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Textual Amendments
F1Sch. 4A inserted (with effect in accordance with Sch. 35 para. 10 of the amending Act) by Finance Act 2012 (c. 14), Sch. 35 para. 4
3(1)Where this paragraph applies to a chargeable transaction—U.K.
(a)the amount of tax chargeable in respect of the transaction is 15% of the chargeable consideration for the transaction, and
(b)the transaction is not taken to be linked to any other transaction for the purposes of section 55(4).
(2)This paragraph applies to a chargeable transaction if—
(a)the transaction is a high-value residential transaction, and
(b)the condition in sub-paragraph (3) is met.
(3)The condition is that—
(a)the purchaser is a company,
(b)the acquisition is made by or on behalf of the members of a partnership one or more of whose members is a company, or
(c)the acquisition is made for the purposes of a collective investment scheme.
(4)References in sub-paragraph (3) to a company do not include a company acting in its capacity as trustee of a settlement.
(5)If there are two or more purchasers acting jointly, the condition in sub-paragraph (3) is treated as met if it is met in relation to at least one of those purchasers.
(6)In relation to a transfer of an interest in a partnership that is a chargeable transaction by virtue of paragraph 17(2) of Schedule 15, sub-paragraph (3) has effect as if the following were substituted for paragraph (b) of that sub-paragraph—
“(b)the purchasers (see paragraph 17(3) of Schedule 15) include a company, or”.
(7)In relation to an event that is a chargeable transaction by virtue of paragraph 17A(4) of that Schedule, sub-paragraph (3) has effect as if the following were substituted for paragraph (b) of that sub-paragraph—
“(b)the purchasers (see paragraph 17A(5) of Schedule 15) include a company, or”.
(8)For the purposes of sub-paragraph (3), paragraph 3 of Schedule 16 (bare trustees) applies as if sub-paragraphs (2) and (3) of that paragraph were omitted.
(9)In the case of a transaction for which the whole or part of the chargeable consideration is rent, this paragraph has effect subject to section 56 and Schedule 5 (amount of tax chargeable: rent).
(10)The Treasury may by order amend this paragraph for the purpose of limiting the circumstances in which the condition in sub-paragraph (3) is to be treated as met.]