12.—(1) This regulation applies to a transaction the effective date of which is, or is earlier than, 26 November 2018.
(2) For the purpose of determining whether such a transaction is a higher rates residential property transaction, Schedule 5 to the LTT Act applies with the following modifications—
(a)paragraph 8(2)(b) has effect as if for “during the period of 3 years ending with” there were substituted “the same as or earlier than”;
(b)paragraph 8(2)(d) has effect as if for “during the period of 3 years referred to in paragraph (b)” there were substituted “before the effective date of the transaction concerned”;
(c)paragraph 17(2)(b) has effect as if for “during the period of 3 years ending with” there were substituted “the same as or earlier than”; and
(d)paragraph 17(2)(d) has effect as if for “during the period of 3 years referred to in paragraph (b)” there were substituted “before the effective date of the transaction concerned”.