Statutory Instrument 1996 No. 2348

The Stamp Duty (Production of Documents) (Northern Ireland) Regulations 1996

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© Crown Copyright 1996

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1996 No. 2348

TAXES

The Stamp Duty (Production of Documents) (Northern Ireland) Regulations 1996

The Commissioners of Inland Revenue, in exercise of the powers conferred on them by section 244(2) and section 245(1), (5) and (7) of the Finance Act 1994^[1], hereby make the following Regulations:

Citation and commencement
    1.    These Regulations may be cited as the Stamp Duty (Production of Documents) (Northern Ireland) Regulations 1996 and shall come into force on 4th November 1996.

Interpretation
    2.    In these Regulations unless the context otherwise requires—

"exempt instrument" shall be construed in accordance with regulation 4(1);

"grant", "lease" and "lessee" shall be construed in accordance with section 245(5) of the Finance Act 1994;

"long leasehold interest", in relation to a transaction, means a leasehold interest which, at the time of that transaction, was for a term of 25 years or more before expiry;

"registered land" has the meaning given by section 45(1) of the Interpretation Act (Northern Ireland), 1954^[2];

"relevant instrument" means an instrument which a transferee, lessee or proposed lessee is required to produce to the Commissioners of Inland Revenue under subsection (1) of section 244;

"section 244" means section 244 of the Finance Act 1994;

"short leasehold interest", in relation to a transaction, means a leasehold interest which, at the time of that transaction, was for a term of less than 25 years before expiry.

Prescribed particulars
    3.    The particulars to be given in a document produced pursuant to subsection (2) of section 244 are those prescribed by the Schedule to these Regulations.

Classes of exempt instrument
    4.—(1)  Paragraphs (2) and (3) prescribe classes of instrument which are exempt instruments for the purposes of section 245(1) of the Finance Act 1994.

    (2)  The class of instrument prescribed by this paragraph is any instrument effecting any transfer on sale of any freehold interest in land in Northern Ireland where the instrument has the characteristics specified in paragraph (4).

    (3)  The class of instrument prescribed by this paragraph is any instrument effecting any transfer on sale of any lease of land in Northern Ireland where the instrument has the characteristics specified in paragraph (4).

    (4)  The characteristics specified are that—
 (a) the instrument is executed on or after 4th November 1996;
 (b) by reason of the amount or value of the consideration for the transfer effected by the instrument, no stamp duty is chargeable on the instrument; and
 (c) the instrument is certified in accordance with section 7(4) of the Finance Act (Northern Ireland), 1958^[3].

Furnishing of documents relating to registered land
    5.—(1)  This regulation applies in the case of an exempt instrument which effects a transfer—
 (a) of land which is registered land, or
 (b) of land which is not registered land, and the case is one in which, as a result of the transfer, the first registration of the ownership of the land becomes compulsory by virtue of section 24 of the Land Registration Act (Northern Ireland) 1970^[4].

    (2)  The transferee shall produce to the Registrar of Titles with the exempt instrument such a document as is mentioned in subsection (2) of section 244 and contains the particulars prescribed by the Schedule to these Regulations; and the Registrar of Titles shall furnish that document to the Commissioner of Valuation for Northern Ireland.

    (3)  In paragraph (2) "the Registrar of Titles" shall be construed in accordance with section 1(4) of the Land Registration Act (Northern Ireland) 1970.

Furnishing of documents relating to unregistered land
    6.—(1)  This regulation applies in the case of an exempt instrument which effects a transfer of land which is not registered land, and the case is one in which, as a result of the transfer, the first registration of the ownership of that land does not become compulsory by virtue of section 24 of the Land Registration Act (Northern Ireland) 1970.

    (2)  The transferee shall produce to the Registrar of Deeds with the exempt instrument such a document as is mentioned in subsection (2) of section 244 and contains the particulars prescribed by the Schedule to these Regulations; and the Registrar of Deeds shall furnish that document to the Commissioner of Valuation for Northern Ireland.

    (3)  In paragraph (2) "the Registrar of Deeds" means the officer having the control and management of the registry of deeds; and "the registry of deeds" has the meaning given by section 46(2) of the Interpretation Act (Northern Ireland), 1954.

C W Corlett

G H Bush

Two of the Commissioners of Inland Revenue

9th September 1996

[1] 1994 c. 9. back

[2] 1954 c. 33 (N.I.). back

[3] 1958 c. 14 (N.I.); section 7(4) was amended, prospectively, by section 113(1) to (3) of the Finance Act 1991 (c. 31). back

[4] 1970 c. 18 (N.I.); section 24 was amended by article 10(1) of S.I. 1992/811 (N.I. 7). back

Explanatory Note