The Stamp Duty (Exempt Instruments) (Amendment) Regulations 1999

• Citation: S.I. 1999/2539
• Sections: 5

Section 1 Citation, commencement and effect

These Regulations may be cited as the Stamp Duty (Exempt Instruments) (Amendment) Regulations 1999, shall come into force on 1st October 1999 and shall have effect in relation to instruments executed on or after 1st October 1999.

Section 2 Interpretation

In these Regulations “the principal Regulations ” means the Stamp Duty (Exempt Instruments) Regulations 1987 and “regulation” means a regulation of the principal Regulations.

Section 3 Amendments to the principal Regulations

After regulation 1 there shall be inserted the following regulation—

(1A) In these Regulations “life policy” means—

(a) any policy of insurance on a human life, or on the happening of a contingency dependent upon a human life, except a policy of insurance for a payment only upon the death of a person otherwise than from a natural cause, or

(b) a grant or contract for the payment of an annuity upon a human life.

Section 4 Amendments to the principal Regulations

For sub-paragraph (a) of regulation 2(2) there shall be substituted the following sub-paragraph—

(a) the following paragraphs of Part III of Schedule 13 to the Finance Act 1999 —

(i) paragraph 16 (conveyance or transfer otherwise than on sale),

(ii) paragraph 17 (declaration of use or trust),

(iii) paragraph 18 (dispositions in Scotland);

Section 5 Amendments to the principal Regulations

In the Schedule to the principal Regulations after category M there shall be added the following category—

(N) The declaration of any use or trust of or concerning a life policy, or property representing, or benefits arising under, a life policy.