(1)Where a chargeable transaction is one of a number of linked transactions, the amount of tax chargeable in respect of the transaction is to be determined as follows.
Step 1 Calculate the tax which would be chargeable in accordance with section 27(1), if the chargeable consideration for the transaction were the total consideration.
Step 2 Divide the chargeable consideration for the transaction by the total consideration.
Step 3 Multiply the amount arrived at under Step 1 by the fraction arrived at under Step 2. The result is the amount of tax chargeable.
(2)In subsection (1), the ““total consideration”” is the total of the chargeable consideration for all the linked transactions (not including any chargeable consideration which is rent).
(3)Where the whole or part of the chargeable consideration for a linked transaction is rent this section does not apply for the purposes of calculating the amount of any tax chargeable in respect of the rent; instead see—
(a)in the case of a residential property transaction, paragraph 27 of Schedule 6 and any regulations made under that paragraph, and
(b)in the case of a non-residential property transaction, paragraph 30 of that Schedule (calculation of tax chargeable in respect of rent: linked transactions).
Commencement Information
I1S. 28 in force at 1.4.2018 by S.I. 2018/34, art. 3