F1SCHEDULE 2AADDITIONAL AMOUNT: TRANSACTIONS RELATING TO SECOND HOMES ETC.

PART 2TRANSACTIONS TO WHICH THIS SCHEDULE APPLIES

Transactions where buyer is a non-individual etc.

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(1)

This schedule applies to a chargeable transaction if the following conditions are satisfied—

(a)

the subject-matter of the transaction consists of or includes the acquisition of ownership of a dwelling,

(b)

the relevant consideration for the transaction is £40,000 or more, and

(c)

the buyer—

(i)

is not an individual, or

(ii)

is an individual and sub-paragraph (2) or (5) applies.

(2)

This sub-paragraph applies if the acquisition is made in the course of a business of the individual the sole or main activity of which is investing or dealing in chargeable interests.

(3)

Sub-paragraph (2) of paragraph 31 of schedule 17 applies for the purposes of sub-paragraph (2) of this paragraph as it applies for the purposes of paragraph 31(1) of that schedule.

(4)

In sub-paragraph (2), the reference to a business of the individual includes a reference to a business of a partnership of which the individual is a partner.

(5)

This sub-paragraph applies if the individual is making the acquisition as trustee under a settlement and, in relation to any dwelling that is or forms part of the subject-matter of the transaction, there is no interested beneficiary.

(6)

For the purposes of sub-paragraph (5), a beneficiary under the settlement is an interested beneficiary in relation to a dwelling if the beneficiary has or will have a relevant interest in the dwelling.