301 Chargeable consideration
Finance Act 2004 (2004 c 12) | Legislation

301  Chargeable consideration

(1)     In Schedule 3 to the Finance Act 2003 (transactions exempt from charge), in paragraph 4 (variation of testamentary dispositions etc) after sub-paragraph (2) insert—

“(2A)     Where the condition in sub-paragraph (2)(b) is not met, the chargeable consideration for the transaction is determined in accordance with paragraph 8A(2) of Schedule 4.”.

(2)     Schedule 4 to that Act (stamp duty land tax: chargeable consideration) is amended as follows.

(3)     In paragraph 8 (debt as consideration), after sub-paragraph (1) insert—

“(1A)     Where—

(a)     debt is secured on the subject-matter of a land transaction immediately before and immediately after the transaction, and

(b)     the rights or liabilities in relation to that debt of any party to the

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