1 Citation and commencement

This Order may be cited as the Finance Act 2003, Section 66 (Prescribed Statutory Provisions) Order 2007 and shall come into force on 25th May 2007.

NOTES
Initial Commencement
Specified date

Specified date: 25 May 2007: see above.

2 Prescribed Statutory Provisions

2Prescribed Statutory Provisions

A land transaction that is not entered into as mentioned in section 66(1) of the Finance Act 2003 is exempt from charge to stamp duty land tax if—

(a)    the transaction is effected—

(i)    under paragraph A23(2), 4(2), 5(4B) or 8(2)(b) of Schedule 22 to the School Standards and Framework Act 1998 (transfer of land to local education authority), or

(ii)    by a transfer required by virtue of regulations made under section 27(2)(b) of the Education and Inspections Act 2006 (transfer of land on removal of foundation or reduction in foundation governors), and

(b)    either the purchaser or the vendor is a public body.

NOTES
Initial Commencement
Specified date

Specified date: 25 May 2007: see art 1.

Administration of Education91 Stamp Taxes94 Duties & Rights91 Schools91 Stamp Duty Land Tax94 Education Law91 Tax Law94

Signature

Frank Roy

Dave Watts

Two of the Lords Commissioners of Her Majesty's Treasury

2nd May 2007

EXPLANATORY NOTE

EXPLANATORY NOTE (This note is not part of the Order)

This Order exempts from the charge to stamp duty land tax, land transactions which are not entered into as mentioned in section 66(1) of the Finance Act 2003 (c 14) (in relation to a reorganisation under a statutory provision where both the purchaser and vendor are public bodies) and are effected under paragraph A23, 4(2), 5(4B) or 8(2)(b) of Schedule 22 (transfer of land to local education authority) to the School Standards and Framework Act 1998 (c 31) or section 27(2)(b) (transfer of land on removal of foundation or reduction in foundation governors) of the Education and Inspections Act 2006 (c 40) if either the purchaser or the vendor is a public body within the meaning of section 66 of the Finance Act 2003 (c 14).

A full regulatory impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.

Administration of Education91 Duties & Rights91 Schools91 Education Law91