Trade in Scheme
Section 83C of the Stamp Duties Consolidation Act 1999 provides for an deferral of stamp duty, which a person acquiring an old house would otherwise incur by virtue of section 37 of the Stamp Duties Consolidation Act 1999, on the transfer of an old house to a house builder in exchange (or part exchange) for a new house. The person acquiring the new house pays stamp duty in the normal way, subject to any existing reliefs that may apply. The stamp duty deferred becomes due and payable, in the form of a clawback, on the earlier of (a) the sale-on of the old house or (b) 31 December 2010.
Adjudication is required and the instrument should contain certificate number 15.