Modifications etc. (not altering text)
C1Sch. 5 applied (with modifications) (1.4.2018) by The Land Transaction Tax (Transitional Provisions) (Wales) Regulations 2018 (S.I. 2018/126), regs. 1(2), 12
3(1)A chargeable transaction is a higher rates residential property transaction if—E+W
(a)it falls within sub-paragraph (2), and
(b)paragraph 5 applies.
(2)A transaction falls within this sub-paragraph if—
(a)the buyer is an individual,
(b)the main subject-matter of the transaction consists of a major interest in a dwelling (““the purchased dwelling””), and
(c)the chargeable consideration for the transaction is £40,000 or more.
(3)But a transaction does not fall within sub-paragraph (2) if at the end of the day that is the effective date of the transaction—
(a)the purchased dwelling is subject to a lease,
(b)the main subject-matter of the transaction is reversionary on that lease, and
(c)the lease meets the conditions set out in sub-paragraph (4).
(4)The conditions are that—
(a)the lease is not held by a person connected with the buyer, and
(b)the lease has an unexpired term of more than 21 years.
(5)This paragraph applies subject to the exceptions provided for in—
(a)paragraph 7 (interest in same main residence exception), and
(b)paragraph 8 (replacement of main residence exception).
(6)In this Part of this Schedule, “"purchased dwelling”” has the meaning given by sub-paragraph (2)(b).
Commencement Information
I1Sch. 5 para. 3 in force at 1.4.2018 by S.I. 2018/34, art. 3
4E+WWhere paragraph 9 applies, an intermediate transaction (within the meaning given by that paragraph) is to be treated as a higher rates residential property transaction.
Commencement Information
I2Sch. 5 para. 4 in force at 1.4.2018 by S.I. 2018/34, art. 3