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—
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a) any consideration paid in respect of the sale of that land, and
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b) any consideration paid, or to be paid, in respect of the building of the dwellinghouse or apartment on that land.
http://www.askaboutmoney.com/(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.
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a) Where in the case of any instrument of sale to which this section applies, the aggregate consideration to which
subsection (2) relates cannot, in the opinion of the Commissioners, 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 or to such lower multiple, not being less than 5, of the open market value of the land as the Commissioners consider appropriate having regard to the relevant information available to them.
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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, be repaid to the person or persons by whom the stamp duty was paid and such repayment shall bear simple interest at the rate of 0.5 per cent, or such other rate (if any) as stands prescribed by the Minister by regulations, for each month or part of a month 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.
http://www.askaboutmoney.com/(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—
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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
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b) any solicitor acting on behalf of any person to whom
paragraph (a) relates,
http://www.askaboutmoney.com/of any facts which the Commissioners consider relevant in making any such determination.
