(1) Section 80 of the Principal Act is amended by inserting the following after subsection (2):
(a) This subsection applies to any property, an instrument for the conveyance of which is chargeable to stamp duty under or by reference to 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.
(b) Subsection (2) shall not apply to an instrument made for the purposes of or in connection with the transfer of an undertaking of a target company that includes any property to which this subsection applies, where a conveyance of that property has not been obtained by the target company prior to the date of the execution of the instrument.".
(2) This section has effect in relation to instruments executed on or after 20 February 2004.