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Finance Act 2012

Details of the Section

2.Subsection 1 provides for amendments to be made to Part 4 of the Finance Act 2003.

3.Subsection 2 provides for amendments to be made to section 55 of FA 2003 in relation to the higher rate, including provision that section 55 does not apply to a transaction to which the higher rate applies.  Section 55 sets out the amount of tax chargeable in respect of a chargeable transaction.

4.Subsection 3 inserts a new section 55A FA2003 and introduces a new Schedule 4A.

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