Revenue Note for Guidance

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Revenue Note for Guidance

Section 47 Principal instrument, how to be ascertained

Where there are several instruments the parties to them may determine which one is the principal one for the purpose of stamping it with ad valorem duty.

Example

A sells land to B. Some of the land is registered and some is not. The transfer is effected using several instruments. One instrument is chosen to be the principal instrument - normally the instrument which if it stood on its own would attract the most duty - and that instrument is stamped with the total amount of duty due in respect of the sale. All the other instruments are not chargeable to stamp duty.

Relevant Date: Finance Act 2014