Clause 4

by inserting, immediately after subsection (1), the following subsection:“(1A) Subject to the provisions of this Act, every conveyance on sale of any specified immovable property (or any part thereof) shall be chargeable with the same additional ad valorem duty under subsection (1), payable by the vendor of the property, in respect of the consideration for that sale, if the property or part thereof is disposed of under that instrument —

whilst this section is in force; and

before the expiration of the specified holding period from the date on which the vendor acquired that property or part thereof.”;

by deleting the words “and (5)” in subsection (10);

by deleting paragraph (a) of subsection (10) and substituting the following paragraph:“(a)the first reference in that provision to purchaser or sub-purchaser is substituted with a reference to such vendor, lessor or transferor; and”;

by deleting the words “those provisions” in subsection (10)(b) and substituting the words “that provision”;

by inserting, immediately after subsection (10), the following subsection:“(10A) Section 22(5) shall apply to a vendor, lessor or transferor of specified immovable property or a part thereof as if —

the references in that provision to a contract or agreement for sale include a conveyance on sale; and (b)the references in that provision to duty under that section are substituted with references to the additional duty under this section.”; and

by deleting the section heading and substituting the following section heading:“Additional duty on instruments for disposal of immovable property within specified holding period”.