SCHEDULE 5HIGHER RATES RESIDENTIAL PROPERTY TRANSACTIONS

PART 3BUYER IS AN INDIVIDUAL: MULTIPLE DWELLING TRANSACTIONS

Two or more qualifying dwellings

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(1)

This paragraph applies if at least two of the purchased dwellings are qualifying dwellings.

(2)

A purchased dwelling is a qualifying dwelling for the purposes of this Part of this Schedule if the amount of the chargeable consideration for the transaction which is attributable on a just and reasonable basis to the purchased dwelling is £40,000 or more.

(3)

But a purchased dwelling is not a qualifying dwelling if at the end of the day that is the effective date of the transaction—

(a)

the purchased dwelling is subject to a lease,

(b)

the main subject-matter of the transaction is reversionary on that lease, and

(c)

the lease meets the conditions set out in sub-paragraph (4).

(4)

The conditions are that—

(a)

the lease is not held by a person connected with the buyer, and

(b)

the lease has an unexpired term of more than 21 years.

(5)

A purchased dwelling is not a qualifying dwelling if the exception provided for in paragraph 14 applies (subsidiary dwelling exception).