Office of Public Sector Information
PART 4 continued
In this Part—
“assignment”, in Scotland, means assignation;
“completion”, in Scotland, means—
in relation to a lease, when it is executed by the parties (that is to say, by signing) or constituted by any means;
in relation to any other transaction, the settlement of the transaction;
“employee” includes an office-holder and related expressions have a corresponding meaning;
“jointly entitled” means—
in England and Wales, beneficially entitled as joint tenants or tenants in common,
in Scotland, entitled as joint owners or owners in common,
in Northern Ireland, beneficially entitled as joint tenants, tenants in common or coparceners;
“land” includes—
buildings and structures, and
land covered by water;
“registered social landlord” means—
in relation to England and Wales, a body registered as a social landlord in a register maintained under section 1(1) of the Housing Act 1996 (c. 52);
in relation to Scotland, a body registered in the register maintained under section 57 of the Housing (Scotland) Act 2001 (asp 10);
in relation to Northern Ireland, a housing association registered in the register maintained under Article 14 of the Housing (Northern Ireland) Order 1992 (S.I. 1992/1725 (N.I. 15));
“standard security” has the meaning given by the Conveyancing and Feudal Reform (Scotland) Act 1970 (c. 35);
“statutory provision” means any provision made by or under an Act of Parliament, an Act of the Scottish Parliament or any Northern Ireland legislation;
“surrender”, in Scotland, means renunciation;
“tax”, unless the context otherwise requires, means tax under this Part.
In this Part the expressions listed below are defined or otherwise explained by the provisions indicated—
| acquisition relief | Schedule 7, paragraph 8(1) |
| assignment (in Scotland) | section 121 |
| bare trust | Schedule 16, paragraph 1(2) |
| the Board (in relation to the Inland Revenue) | section 42(3) |
| chargeable consideration | section 50 and Schedule 4 |
| chargeable interest | section 48(1) |
| chargeable transaction | section 49 |
| charities relief | Schedule 8, paragraph 1(1) |
| closure notice | Schedule 10, paragraph 23(1) (in relation to a land transaction return); Schedule 11, paragraph 16(1) (in relation to a self-certificate) |
| company | section 100 (except as otherwise expressly provided) |
| completion (in Scotland) | section 121 |
| contingent (in relation to consideration) | section 51(3) |
| delivery (in relation to a land transaction return) | Schedule 10, paragraph 2(2) |
| discovery assessment | Schedule 10, paragraph 28(1) |
| effective date (in relation to a land transaction) | section 119 |
| employee | section 121 |
| exempt interest | section 48(2) to (5) |
| filing date (in relation to a land transaction return) | Schedule 10, paragraph 2(1) |
| implementation date | Schedule 19, paragraph 2(2) |
| the Inland Revenue | section 113 |
| jointly entitled | section 121 |
| land | section 121 |
| land transaction | section 43(1) |
| land transaction return | section 76(1) |
| lease (and related expressions) | section 120 |
| linked transactions | section 108 |
| main subject-matter (in relation to a land transaction) | section 43(6) |
| major interest (in relation to land) | section 117 |
| market value | section 118 |
| notice of enquiry | Schedule 10, paragraph 12(1) (in relation to a land transaction return); Schedule 11, paragraph 7(1) (in relation to a self-certificate) |
| notifiable (in relation to a land transaction) | section 77 |
| partnership (and related expressions) | Schedule 15, paragraphs 1 to 4 |
| purchaser | section 43(4) |
| rate of tax | section 55(7) |
| reconstruction relief | Schedule 7, paragraph 7(1) |
| registered social landlord | section 121 |
| residential property | section 116 |
| Revenue determination | Schedule 10, paragraph 25(1) |
| self-assessment | section 76(3)(a) |
| self-certificate | section 79(3)(b) |
| settlement | Schedule 16, paragraph 1(1) |
| standard security | section 121 |
| statutory provision | section 121 |
| subject-matter (in relation to a land transaction) | section 43(6) |
| substantial performance (in relation to a contract) | section 44(5) to (7) |
| surrender (in Scotland) | section 121 |
| tax | section 121 |
| uncertain (in relation to consideration) | section 51(3) |
| unit holder | section 101(4) |
| unit trust scheme | section 101(4) |
| vendor | section 43(4) |
(1) Schedule 18 contains certain amendments consequential on the provisions of this Part.
(2) The Treasury may by regulations make such other amendments and repeals as appear to them appropriate in consequence of the provisions of this Part.
(3) The regulations may, in particular, make such provision as the Treasury think fit for reproducing in relation to stamp duty land tax the effect of enactments providing for exemption from stamp duty.
Schedule 19 makes provision for and in connection with the coming into force of the provisions of this Part.
Finance Act 2003