Commentary

I3.602 Stamp duty and stamp duty land tax

IHT, trusts and estates

I3.602 Stamp duty and stamp duty land tax

I3.602 Stamp duty and stamp duty land tax

Ad valorem stamp duty on gifts inter vivos was abolished with effect from 26 March 19851. Fixed duty (50p until 30 September 1999 and £5 thereafter)2 and a requirement of adjudication remained applicable3, however. It was later provided by Statutory Instrument that any conveyance or transfer of property by way of gift made after 30 April 1987 was exempt from certain of the fixed stamp duty categories, and, perhaps more importantly, exempt from the requirement that it be submitted to the Stamp Office for adjudication4, if it was appropriately certified under the Stamp Duty (Exempt Instruments) Regulations 19875, unless it fell within one of the heads of fixed duty charge which were not covered by the exemption. The heads of fixed charge not covered by the exemption were:

  1.  

    •     Before 1 October 1999, declaration of use or trust unless the instrument constitutes a conveyance or transfer on sale. This fixed duty charge did not apply to a will. This fixed duty came to be covered by the exemption from 1 October 19996

  2.  

    •     Surrender of property unless the instrument constitutes a conveyance or transfer on sale7

  3.  

    •     Release or renunciation unless the instrument constitutes a conveyance or transfer on sale8.

Where a conveyance or transfer of property was for partial consideration it may have been subject to stamp duty as a conveyance or transfer of property on sale9. The instrument effecting it should have been adjudicated and it will have been liable to

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