[F12(1)This paragraph explains how to determine whether a chargeable transaction is a “higher rates transaction” for the purposes of paragraph 1.U.K.
(2)In the case of a transaction where there is only one purchaser, determine whether the transaction falls within any of paragraphs 3 to 7; if it does fall within any of those paragraphs it is a “higher rates transaction” (otherwise it is not).
(3)In the case of a transaction where there are two or more purchasers—
(a)take one of the purchasers and determine, having regard to that purchaser only, whether the transaction falls within any of paragraphs 3 to 7, and
(b)do the same with each of the other purchasers.
If the transaction falls within any of those paragraphs when having regard to any one of the purchasers it is a “higher rates transaction” (otherwise it is not).
[F2(3A)Sub-paragraphs (2) and (3) are subject to paragraph 9A (spouses and civil partners purchasing from one another).]
(4)For the purposes of this Schedule any term of years absolute or leasehold estate is not a “major interest” if its term does not exceed 7 years on the date of its grant.
[F3(5)References in this Schedule to a major interest in a dwelling include an undivided share in a major interest in a dwelling.]]
Textual Amendments
F1Sch. 4ZA inserted (with effect in accordance with s. 128(5)(6) of the amending Act) by Finance Act 2016 (c. 24), s. 128(3) (with s. 128(9)(10))
F2Sch. 4ZA para. 2(3A) inserted (with effect in accordance with Sch. 11 para. 16(1)-(3) of the amending Act) by Finance Act 2018 (c. 3), Sch. 11 para. 7
F3Sch. 4ZA para. 2(5) inserted (with effect in accordance with s. 44(3) of the amending Act) by Finance Act 2019 (c. 1), s. 44(2)