SCHEDULE 5HIGHER RATES RESIDENTIAL PROPERTY TRANSACTIONS
PART 2BUYER IS AN INDIVIDUAL: SINGLE DWELLING TRANSACTIONS
7Interest in same main residence exception
A transaction is not a higher rates residential property transaction under paragraph 3 if the main subject-matter of the transaction is a major interest in a dwelling—
a
in which, immediately before the effective date of the transaction, the buyer had another major interest, and
b
which, immediately before and after the effective date of the transaction, is the buyer’s only or main residence.