PART 2Excise duties and other taxes
Annual tax on enveloped dwellings
72ATED: interests held by connected persons
(1)
Section 110 of FA 2013 (interests held by connected persons) is amended as follows.
(2)
In subsection (1), after “If on any day” insert “
(“the relevant day”)
”
.
(3)
In subsection (2)—
(a)
omit “on the day in question”;
(b)
after “P's single dwelling interest” insert “
on the relevant day
”
;
(c)
for “£500,000” substitute “
£250,000
”
.
(4)
“(2A)
Subsection (2B) applies in any case where—
(a)
C would (without subsection (2B)) be treated, as a result of subsection (1) (read with section 109), as entitled to a single-dwelling interest with a taxable value (on the relevant day) of more than £2 million, but
(b)
C would not be so treated if the value specified in subsection (2) were £500,000 (instead of £250,000).
(2B)
Subsection (2) has effect as if the value specified in it were £500,000 (instead of £250,000).”
(5)
The amendments made by this section have effect in relation to chargeable periods beginning on or after 1 April 2015.