Link Report

(1) The amount of stamp duty chargeable under or by reference to paragraphs (1) to (6) 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 (i) to (vi) 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 (1) or clause (i) applies, to nil, and where—

(a) any instrument to which section 92 applies, or

(b) any instrument, other than one to which section 92 applies, which contains a statement, in such form as the Commissioners may specify, certifying that—

(3) Where subsection (1) applies to an instrument and at any time during the period referred to in section 92(1)(b)(ii) or in subsection (2)(b)(ii) of this section, some person, other than by virtue of a title prior to that of the purchaser some person, other than a person referred to in clause (I) or (II) of subsection (2)(b)(ii), derives any rent or payment in the nature of rent for the use of the dwellinghouse or apartment concerned, or of any part of it, the purchaser, or where there be more than one purchaser, each such purchaser, shall—

(4) Where the instrument is one to which this section and section 92 applies—

(a) the reference in subsection (3) to the amount of duty which would have been charged in the first instance shall be construed as a reference to the duty which would have been charged had the relief under section 92 continued to apply, and

(b) the reference to the amount of duty which was actually charged in subsection (2)(a) of section 92 shall be construed as a reference to the duty which would have been charged had the relief under this section been denied,

and the penalty referred to in subsection (3) shall be in addition to any penalty payable under section 92.

(6) Notwithstanding subsection (2), this section shall not apply to an instrument to which section 92B applies.

(a) jointly and severally become liable to pay to the Commissioners a penalty equal to the difference between the amount of the duty which would have been charged in the first instance if the dwellinghouse or apartment had been conveyed or transferred or leased by an instrument to which subsection (1) had not applied and the amount of duty which was actually charged together with interest on that amount charged at a rate of 1 per cent per month or part of a month 0.0322 per cent for each day or part of a day interest charged on that amount, calculated in accordance with section 159D, from the date when the rent or payment is first received to the date the penalty is remitted, and