Modifications etc. (not altering text)
C1Pt. 4 construed as one with S.I. 2006/575, reg. 43 (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 43(4)
C2Pt. 4 modified (coming into force at 2 p.m. on 6.12.2006) by The Stamp Duty Land Tax (Variation of the Finance Act 2003) Regulations 2006 (S.I. 2006/3237), regs. 1, 2, Sch.
(1)A land transaction is exempt from charge under section 55 if—
(a)it is a relevant acquisition of a major interest in land,
(b)the land consists entirely of residential property,
(c)the relevant consideration (see section 55) for the transaction (other than any consisting of rent) is more than £125,000 but not more than £250,000,
(d)the purchaser, or (if more than one) each of the purchasers, is a first-time buyer who intends to occupy the residential property as the purchaser’s only or main residence, and
(e)(subject to subsection (4)) the transaction is not one of a number of linked transactions.
(2)In this section “first-time buyer” means a person who—
(a)has not previously been a purchaser in relation to a relevant acquisition of a major interest in land which consisted of or included residential property,
(b)has not previously acquired an equivalent interest in such land under the law of a territory outside the United Kingdom,
(c)has not previously been, or been one of the persons who was, “the person” for the purposes of section 71A, 72, 72A or 73 in a case where the first transaction within the meaning of the section concerned was a relevant acquisition of a major interest in land which consisted of or included residential property, and
(d)would not have been such a person for those purposes in such a case if the provisions mentioned in paragraph (c) had been in force, and had had effect in the territory concerned, at all material times (subject, where required, to appropriate modifications).
(3)In this section “relevant acquisition of a major interest in land” means an acquisition of a major interest in land other than—
(a)the grant of a lease for a term of less than 21 years, or
(b)the assignment of a lease which has less than 21 years to run.
(4)Subsection (1)(e) does not prevent a transaction being exempt from charge under section 55 if each of the linked transactions is one the subject-matter of which is land, or an interest in or right over land, which falls within section 116(1)(a), (b) or (c) by reason of its connection with the same building.]
Textual Amendments
F1S. 57AA inserted (with effect in accordance with s. 6(6) of the amending Act) by Finance Act 2010 (c. 13), s. 6(2)