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Finance Act 2014

Details of the Section

2.Subsection (1) provides for amendment of Schedule 4A to Finance Act 2003 (higher rate for certain transactions).

3.Subsection (2) amends the definition of “higher threshold interest” for the purposes of Schedule 4A by substituting a threshold of £500,000 for the existing threshold of £2,000,000.

4.Subsection (3) makes consequential amendments wherever the £2,000,000 figure appears.

5.Subsection 4 provides that the measure commences for land transactions where the effective date is on or after 20 March 2014.

6.Subsection 5 provides that (with exceptions set out in subsections (6) and (7)) the £2,000,000 threshold is retained for transactions where contracts were entered into before    20 March 2014.

7.Subsection 6 excludes from the transitional provision at subsection 5 certain transactions where the outcome is different from that provided for in the contract due to an event which occurs on or after 20 March 2014.

8.Subsection 7 applies a transitional rule in cases where a partnership acquires a dwelling and there is a subsequent transfer of a partnership interest or withdrawal of money from the partnership which is treated as a land transaction for SDLT purposes.  In these cases the £2,000,000 threshold applies to the subsequent transfer where the effective date of the earlier acquisition is before 20 March 2014.

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