Higher rates residential property transactions – replacement of main residence exception12
1
This regulation applies to a transaction the effective date of which is, or is earlier than, 26 November 2018.
2
For the purpose of determining whether such a transaction is a higher rates residential property transaction, Schedule 5 to the LTT Act applies with the following modifications—
a
paragraph 8(2)(b) has effect as if for “during the period of 3 years ending with” there were substituted “
the same as or earlier than
”
;
b
paragraph 8(2)(d) has effect as if for “during the period of 3 years referred to in paragraph (b)” there were substituted “
before the effective date of the transaction concerned
”
;
c
paragraph 17(2)(b) has effect as if for “during the period of 3 years ending with” there were substituted “
the same as or earlier than
”
; and
d
paragraph 17(2)(d) has effect as if for “during the period of 3 years referred to in paragraph (b)” there were substituted “
before the effective date of the transaction concerned
”
.