Textual Amendments
11.(1)In this Schedule, the “control period”, in relation to a relieved transaction, means the shorter of—E+W
(a)the period of 3 years beginning with the effective date of that transaction, and
(b)the period beginning with the effective date of that transaction and ending with the effective date of the final transaction.
(2)For the purposes of this paragraph, a land transaction is the final transaction if, immediately after the effective date of the transaction, neither the buyer nor a connected person holds a chargeable interest in the qualifying land (whether as a result of that transaction alone or as a result of that transaction and other land transactions).
(3)For the purposes of sub-paragraph (2), the buyer or a connected person is treated as not having a chargeable interest in the qualifying land if the market value of the chargeable interest in the qualifying land that the buyer or a connected person holds is less than £40,000, unless sub-paragraph (4) applies.
(4)This sub-paragraph applies if—
(a)the buyer and any connected person hold between them more than one chargeable interest in the qualifying land, and
(b)the total market value of those chargeable interests is £40,000 or more.]