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SCHEDULE 5E+WHIGHER RATES RESIDENTIAL PROPERTY TRANSACTIONS

Annotations:

Modifications etc. (not altering text)

PART 4 E+WBUYER IS NOT AN INDIVIDUAL

Transaction involving a dwellingE+W

20(1)A chargeable transaction is a higher rates residential property transaction if—E+W

(a)the buyer is not 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 dwelling is £40,000 or more.

(2)But a transaction is not a higher rates residential property transaction under sub-paragraph (1) 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 (3).

(3)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.

Annotations:

Commencement Information

I1Sch. 5 para. 20 in force at 1.4.2018 by S.I. 2018/34, art. 3