Textual Amendments
F1Sch. 5 para. 9A and cross-heading inserted (with effect in accordance with s. 95(13) of the amending Act) by Finance Act 2008 (c. 9), s. 95(3)
9A(1)This paragraph applies in the case of a transaction to which this Schedule applies where there is chargeable consideration other than rent.U.K.
(2)If—
(a)the relevant land consists entirely of land that is non-residential property, and
(b)the relevant rent is at least £1,000,
the 0% band in Table B in section 55(2) does not apply in relation to the consideration other than rent and any case that would have fallen within that band is treated as falling within the 1% band.
(3)Sub-paragraphs (4) and (5) apply if—
(a)the relevant land is partly residential property and partly non-residential property, and
(b)the relevant rent attributable, on a just and reasonable apportionment, to the land that is non-residential property is at least £1,000.
(4)For the purpose of determining the amount of tax chargeable under section 55 in relation to the consideration other than rent, the transaction (or, where it is one of a number of linked transactions, that set of transactions) is treated as if it were two separate transactions (or sets of linked transactions), namely—
(a)one whose subject-matter consists of all of the interests in land that is residential property, and
(b)one whose subject-matter consists of all of the interests in land that is non-residential property.
(5)For that purpose, the chargeable consideration attributable to each of those separate transactions (or sets of linked transactions) is the chargeable consideration so attributable on a just and reasonable apportionment.
(6)In this paragraph “the relevant rent” means—
(a)the annual rent in relation to the transaction in question, or
(b)if that transaction is one of a number of linked transactions for which the chargeable consideration consists of or includes rent, the total of the annual rents in relation to all of those transactions.
(7)In sub-paragraph (6) the “annual rent” means the average annual rent over the term of the lease or, if—
(a)different amounts of rent are payable for different parts of the term, and
(b)those amounts (or any of them) are ascertainable at the effective date of the transaction,
the average annual rent over the period for which the highest ascertainable rent is payable.
(8)In this paragraph “relevant land” has the meaning given in section 55(3) and (4).]