PART 3Annual tax on enveloped dwellings
The charge to tax
94Charge to tax
(1)
A tax (called “annual tax on enveloped dwellings”) is to be charged in accordance with this Part.
(2)
Tax is charged in respect of a chargeable interest if on one or more days in a chargeable period—
(a)
the interest is a single-dwelling interest and has a taxable value of more than F1£500,000, and
(b)
a company, partnership or collective investment scheme meets the ownership condition with respect to the interest.
(3)
The tax is charged for the chargeable period concerned.
(4)
A company meets the ownership condition with respect to a single-dwelling interest on any day on which the company is entitled to the interest (otherwise than as a member of a partnership or for the purposes of a collective investment scheme).
(5)
A partnership meets the ownership condition with respect to a single-dwelling interest on any day on which a member of the partnership that is a company is entitled to the interest (as a member of the partnership).
(6)
A collective investment scheme meets the ownership condition with respect to a single-dwelling interest on any day on which the interest is held for the purposes of the scheme.
(7)
If a company is jointly entitled to a chargeable interest (as a member of a partnership or otherwise), then regardless of whether the company is entitled as a joint tenant or tenant in common (or, in Scotland, as a joint owner or owner in common) the ownership condition is regarded as met in relation to the whole chargeable interest.
(8)
The chargeable periods are—
(a)
the period beginning with 1 April 2013 and ending with 31 March 2014, and
(b)
each subsequent period of 12 months beginning with 1 April.
(9)
See also section 95.