The Stamp Duty Land Tax (Variation of Part 4 of the Finance Act 2003) Regulations 2008

Made: 2nd September 2008

Laid before the House of Commons: 2nd September 2008

Coming into force: 3rd September 2008

Accordingly, the Treasury make the following Regulations in exercise of the power conferred by section 109 of the Finance Act 2003¹.

Citation, commencement and effect

1

• (1) These Regulations may be cited as the Stamp Duty Land Tax (Variation of Part 4 of the Finance Act 2003) Regulations 2008 and shall come into force on 3rd September 2008.

• (2) These Regulations shall have effect in relation to transactions with an effective date—

• (a) on or after 3rd September 2008, and

• (b) before 3rd September 2009.

Variation of Part 4 of the Finance Act 2003

2

In section 77A(1) of the Finance Act 2003 (exceptions from notification for certain acquisitions of major interests in land)² in item 1 after “Schedule 3” insert “other than an acquisition which is exempt by virtue of any regulations made under paragraph 5 of that Schedule”.

Signed

Steve McCabe — Alan Campbell — Two of the Lords Commissioners of Her Majesty’s Treasury — 2nd September 2008

Explanatory note

(This note is not part of the Regulations)

EXPLANATORY NOTE

These Regulations vary Part 4 of the Finance Act 2003 (stamp duty land tax) so as to provide that acquisitions which are exempt from charge by virtue of regulations made under paragraph 5 of Schedule 3 to that Act are not excepted from notification. The Stamp Duty Land Tax (Exemption of Certain Acquisitions of Residential Property) Regulations 2008 (SI 2008/2339) which come into force on the same day as these Regulations are made under that power.

A full and final Impact Assessment has not been produced for this instrument as a negligible impact on the private or voluntary sectors is foreseen.

Footnotes