Abolition of vendor duty
Assent 29 September 2005
This Act abolishes vendor duty, and duty on the disposal of interests in land rich landholders (being companies or trust schemes), on and from 2 August 2005. Vendor duty and duty on the disposal of interests in land rich landholders, will continue to be payable in respect of transactions that occurred, or disposals that were made, before the abolition date.
The Act contains anti-avoidance measures. The object of the provisions is to ensure that persons liable to pay vendor duty before the abolition date do not avoid the payment of that duty by cancelling agreements and entering into replacement agreements with respect to the same property.