Free legislation on LexisWeb is as enacted and does not take into account any amendments

Full Table of Contents

300Assents and appropriations by personal representatives

(1)    In Schedule 3 to the Finance Act 2003 (c 14) (stamp duty land tax: transactions exempt from charge), after paragraph 3 insert—

“Assents and appropriations by personal representatives3A

(1)    The acquisition of property by a person in or towards satisfaction of his entitlement under or in relation to the will of a deceased person, or on the intestacy of a deceased person, is exempt from charge.

(2)    Sub-paragraph (1) does not apply if the person acquiring the property gives any consideration for it, other than the assumption of secured debt.

(3)    Where sub-paragraph (1) does not apply because of sub-paragraph (2), the chargeable consideration for the transaction is determined in accordance with paragraph 8A(1) of Schedule 4.

(4)    In this paragraph—

“debt” means an obligation, whether certain or contingent, to pay a sum of money either immediately or at a future date, and

“secured debt” means debt that, immediately after the death of the deceased person, is secured on the property.”.

(2)    The amendment made by this section is deemed always to have had effect.

NOTES
Initial Commencement
Royal Assent

This Act received Royal Assent on 22 July 2004: for provision as to the commencement of the amendment made by this section see sub-s (2) above.
Stamp Taxes93 Personal Representatives & Administration of Estates99 Personal Representatives91 Private Client91 Stamp Duty Land Tax93 Non-contentious Probate91 Estate Taxes91 Tax Law93 Intestacy99 Succession Law & Estate Planning99

Full Table of Contents

Practice Areas

Lexis®Library

  • Authoritative guides to the status of statutory provisions and their meaning from a range of titles from Butterworths, Halsbury's Statutes and TolleyView other related LexisLibrary annotations
  • The current law in England and Wales, consolidated by the incorporation of amendments into existing legislation, by an expert team of editorsView Consolidated Version
  • Indicates the date on which a section of an enactment was brought into force, powered by Halsbury's Is It In ForceView current status of this Act
  • Cases related to this particular case that are related to, or discuss this caseView related cases
  • Official explanatory notes that further explain the effects of the Act and summarise what the Act sets out to achieveView official explanatory notes
  • Commentary discussing this particular case from LexisLibrary's comprehensive range of titles including Butterworths, Halsbury's and TolleyView all related commentary
  • An authoritative guide to the status of statutory provisions and their meaning, including definitions, cross-references and information on commencement and amendmentView Halsbury Statutes Citator
  • Subordinate legislation is made under the authority of a provision (or provisions) of an Act (or Acts) of ParliamentView all subordinate legislation