Finance Act 2003 (c. 14)

SCHEDULES

[F1 Schedule 6B U.K. Transfers involving multiple dwellings

Textual Amendments

F1 Sch. 6B inserted (with effect in accordance with Sch. 22 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 22 para. 3

[F2 The amount of tax chargeable] U.K.

Textual Amendments

F2 Sch. 6B cross-heading substituted (with effect in accordance with s. 2(2) of the amending Act) by Stamp Duty Land Tax Act 2015 (c. 1), Sch. para. 7(4) (with s. 2(3)-(6))

5 [F3 (1) For the purposes of paragraph 4(1)(a), “the tax related to the consideration attributable to dwellings” is determined as follows— U.K.

• Step 1 Determine the amount of tax that would be chargeable under section 55 on the assumption that—

  (a)

  the relevant land consisted entirely of residential property, and

  (b)

  the relevant consideration were the fraction produced by dividing total dwellings consideration by total dwellings.

• Step 2 Multiply the amount determined at Step 1 by total dwellings.

• Step 3 If the relevant transaction is one of a number of linked transactions, go to Step 4. Otherwise, the amount found at Step 2 is the tax related to the consideration attributable to dwellings.

• Step 4 Multiply the amount found at Step 2 by—

  

  where—

  “CD” is the consideration attributable to dwellings for the relevant transaction, and

  “TDC” is total dwellings consideration.

(2) But if the amount found at Step 2 of sub-paragraph (1) is less than 1% of total dwellings consideration, for the purposes of paragraph 4(1)(a) “the tax related to the consideration attributable to dwellings” is an amount equal to 1% of the consideration attributable to dwellings.]

(3) For a transaction that is not one of a number of linked transactions, “total dwellings consideration” is the consideration attributable to dwellings for that transaction (see paragraph 4(2)).

(4) For one of a number of linked transactions, “total dwellings consideration” is—

(a) the total of the consideration attributable to dwellings for that transaction and all the other linked transactions that are relevant transactions, plus

(b) so much of the chargeable consideration for any of the linked transactions (whether or not relevant transactions) as is not included in the calculation under paragraph (a) but is attributable to the same dwellings by reference to which that calculation is made.

(5) “Total dwellings” is the total number of dwellings by reference to which total dwellings consideration is calculated.

(6) In the application of sub-paragraph (1), no account is to be taken of—

(a) section 116(7), or

(b) paragraph 9A(4) of Schedule 5.

[F4 (6A) In the application of sub-paragraph (1), account is to be taken of paragraph 1 of Schedule 4ZA if the relevant transaction is a higher rates transaction for the purposes of that paragraph.]

[F5 (7) For the purposes of paragraph 4(1)(b), “the tax related to the remaining consideration” is the appropriate fraction of the amount of tax which (but for this Schedule) would be due in respect of the relevant transaction.

(8) In subsection (7) “the appropriate fraction” means—

where—

“RC” is the remaining consideration for the relevant transaction,

“TDC” is total dwellings consideration, and

“TRC” is total remaining consideration.

(9) For a transaction that is not one of a number of linked transactions, “total remaining consideration” is the remaining consideration for that transaction (see paragraph 4(3)).

(10) For one of a number of linked transactions, “total remaining consideration” is—

(a) the total of the chargeable consideration for all those transactions, less

(b) total dwellings consideration.]]

Textual Amendments

F3 Sch. 6B para. 5(1)(2) substituted (with effect in accordance with s. 2(2) of the amending Act) by Stamp Duty Land Tax Act 2015 (c. 1), Sch. para. 7(5) (with s. 2(3)-(6))

F4 Sch. 6B para. 5(6A) inserted (with effect in accordance with s. 128(5)(6) of the amending Act) by Finance Act 2016 (c. 24), s. 128(4)

F5 Sch. 6B para. 5(7)-(10) substituted for Sch. 6B para. 5(7) (with effect in accordance with s. 2(2) of the amending Act) by Stamp Duty Land Tax Act 2015 (c. 1), Sch. para. 7(6) (with s. 2(3)-(6))