16.The Act has two sections and one Schedule.
17.Section 1 amends section 55 Finance Act 2003, which provides rules for calculating the amount of SDLT chargeable, and introduces the Schedule.
18.Section 2 provides for citation, commencement and adds transitional rules which allow purchasers in certain circumstances to elect whether the new or the old rules in section 55 Finance Act 2003 will apply.
19.The Schedule makes consequential provisions.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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