SCHEDULE 5HIGHER RATES RESIDENTIAL PROPERTY TRANSACTIONS

PART 5SUPPLEMENTARY PROVISIONS

Further provision in connection with transactions being treated as higher rates residential property transactions

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(1)

This paragraph applies where by reason of the application of paragraph 9 or 18 a chargeable transaction (““the intermediate transaction””) is treated as a higher rates residential property transaction.

(2)

The intermediate transaction is treated as a higher rates residential property transaction for the purposes of this Act as from the end of the interim period that applies in accordance with paragraph 9(5) or 18(5).

(3)

The buyer in the intermediate transaction must make a return to WRA in respect of that transaction.

(4)

A return made under this paragraph must—

(a)

be made before the end of the period of 30 days beginning with the day after the end of the interim period that applies in accordance with paragraph 9(5) or 18(5), and

(b)

include a self-assessment.