129SDLT higher rate: land purchased for commercial useU.K.
(1)Schedule 4A to FA 2003 (SDLT: higher rate for certain transactions) is amended in accordance with subsections (2) to (4).
(2)In paragraph 5—
(a)in sub-paragraph (1)—
(i)after paragraph (a) insert—
“(aa)use as business premises for the purposes of a qualifying property rental business (other than one which gives rise to income consisting wholly or mainly of excluded rents);
(ab)use for the purposes of a relievable trade;”;
(ii)for paragraph (b) substitute—
“(b)development or redevelopment and—
(i)resale in the course of a property development trade, or
(ii)exploitation falling within paragraph (a) or use falling within paragraph (aa) or (ab);”;
(b)in sub-paragraph (2), for “the dwelling” substitute “ a dwelling on the land ”;
(c)in sub-paragraph (3), at the appropriate place insert—
““relievable trade” means a trade that is run on a commercial basis and with a view to profit.”
(3)In paragraph 5G, in sub-paragraph (3)(c) for “the dwelling” substitute “ any dwelling on the land ”.
(4)In paragraph 6D(3)(b), for “the dwelling” substitute “ any dwelling on the land concerned ”.
(5)The amendments made by this section have effect in relation to any land transaction of which the effective date is on or after 1 April 2016.