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Finance Act 2015

Details of the Section

2.Subsection (1) provides for an amendment to section 99 of Finance Act 2013 (amount of tax chargeable) and sets revised amounts for properties valued at more than £2 million as follows:

Annual Chargeable Amount for 2015/16Taxable Value of the Interest
£23,350More than £2 million but not more than £5 million
£54,450More than £5 million but not more than £10 million
£109,050More than £10 million but not more than £20 million
£218,200More than £20 million

3.Subsection (2) brings this annual increase into effect for the chargeable period beginning 1 April 2015.

4.Subsections (3) and (4) dis-apply the requirement to increase the charges by the September 2014 Consumer Prices Index and to publish an Order stating the revised amounts. Indexation will be reapplied to the annual charges for the chargeable period beginning 1 April 2016 for properties valued at more than £1 million.

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