Transaction involving multiple dwellings
21(1)A chargeable transaction is a higher rates residential property transaction if—
(a)the buyer is not an individual,
(b)the main subject-matter of the transaction consists of a major interest in two or more dwellings (“the purchased dwellings”), and
(c)at least one of the purchased dwellings is a dwelling to which sub-paragraph (2) applies.
(2)This sub-paragraph applies to a purchased dwelling if the amount of the chargeable consideration for the transaction which is attributable on a just and reasonable basis to the purchased dwelling is £40,000 or more.
(3)But sub-paragraph (2) does not apply to a purchased dwelling if at the end of the day that is the effective date of the transaction—
(a)the purchased dwelling is subject to a lease,
(b)the main subject-matter of the transaction is reversionary on that lease, and
(c)the lease meets the conditions set out in sub-paragraph (4).
(4)The conditions are that—
(a)the lease is not held by a person connected with the buyer, and
(b)the lease has an unexpired term of more than 21 years.
(5)A transaction within section 72(9) is not a higher rates residential property transaction save where Schedule 13 applies (see in particular paragraph 6(6) of that Schedule).