2.Subsection (1) amends section 74 of Finance Act 2003 by substituting “£500,000” for “£2,000,000” in each place where it occurs.
3.Subsection (2) provides that the measure commences for land transactions where the effective date is on or after 1 July 2014.
4.Subsection (3) provides that (with exceptions set out in subsection (4)) the £2,000,000 threshold is retained for transactions where contracts were entered into before 20 March 2014.
5.Subsection (4) excludes from the transitional provision at subsection (3) certain transactions where the outcome is different from that provided for in the contract due to an event which occurs on or after 20 March 2014.