Transfer w/o Conveyance

Table of Contents

STAMP DUTIES CONSOLIDATION ACT

Chapter 2

Conveyances on Sale (ss. 29-48)

29.

Conveyance on sale combined with building agreement for dwellinghouse or apartment.

(1)

(a)In this section –

“building” includes any improvement of any land, and any alteration to the character of any land, preliminary to the erection on that land of a dwellinghouse or apartment;

“land” includes any interest in any land but does not include the result of any act of building.

(b)For the purposes of this section, references to the repayment of stamp duty to a person who paid it include reference to any other person who satisfies the Commissioners that he or she is entitled to recover moneys owing to the person.

(2)Notwithstanding section 43, where, in connection with, or as part of any arrangement involving, a sale of any land, a dwellinghouse or apartment has been built, or is in the course of being built, or is to be built, on that land, any instrument whereby such sale is effected shall be chargeable to stamp duty under the heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance” in Schedule 1, as if the property concerned were residential property on an amount equal to the aggregate of –

(a)any consideration paid in respect of the sale of that land, and

(b)any consideration paid, or to be paid, in respect of the building of the dwellinghouse or apartment on that land.

(3)Without prejudice to the generality of subsection (2), a dwellinghouse or apartment shall be regarded as having been built or being in the course of being built or to be built in connection with, or as part of any arrangement involving, a sale of any land where building has commenced prior to the execution of any instrument effecting the sale.

(4)

(a)Where in the case of any instrument of sale to which this section applies, the aggregate consideration to which subsection (2) relates cannot be ascertained at the date on which the instrument is presented for stamping, then the instrument shall be chargeable to stamp duty as if the amount of the aggregate consideration which is chargeable under subsection (2) was equal to 10 times the unencumbered open market value of the land at the date of the instrument of sale.

(b)Where it is shown to the satisfaction of the Commissioners that the amount of the stamp duty paid under this subsection exceeded the stamp duty with which the instrument would have been charged under subsection (2) had the aggregate consideration paid or to be paid in respect of the dwellinghouse or apartment been ascertainable at the date of stamping of the instrument, then the amount of such excess stamp duty shall, on an application to the Commissioners within 3 years after the date of stamping of the instrument, and subject to section 159A, be repaid to the person or persons by whom the stamp duty was paid and such repayment shall bear interest calculated in accordance with section 159B for each day or part of a day from the date of payment of the excess duty up until the date of such repayment and income tax shall not be deductible on payment of interest under this subsection and such interest shall not be reckoned in computing income for the purposes of the Tax Acts.

(5)For the purpose of determining whether this section shall apply to any instrument, the Commissioners may require the delivery to them, in such form as they may specify, of a statement or a statutory declaration by –

(a)any person directly or indirectly concerned with the sale of the land or with the building of a dwellinghouse or apartment on the land, and

(b)any solicitor acting on behalf of any person to whom paragraph (a) relates,

of any facts which the Commissioners consider relevant in making any such determination.

(6)[deleted]

(7)Where stamp duty has been charged on any instrument by reference to this section and, within 2 years after the date of stamping of the instrument, building has not commenced, then this section shall be deemed not to have applied to the instrument and, accordingly, the Commissioners shall, on application to them within 3 years after the date of stamping of the instrument by the person or persons by whom the stamp duty was paid, and subject to section 159A, repay to such person or persons the amount of the stamp duty paid by such person or persons which, but for the other provisions of this section, would not have been chargeable and such repayment shall bear interest calculated in accordance with section 159B for each day or part of a day from the date of payment of the excess duty up until the date of such repayment and income tax shall not be deductible on payment of interest under this subsection and such interest shall not be reckoned in computing income for the purposes of the Tax Acts.

(8)Every regulation made under this section shall be laid before Dáil Éireann as soon as may be after it is made and, if a resolution annulling the regulation is passed by Dáil Éireann within the next 21 days on which Dáil Éireann has sat after the regulation is laid before it, the regulation shall be annulled accordingly, but without prejudice to the validity of anything previously done under that regulation.

31A.

Resting in contract.

(1)Where –

(a)the holder of an estate or interest in land in the State enters into a contract or agreement with another person for the sale of the estate or interest to that other person or to a nominee of that other person, and

(b)a payment which amounts to, or as the case may be payments which together amount to, 25 per cent or more of the consideration for the sale has been paid to, or at the direction of, the holder of the estate or interest at any time pursuant to the contract or agreement,

then the contract or agreement shall be chargeable with the same stamp duty, to be paid by the other person, as if it were a conveyance or transfer of the estate or interest in the land.

(2)Subsection (1) does not apply where, within 30 days of the date on which a payment which amounts to, or as the case may be payments which together amount to, 25 per cent or more of the consideration for the sale referred to in subsection (1) has been paid –

(a)an electronic return or paper return has been delivered to the Commissioners in relation to a conveyance or transfer made in conformity with the contract or agreement referred to in subsection (1), and

(b)the stamp duty chargeable on the conveyance or transfer has been paid to the Commissioners.

(3)Where duty has been paid in respect of a contract or agreement, in accordance with subsection (1), a conveyance or transfer made in conformity with the contract or agreement shall not be chargeable with any duty, and the Commissioners, where an electronic return or paper return has been delivered to them, shall issue a stamp certificate to denote that the instrument is not chargeable with duty.

(4)The stamp duty paid on any contract or agreement, in accordance with subsection (1), shall be returned where it is shown to the satisfaction of the Commissioners that the contract or agreement has been rescinded or annulled.

31B.

Licence agreements.

(1)In this section “development”, in relation to any land, means –

(a)the construction, demolition, extension, alteration or reconstruction of any building on the land, or

(b)any engineering or other operation in, on, over or under the land to adapt it for materially altered use.

(2)Where –

(a)the holder of an estate or interest in land in the State enters into an agreement with another person under which that other person, or a nominee of that other person, is entitled to enter onto the land to carry out development on that land, and

(b)by virtue of the agreement, otherwise than as consideration for the sale of all or part of the estate or interest in the land, the holder of the estate or interest in the land receives at any time a payment which amounts to, or as the case may be payments which together amount to, 25 per cent or more of the market value of the land concerned,

then within 30 days of the first such time, the agreement shall be chargeable with the same stamp duty, to be paid by that other person, as if it were a conveyance or transfer of the estate or interest in the land.

(3)The stamp duty paid on any agreement, in accordance with subsection (2), shall be returned where it is shown to the satisfaction of the Commissioners that the agreement has been rescinded or annulled.

31C.

Shares deriving value from immovable property situated in State.

(1)

(a)In this section –

“Act of 1997” means the Taxes Consolidation Act 1997;

“arrangement” includes any agreement, understanding, scheme, transaction or series of transactions;

“company” has the same meaning as in section 4 of the Act of 1997;

“connected person” has the same meaning as in section 10 of the Act of 1997 and a person who is connected shall be construed accordingly;

“development”, in relation to immovable property, means –

(a)the construction, demolition, extension, reconstruction of, or the material alteration or refurbishment of, any building, or

(b)the carrying out of any engineering or other operation to adapt the immovable property for materially altered use, and developed and developing shall be construed accordingly;

“immovable property” means immovable property situated in the State that is not residential property;

“interest”, in relation to a partnership, means a partner’s share or interest in a partnership;

“IREF”, subject to paragraph (b), has the same meaning as in section 739K(1) of the Act of 1997;

“units” has the same meaning as in section 88(1)(a).

(b)For the purposes of the definition of “IREF” in paragraph (a), the definition of “IREF” in section 739K(1) of the Act of 1997 shall be read as if there were inserted after the words “investment undertaking” in the first four places where they occur the words “or collective investment scheme to which section 88(1)(b)(ii) applies”.

(c)For the purposes of this section, where a company, IREF, partnership or a connected person secures the development of any immovable property, the company, IREF or partnership shall be regarded as developing that immovable property.

(d)For the purposes of this section, if, by any one or more transactions or by any arrangement or scheme, whether concerning the immovable property or stocks, marketable securities, units or interests deriving value from that immovable property, there is a disposal of the immoveable property or a transfer of control over that immoveable property, that disposal or transfer, as the case may be, shall be a disposal for the purposes of this section.

(2)

(a)This section applies in relation to –

(i)stocks or marketable securities in a company, other than an investment undertaking within the meaning of section 739B of the Act of 1997 that is not an IREF,

(ii)units in an IREF, or

(iii)interests in a partnership,

that derive their value, or the greater part of their value, directly or indirectly, from immovable property.

(b)For the purposes of paragraph (a), a reference to deriving value indirectly from immovable property shall include value that is derived from stocks, marketable securities, units or interests in relation to which this section applies.

(c)Where the company, IREF or partnership referred to in paragraph (a) (referred to in this subsection as “the first-mentioned company, IREF or partnership”) derives its value from stocks, marketable securities, units or interests in a company, IREF or partnership (referred to in this subsection as “the second-mentioned company, IREF or partnership”), the circumstances in subsection (6) shall be deemed to apply to the first-mentioned company, IREF or partnership where they apply to the second-mentioned company, IREF or partnership.

(3)Where stocks, marketable securities, units or interests in relation to which this section applies were owned at one time by one person, or by persons who are acting in concert or who are connected persons, and are conveyed or transferred by that person or those persons in parts –

(a)to another person, or

(b)to other persons who are acting in concert or who are connected persons,

whether or not on the same or different occasions, the several conveyances or transfers shall, for the purposes of this section, be treated as a single conveyance or transfer.

(4)Notwithstanding section 88 or the charge to stamp duty applied under the Heading “CONVEYANCE or TRANSFER on sale of any stocks or marketable securities” in Schedule 1, where the circumstances in –

(a)subsection (5), and

(b)subsection (6),

apply, the conveyance or transfer on sale concerned shall be chargeable to stamp duty under paragraph (4) of the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance.” in Schedule 1.

(5)The circumstances referred to in subsection (4)(a) are that –

(a)there exists a conveyance or transfer on sale of stocks or marketable securities, units or interests in relation to which this section applies, and

(b)such conveyance or transfer on sale results in a change in the person or persons having direct or indirect control over the immovable property concerned.

(6)The circumstances referred to in subsection (4)(b) are that it would be reasonable to consider that the immovable property concerned –

(a)was acquired by the company, IREF or partnership, as the case may be, with the sole or main object of realising a gain from its disposal,

(b)was or is being developed by the company, IREF or partnership, as the case may be, with the sole or main object of realising a gain from its disposal when developed, or

(c)was held as trading stock (within the meaning of section 89 of the Act of 1997) by the company, IREF or partnership, as the case may be.

(7)Where –

(a)there is a change in the ownership of a company, IREF or partnership in relation to which this section applies that results in a change in the person or persons having direct or indirect control over immovable property,

(b)the circumstances set out in subsection (6) apply to the company, IREF or partnership concerned, and

(c)any contract or agreement relating to stocks, marketable securities, units or interests, giving direct or indirect effect to such change is not otherwise chargeable to stamp duty,

then the contract or agreement shall be treated as a conveyance or transfer on sale for the purposes of subsection (5).

(7A)Where an agreement (within the meaning of section 31D) is chargeable to stamp duty under section 31D and would, but for that section, be treated as a conveyance or transfer on sale for the purposes of subsection (5) (in accordance with subsection (7)), the agreement shall be so treated and not be chargeable to stamp duty under section 31D.

(8)In calculating the part of the value of the stocks, marketable securities, units or interests that is derived, directly or indirectly, from immovable property situated in the State –

(a)account shall not be taken of any arrangement that –

(i)involves a transfer of money or other assets, apart from immovable property, from a person who is connected with the company, IREF or partnership, as the case may be, in which those stocks, marketable securities, units or interests are held,

(ii)is made before a conveyance or transfer on sale of stocks, marketable securities, units or interests in relation to which this section applies, and

(iii)the main purpose or one of the main purposes of which is the avoidance of liability to any tax or duty,

and

(b)regard shall be had to the gross value of the immovable property from which that value is derived.

(9)Stocks, marketable securities, units or interests in relation to which this section applies shall be deemed to be land for the purposes of subsection (1)(b) of section 83D (inserted by section 61 of the Finance Act 2017) where, following the conveyance or transfer on sale, the immovable property concerned satisfies the conditions for a repayment under that section.

31D.

Cancellation schemes of arrangement.

(1)In this section –

‘Act of 2014’ means the Companies Act 2014;

‘agreement’ includes any arrangement, contract, compromise, understanding, scheme, offer, transaction or series of transactions;

‘company’ means a company formed and registered under the Act of 2014 or an existing company within the meaning of that Act;

‘registrar’ has the same meaning as it has in the Act of 2014;

‘scheme order’ has the same meaning as it has in Chapter 1 of Part 9 of the Act of 2014.

(2)Where –

(a)there is an agreement to effect the acquisition of a company (in this section referred to as the ‘target company’),

(b)the target company enters into an arrangement –

(i)that has become binding in accordance with section 453 of the Act of 2014, and

(ii)in accordance with which there is a cancellation of shares in the target company pursuant to Chapter 4 of Part 3 of that Act,

and

(c)the shareholders of the target company receive consideration for the cancellation of those shares held by them,

the agreement referred to in paragraph (a) shall be –

(I)chargeable with the same stamp duty as if it were a conveyance or transfer on sale of those shares, and

(II)deemed to be executed on the date on which a copy of the scheme order relating to the arrangement is delivered to the registrar in accordance with section 454 of the Act of 2014.

(3)Where subsection (2) applies, the consideration for the purpose of charging stamp duty shall be the consideration received by the shareholders of the target company for the cancellation of shares held by them.

(4)For the purposes of this Act, the accountable person shall be the person paying the consideration for the cancellation of the shares by the shareholders of the target company.

(5)This section shall have effect in relation to a scheme order made on or after 9 October 2019.

31E.

Stamp duty on certain acquisitions of residential property.

(1)In this section –

‘Act of 1992’ means the Housing (Miscellaneous Provisions) Act 1992;

‘Act of 1997’ means the Taxes Consolidation Act 1997;

‘Act of 2009’ means the Housing (Miscellaneous Provisions) Act 2009;

‘apartment block’ means a multi-storey residential property that comprises, or will comprise, not less than 3 apartments with grouped or common access;

‘arrangement’ includes any agreement, understanding, scheme, transaction or series of transactions;

‘connected’ shall be construed in accordance with section 10 of the Act of 1997;

‘home reversion agreement’ has the same meaning as it has in Part V of the Central Bank Act 1997;

‘home reversion firm’ has the same meaning as it has in Part V of the Central Bank Act 1997;

‘household’ has the same meaning as it has in the Act of 2009;

‘housing authority’ has the same meaning as it has in the Act of 1992;

‘housing authority lease’ means a lease entered into by a housing authority under section 19 of the Act of 2009;

‘qualified household’ means a household that has been determined, in accordance with a social housing assessment, to be qualified for social housing support;

‘relevant residential unit’ shall be construed in accordance with subsection (5);

‘residential unit’ means residential property situated in the State comprising an individual dwelling;

‘social housing assessment’ has the same meaning as it has in the Act of 2009;

‘social housing support’ has the same meaning as it has in the Act of 2009.

(2)Subject to subsection (3), for the purposes of this section, a person shall be treated as acquiring a residential unit –

(a)in the case of a conveyance or transfer on sale of the residential unit, on the date of execution of the conveyance or transfer, as the case may be,

(b)in the case of a lease in respect of the residential unit for a definite term exceeding 35 years, on the date of execution of the lease,

(c)in the case of an instrument, referred to in section 29(2), effecting the sale of land on which the residential unit has been built or is in the course of being built, on the date of execution of the instrument,

(d)in the case of a conveyance or transfer, referred to in section 30(1), operating as a voluntary disposition inter vivos of the residential unit, on the date of execution of the conveyance or transfer, as the case may be,

(e)in the case of a contract or agreement, referred to in section 31(1), for the sale of any equitable estate or interest in the residential unit, on the date of execution of the contract or agreement, as the case may be,

(f)in the case of an instrument, referred to in section 33(1), whereby the residential unit is conveyed or transferred in contemplation of a sale of the residential unit, on the date of execution of the instrument, and

(g)in the case of an instrument, referred to in section 37, effecting a conveyance or transfer of the residential unit in exchange for any other property, on the date of execution of the instrument.

(3)Where the acquisition of a residential unit is effected by more than one instrument referred to in subsection (2), the residential unit shall be treated as being acquired on the earliest to occur of the dates on which, under that subsection, it is so treated as being acquired.

(4)In this section, a reference to acquisition shall include a reference to –

(a)acquisition by way of a conveyance, transfer, lease, instrument, contract or agreement referred to in subsection (2), and

(b)acquisition by way of a change in the person or persons having direct or indirect control by virtue of a conveyance or transfer on sale of stocks, marketable securities, units or interests referred to in subsection (9).

(4A)In this section, a reference to acquisition of a residential unit shall include a reference to acquisition of a partial estate or interest in a residential unit.

(5)Where –

(a)a person (in this subsection and subsections (6) and (7A) referred to as the ‘first-mentioned person’) acquires a residential unit on or after 20 May 2021, and

(b)the total of –

(i)the residential units acquired by the first-mentioned person or a person connected with that person in the 12 months immediately preceding the day on which the residential unit referred to in paragraph (a) is acquired (in this subsection referred to as the ‘relevant day’),

(ii)the residential unit referred to in paragraph (a), and

(iii)any other residential units acquired by the first-mentioned person or a person connected with that person on the relevant day,

is greater than or equal to 10 residential units,

each of the residential units comprised in that total shall be a relevant residential unit.

(6)For the purposes of subsection (5), in a case in which the first-mentioned person or a person connected with the first-mentioned person referred to in subsection (5)(b)(i) or (iii) is an individual, no account shall be taken of the residential units acquired by the connected person where-

(a)the first-mentioned person and the connected person are not acting in concert in relation to the acquisition of those units, and

(b)the acquisition of any of those units is not part of an arrangement, one of the main purposes of which is to avoid the unit being a relevant residential unit.

(7)For the purposes of subsection (5), no account shall be taken of –

(a)a residential unit in an apartment block, or

(b)a residential unit acquired by a home reversion firm by way of a home reversion agreement.

(7A)For the purposes of subsection (5), when calculating the total number of residential units acquired, account shall be taken of any partial estate or interest in a residential unit, expressible as a fraction of an estate or interest in the residential unit, acquired by the first-mentioned person and any person connected with that person.

(8)Where –

(a)a person acquires, on or after the day after the date of the passing of the Finance (Covid-19 and Miscellaneous Provisions) Act 2021, a residential unit by way of a conveyance or transfer on sale of the residential unit,

(b)on the same day as the residential unit is acquired by the person, the person enters into a housing authority lease in respect of the residential unit, and

(c)the lease is entered into by the housing authority for the purpose of the provision of social housing support to a qualified household,

for the purposes of subsection (5), no account shall be taken of the residential unit.

(8A)For the purposes of subsection (8)(b), a person shall not be regarded as entering into a housing authority lease on the same day as the residential unit concerned is acquired by the person where the residential unit was subject to a housing authority lease immediately prior to that day.

(9)This subsection applies to –

(a)stocks or marketable securities in a company (within the meaning of section 4 of the Act of 1997),

(b)units (within the meaning of section 88(1)(a)) in an IREF (within the meaning of section 31C), or

(c)interests in a partnership, being a partner’s share or interest in a partnership,

that derive value, directly or indirectly, from a residential unit.

(10)For the purposes of subsection (9), the reference to deriving value indirectly from a residential unit shall include value that is derived from other stocks, marketable securities, units or interests, as the case may be, to which that subsection applies.

(11)In calculating the part of the value of the stocks, marketable securities, units or interests, as the case may be, that is derived, directly or indirectly, from a residential unit for the purposes of subsection (9) –

(a)account shall not be taken of any arrangement-

(i)that involves a transfer of money or other assets, apart from a residential unit, from a person who is connected with the company, IREF or partnership, as the case may be, in which those stocks, marketable securities, units or interests are held,

(ii)that is made before a conveyance or transfer on sale of stocks, marketable securities, units or interests to which subsection (9) applies, and

(iii)the main purpose, or one of the main purposes, of which is the avoidance of liability to any tax or duty, and

(b)regard shall be had to the market value of the residential unit from which the value is derived.

(12)Where –

(a)there exists a conveyance or transfer on sale of stocks, marketable securities, units or interests to which subsection (9) applies, and

(b)such conveyance or transfer on sale results in a change in the person or persons having direct or indirect control over the residential unit concerned,

the conveyance or transfer on sale concerned shall be chargeable to stamp duty –

(i)under paragraph (1) of the heading ‘CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance’ in Schedule 1 as respects that part of the value of the stocks, marketable securities, units or interests, as the case may be, that is derived from a relevant residential unit, and

(ii)under the heading ‘CONVEYANCE or TRANSFER on sale of any stocks or marketable securities’ in Schedule 1 as respects that part of the value of the stocks, marketable securities, units or interests, as the case may be, that is not derived from a relevant residential unit.

(13)Where –

(a)there is a change in the ownership of a company, IREF or partnership that results in a change in the person or persons having direct or indirect control over a residential unit, and

(b)any contract or agreement giving direct or indirect effect to such change is not otherwise chargeable to stamp duty,

then the contract or agreement shall be treated as a conveyance or transfer on sale of stocks, marketable securities, units or interests for the purposes of subsection (12), but paragraph (ii) of that subsection shall not apply in respect of the contract or agreement as so treated.

(14)Where stocks or marketable securities, units or interests to which subsection (9) applies were owned at one time by one person, or by persons who are acting in concert or who are connected persons, and are conveyed or transferred by that person or those persons in parts-

(a)to another person, or

(b)to other persons who are acting in concert or who are connected persons,

whether or not on the same or different occasions, the several conveyances or transfers shall, for the purposes of this section, be treated as a single conveyance or transfer.

(15)For the purposes of subsection (5), the person or persons acquiring direct or indirect control over a residential unit in the circumstances described in subsection (12) or (13), as the case may be, shall be treated as acquiring the residential unit with the date of the acquisition being, as the case may be, the date of-

(a)the execution of the conveyance or transfer on sale, or

(b)the execution of the contract or agreement.

(16)Any stamp duty chargeable in respect of a relevant residential unit and any associated interest or other monetary penalty amount which is due and unpaid shall be and remain a charge on the relevant residential unit to which it relates and, notwithstanding the Statute of Limitations 1957, shall continue to apply without a time limit until such time as it is paid in full.

(17)This subsection applies to –

(a)a relevant residential unit in respect of the acquisition of which –

(i)a binding contract was entered into before 20 May 2021, and

(ii)the instrument effecting the acquisition is executed before 20 August 2021 and is accompanied by a statement, in such form as the Commissioners may specify, certifying that the instrument was executed solely in pursuance of a binding contract entered into before 20 May 2021,

and

(b)a relevant residential unit the acquisition of which was effected before 20 May 2021.

(18)The furnishing of an incorrect certificate for the purposes of subsection (17)(a)(ii) shall be deemed to constitute the delivery of an incorrect statement for the purposes of section 1078 of the Act of 1997.

(19)Where a conveyance, transfer or lease effects the acquisition of a relevant residential unit, sections 82(1), 82C(2) and 88(1)(b) shall not apply as respects stamp duty that is chargeable on the conveyance, transfer or lease in respect of the consideration which is attributable to the relevant residential unit.

(20)This subsection applies where a residential unit (in subsection (21) referred to as the ‘first-mentioned residential unit’) is not a relevant and residential unit on the date on which it is acquired but becomes a relevant residential unit as a consequence of the acquisition of another residential unit on a date falling after that date (in subsection (21) referred to as the ‘later date’).

(21)Where –

(a)subsection (20) applies, and

(b)the first-mentioned residential unit is not a relevant residential unit to which subsection (17) applies,

section 2(1) shall apply in respect of the additional stamp duty that has become chargeable by virtue of the first-mentioned residential unit becoming a relevant residential unit as if the instrument effecting the acquisition of the first-mentioned residential unit was executed on the later date.

(22)Where subsection (12) or (13) applies and the conveyance or transfer on sale, or the contract or agreement, as the case may be, referred to in those subsections would also be chargeable to stamp duty under section 31C or 31D, then those sections shall operate to charge stamp duty only as respects that part of the value of the stocks, marketable securities, units or interests, as the case may be, that is not derived from a relevant residential unit.

(23)A reference in subsection (9), (12) or (13) to a residential unit shall not include a reference to a residential unit in an apartment block.

45A.

Aggregation of transactions.

(1)In this section “dwellinghouse” includes apartment.

(2)Where an existing interest or, as the case may be, existing interests, in a dwellinghouse are conveyed or transferred by more than one instrument, executed within a period of 12 months, subsection (3) shall apply to each of those instruments which operate as a conveyance or transfer, whether on sale or as a voluntary disposition inter vivos.

(3)An instrument to which this subsection applies shall be deemed for the purposes of the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance” in Schedule 1 to form part of a larger transaction or of a series of transactions in respect of which the amount or value, or the aggregate amount or value, of the consideration which is attributable to residential property, is equal to the value of the dwellinghouse.

(4)Where a conveyance or transfer (referred to in this section as the “first transfer”) of an interest in a dwellinghouse is effected by one instrument and –

(a)before 1 March 2005 without regard to subsection (3), and

(b)on or after 1 March 2005 with or without regard to subsection (3),

the duty chargeable (if any) in respect of the instrument has been accounted for to the Commissioners, and one or more conveyances or transfers (referred to in this section as “subsequent transfers”) of other interests in the same dwellinghouse are effected within the subsequent 12 month period, the transferee or where there is more than one transferee, each such transferee, being a party to the first transfer, jointly and severally, shall become liable to pay to the Commissioners an amount (in this subsection referred to as a ‘clawback’) equal to the amount of the difference between –

(i)the amount of duty chargeable if the first transfer was one to which subsection (3) applied, and

(ii)any duty paid on that first transfer together with the amount of any clawback previously paid in respect of that first transfer under this subsection,

together with interest charged on that amount, calculated in accordance with section 159D, from the date when the instrument was executed to the date when the clawback is remitted.

(5)[deleted]