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- Latest available (Revised) - Welsh
- Original (As enacted) - English
- Original (As enacted) - Welsh
This is the original version (as it was originally enacted).
(1)In this section—
(a)“rejected regulations” means regulations which cease to have effect by virtue of subsection (2) or (3) of section 25;
(b)“the interim period” means the period—
(i)beginning with the date specified by rejected regulations as the date on which specified tax bands and tax rates apply in relation to a chargeable transaction, and
(ii)ending when those regulations cease to have effect by virtue of subsection (2) or (3) of section 25.
(2)Subject to subsection (3), if the effective date of a chargeable transaction falls within the interim period the tax bands and tax rates applicable to the transaction are the bands and rates specified by the rejected regulations as applying to the transaction.
(3)If—
(a)the effective date of a chargeable transaction falls within the interim period, and
(b)subsection (4), (5) or (6) applies,
the tax bands and tax rates applicable to the transaction are the bands and rates which would have been applicable had the rejected regulations not been made.
(4)This subsection applies where the buyer—
(a)is required by virtue of section 44 to make a return relating to the transaction on or before the filing date and fails to do so, and
(b)also fails to make the return on or before the date on which the interim period ends.
(5)This subsection applies where the first return required in relation to the chargeable transaction is required under one of the following provisions—
(a)section 47 (duty to make return where contingency ceases or consideration is ascertained);
(b)section 51 (return as a result of later linked transaction);
(c)paragraph 3(4) or 5(5) of Schedule 6 (return as a result of lease continuing);
(d)paragraph 13(1) of that Schedule (return where tax underpaid where rent determined on reconsideration).
(6)This subsection applies where—
(a)the buyer in the transaction makes a claim under section 63A of TCMA,
(b)by virtue of subsection (5) of that section, the assessment of tax chargeable contained in a tax return made in relation to the transaction is treated as having been amended, and
(c)a further return is required in relation to the transaction under—
(i)a provision mentioned in subsection (5) of this section,
(ii)section 49 (further return where relief is withdrawn), or
(iii)paragraph 24 of Schedule 5 (return where transaction treated as higher rates residential property transaction).
(7)But subsection (6) does not affect a return made before the claim is made under section 63A TCMA.
(8)Section 63A of TCMA makes provision for relief to be claimed in cases where subsection (2) applies if the amount of tax chargeable is greater than the amount which would have been chargeable had the rejected regulations not been made.
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