Finance Act 2003

55 Amount of tax chargeable: general

(1) The amount of tax chargeable in respect of a chargeable transaction is a percentage of the chargeable consideration for the transaction.

(2) That percentage is determined by reference to whether the relevant land—

(a) consists entirely of residential property (in which case Table A below applies), or

(b) consists of or includes land that is not residential property (in which case Table B below applies),

and, in either case, by reference to the amount of the relevant consideration.

Table A: Residential

Relevant consideration	Percentage
Not more than £60,000	0%
More than £60,000 but not more than £250,000	1%
More than £250,000 but not more than £500,000	3%
More than £500,000	4%

Table B: Non-residential or mixed

Relevant consideration	Percentage
Not more than £150,000	0%
More than £150,000 but not more than £250,000	1%
More than £250,000 but not more than £500,000	3%
More than £500,000	4%

(3) For the purposes of subsection (2)—

(a) the relevant land is the land an interest in which is the main subject-matter of the transaction, and

(b) the relevant consideration is the chargeable consideration for the transaction,

subject as follows.

(4) If the transaction in question is one of a number of linked transactions—

(a) the relevant land is any land an interest in which is the main subject-matter of any of those transactions, and

(b) the relevant consideration is the total of the chargeable consideration for all those transactions.

(5) This section has effect subject to—

• section 74 (collective enfranchisement by leaseholders), and

• section 75 (crofting community right to buy),

(which provide for the rate of tax to be determined by reference to a fraction of the relevant consideration).

(6) In the case of a transaction for which the whole or part of the chargeable consideration is rent this section has effect subject to section 56 and Schedule 5 (amount of tax chargeable: rent).

(7) References in this Part to the “rate of tax” are to the percentage determined under this section.