Replacement of main residence: transactions during interim period
18(1)This paragraph applies where—
(a)the buyer in an intermediate transaction replaces a main residence in another transaction, and
(b)the effective date of the intermediate transaction is during the interim period.
(2)An intermediate transaction is a transaction—
(a)that falls within paragraph 11(2),
(b)where only one of the purchased dwellings is a qualifying dwelling, and
(c)to which paragraph 15 does not apply.
(3)In determining whether a purchased dwelling is a qualifying dwelling for the purposes of this paragraph, the reference in paragraph 13(3) to the end of the day that is the effective date of the transaction has effect as though it were a reference to the end of either or both of the following—
(a)the day that is the effective date of the transaction;
(b)the day on which the interim period ends.
(4)For the purposes of this paragraph, a buyer replaces a main residence in another transaction if—
(a)in relation to a dwelling in Wales, the conditions set out in paragraph 17(2) are met in respect of the transaction,
(b)in relation to a dwelling in England or Northern Ireland, the conditions set out in paragraph 3(6) of Schedule 4ZA to the Finance Act 2003 (c. 14) are met in respect of the transaction, or
(c)in relation to a dwelling in Scotland, the conditions set out in paragraph 2(2) of Schedule 2A to the Land and Buildings Transaction Tax (Scotland) Act 2013 (asp 11) are met in respect of the transaction.
(5)In this paragraph, the interim period means—
(a)where sub-paragraph (4)(a) applies, the period—
(i)beginning with the effective date of the previous transaction within the meaning given by paragraph 17(2)(b), and
(ii)ending with the effective date of the transaction concerned within the meaning given by paragraph 17(2)(a);
(b)where sub-paragraph (4)(b) applies, the period—
(i)beginning with the effective date of the previous transaction within the meaning given by paragraph 3(6)(b) of Schedule 4ZA to the Finance Act 2003 (c. 14), and
(ii)ending with the effective date of the transaction concerned within the meaning given by paragraph 3(6)(a) of that Schedule;
(c)where sub-paragraph (4)(c) applies, the period—
(i)beginning with the date on which the buyer disposed of the ownership of a dwelling as provided for in paragraph 2(2)(a) of Schedule 2A to the Land and Buildings Transaction Tax (Scotland) Act 2013 (asp 11), and
(ii)ending with the effective date of the transaction referred to in that paragraph.
(6)For further provision in connection with an intermediate transaction being treated as a higher rates residential property transaction, see paragraph 24.