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Finance Act 2012

Details of the Section

51.Subsection 5(1) provides for amendments to Section 74.

52.Subsection 5(2)  inserts a new subsection (1A) after the current subsection 74(1) that provides a series of steps to establish if a transaction within section 74 (exercise of collective rights by tenants of flats) is to be treated as a higher threshold interest and chargeable to the higher rate of 15 per cent.

53.Subsection 5(3) provides a consequential amendment.

54.Subsection 6(1) provides for section 109 to be varied.

55.Subsection 6(2) inserts a new subsection 2A in section 109 which provides for the power under subsection 2(b) to include the power to alter the conditions for the application of the higher rate at paragraph 3 of Schedule 4A.

56.Subsection 6(3) provides for consequential amendments.

57.Subsection 7 to 9 make consequential amendments to FA 2003.

58.Subsection 10 sets out the commencement provisions for these amendments including transitional provisions for certain transactions effected after 21 March 2012.

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