Revenue Note for Guidance

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Revenue Note for Guidance

Section 131 Conditions and agreements as to stamp duty void

This section provides that the following are void:

  • any condition of sale the purpose of which is to preclude objection to the title to the property being sold on the grounds that the proper amount of stamp duty has not been paid.

Example

A sold his house to B but B did not pay the correct amount of duty on the conveyance. Subsequently, B agreed to sell the house to C. B included a condition of sale to the effect that C could not insist on the conveyance from A to B being correctly stamped. As this condition is void the effect is that B will have to pay the full amount of duty due before he can pass good title to C.

  • any agreement to assume the stamp duty liability of another person or to indemnify another person against the non-payment of stamp duty.

Example

A asks B, the registrar of a company, to register a transfer of shares which has not been duly stamped. A agrees with B that A will compensate B for the stamp duty liability if it ever comes to light. B will not be able to enforce this indemnity because it is void.

Relevant Date: Finance Act 2014