(7) Notwithstanding subsection (2), subsection (3) shall not apply to an instrument to which subsection (1) applied and which was executed before 6 December 2001 to the extent that any rent or payment in the nature of rent is derived on or after 6 December 2001, for the use of the dwellinghouse or apartment or any part of the dwellinghouse or apartment.
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(8) This section shall not apply to an instrument executed on or after 6 December 2001.”,
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(b) in section 92B by substituting the following for subsection (2):
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“(2) The amount of stamp duty chargeable under or by reference to paragraphs (2) to (5) of 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’ or clauses (ii) to (v) of paragraph (3)(a) of the Heading ‘LEASE’, as the case may be, in Schedule 1 on any instrument to which this section applies shall be reduced, where paragraph (2) or clause (ii) applies, to nil, and where—
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(a) paragraph (3) or clause (iii) applies, to an amount equal to three-fourths,
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(b) paragraph (4) or clause (iv) applies, to an amount equal to three and three quarter-fifths,
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(c) paragraph (5) or clause (v) applies, to an amount equal to four and one half-sixths,
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of the amount which would otherwise have been chargeable but where the amount so obtained is a fraction of €1 that amount shall be rounded down to the nearest €.”,
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and
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(c) by deleting section 92C.
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(2) (a) Paragraph (a) of subsection (1) is deemed to have applied as on and from 6 December 2001.
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(b) Paragraph (b) of subsection (1) has effect in relation to instruments executed on or after 6 December 2001 subject to substituting, in subsection (2) of section 92B (inserted by subsection (1)), “£1” for “€1” and “up to the nearest £” for “down to the nearest €” for instruments executed on or after 6 December 2001 and before 1 January 2002.
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(c) Paragraph (c) of subsection (1) has effect in relation to instruments executed on or after 6 December 2001.
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