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Higher rates residential property transactions – replacement of main residence exceptionE+W

12.—(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 ”.