PART 3Calculation of tax and reliefs
Amount of tax chargeable
I126Amount of tax chargeable: linked transactions
1
Where a chargeable transaction is one of a number of linked transactions, the amount of tax chargeable in respect of the transaction is to be determined as follows.
Step 1 For each tax band applicable to the type of transaction, multiply so much of the relevant consideration as falls within the band by the tax rate for that band.
Step 2 Calculate the sum of the amounts reached under Step 1. The result is the total tax chargeable.
Step 3 Divide the chargeable consideration for the transaction by the relevant consideration.
Step 4 Multiply the total tax chargeable by the fraction reached under Step 3. The result is the amount of tax chargeable.
2
The relevant consideration is the total of the chargeable consideration for all the linked transactions.
3
In the case of a transaction for which the whole or part of the chargeable consideration is rent this section has effect subject to schedule 19 (leases).
4
This section is subject to—
F1za
schedule 2A (additional amount: transactions relating to second homes etc. ),
a
schedule 5 (multiple dwellings relief),
b
schedule 9 (crofting community right to buy relief),
c
Part 3 of schedule 11 (acquisition relief).