Finance Bill 2002
Amendment 247 Page 90 Line 26
Mr Paul Boateng (Labour, Brent South)
Clause 113, page 90, line 26, after ?value? insert ?of the consideration attributable to land in the United Kingdom?.
EXPLANATORY NOTE
SUMMARY
1. The purpose of this amendment is to limit the instruments which are brought into charge under Clause 113.
DETAILS OF THE AMENDMENT
2. Amendment 247 ensures that Clause 113 only brings an instrument that forms part of a larger transaction or series of transactions into charge where the consideration attributable to the UK land and buildings exceeds £10 million.
BACKGROUND
3. Clause 113 brings certain contracts for the sale of land into the charge to stamp duty and applies to contracts exceeding £10 million. Amendment 247 takes account of representations made in response to this measure.
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