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In the case specified in section 37, see that section.

Instrument which contains a statement certifying exchange which is not an exchange which is specified in section 37.

Where, Notwithstanding section 37, where, in connection with, or in contemplation of, a sale of property, a sale of property, or an exchange of property within the meaning of section 37, as the case may be, the vendor the vendor, or the transferor, as the case may be, enters into—

Where, Notwithstanding section 37, where, in connection with, or in contemplation of, a sale of property, a sale of property, or an exchange of property within the meaning of section 37, as the case may be, the vendor the vendor, or the transferor, as the case may be, enters into—

(4) Notwithstanding section 37—

(i) the duty that would have been charged by virtue of section 37 on the value of such relevant land (being all the relevant land, the subject of the exchange of relevant land, conveyed or transferred to that person), if such relevant land had been conveyed or transferred to that person or, where there is more than one such person, each such person, by an instrument to which this section had not applied, and

(I) 125 per cent of the duty which would have been charged on the instrument or, as the case may be, the instruments, effecting the exchange of relevant land by virtue of section 37 on the value of such relevant land conveyed or transferred to such person or persons, had all the facts been truthfully declared, and

(i) 125 per cent of the duty which would have been charged on the instrument or, as the case may be, the instruments, effecting the exchange of relevant land by virtue of section 37 on the value of such relevant land conveyed or transferred to such person or persons, had subsection (2) not applied to the instrument, and

(3) Notwithstanding section 37, stamp duty shall not be chargeable on an instrument to which this section applies in so far as the instrument effects the conveyance or transfer of an old house by an individual (whether alone or with other individuals) to a house builder.

(8) (a) Where relief from stamp duty arises under this section, on the first occurrence of either of the events specified in paragraph (c), the house builder shall become liable to pay the Commissioners an amount (in this subsection referred to as a “clawback”) equal to the amount of the duty that would have been charged on the instrument by virtue of section 37, in respect of the conveyance or transfer of the old house to the house builder, together with interest charged on that amount, calculated in accordance with section 159D, from the date of the first occurrence of either of the said events to the date the clawback is paid.

then, where a false certificate has been included in the instrument, the house builder shall be liable to pay to the Commissioners a penalty in an amount equal to 125 per cent of the duty that would have been charged on the instrument by virtue of section 37, in respect of the conveyance or transfer of the old house to the house builder, had all the facts been truthfully certified, together with interest charged on that amount, calculated in accordance with section 159D, from the date the instrument was executed to the date the penalty is paid.