PART 3SAcquisition by property trader from individual acquiring new dwelling
Full reliefS
5SWhere a dwelling (“the old dwelling”) is acquired by a property trader from an individual (whether alone or with other individuals), the acquisition is exempt from charge if the qualifying conditions are met.
Commencement Information
I1 Sch. 4 para. 5 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
Partial reliefS
6SWhere qualifying conditions (a) to (e) but not (f) are met, the chargeable consideration for the acquisition is taken to be the amount calculated by deducting the market value of the permitted area from the market value of the old dwelling.
Commencement Information
I2 Sch. 4 para. 6 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
Qualifying conditionsS
7SIn this Part of this schedule, the qualifying conditions are—
(a)that the acquisition is made in the course of a business that consists of or includes acquiring dwellings from individuals who acquire new dwellings from house-building companies,
(b)that the individual (whether alone or with other individuals) acquires a new dwelling from a house-building company,
(c)that the individual occupied the old dwelling as the individual's only or main residence at some time in the period of 2 years ending with the date of its acquisition,
(d)that the individual intends to occupy the new dwelling as the individual's only or main residence,
(e)that the property trader does not intend—
(i)to spend more than the permitted amount on refurbishment of the old dwelling,
(ii)to grant a lease or licence of the old dwelling, or
(iii)to permit any of its principals or employees (or any person connected with any of its principals or employees) to occupy the old dwelling, and
(f)that the area of land acquired by the property trader does not exceed the permitted area.
Commencement Information
I3 Sch. 4 para. 7 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2
8SParagraph 7(e)(ii) does not apply to the grant of a lease or licence to the individual for a period of no more than 6 months.
Commencement Information
I4 Sch. 4 para. 8 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2