SCHEDULE 14RELIEF FOR CERTAIN ACQUISITIONS OF DWELLINGS
PART 2RELIEF FOR CERTAIN ACQUISITIONS OF DWELLINGS
Withdrawal of reliefs available to property traders
I18
1
Relief under paragraphs 3 (acquisition by property trader from individual acquiring new dwelling) and 4 (acquisition by property trader from individual where chain of transactions breaks down) is withdrawn if the property trader—
a
spends more than the permitted amount on refurbishment of the old dwelling,
b
grants a lease or licence of the old dwelling, or
c
permits any of its principals or employees (or any person connected with any of its principals or employees) to occupy the old dwelling.
2
Sub-paragraph (1)(b) does not apply to the grant of lease or licence to the individual acquiring the new dwelling or the second dwelling for a period of no more than 6 months.
3
Relief under paragraph 5 (relief for acquisition by property trader from personal representatives) is withdrawn if the property trader—
a
spends more than the permitted amount on refurbishment of the dwelling,
b
grants a lease or licence of the dwelling, or
c
permits any of its principals or employees (or any person connected with any of its principals or employees) to occupy the dwelling.
4
Relief under paragraph 6 (acquisition by property trader in case of relocation of employment) is withdrawn if the property trader—
a
spends more than the permitted amount on refurbishment of the dwelling,
b
grants a lease or licence of the dwelling, or
c
permits any of its principals or employees (or any person connected with any of its principals or employees) to occupy the dwelling.
5
Sub-paragraph (4)(b) does not apply to the grant of lease or licence to the individual relocating for a period of no more than 6 months.
6
Where relief is withdrawn, the amount of tax chargeable is the amount that would have been chargeable in respect of the acquisition but for the relief.