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Changes over time for: Paragraph 7A


Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 15/03/2018.
Changes to legislation:
Finance Act 2003, Paragraph 7A is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

Changes to Legislation
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
[7A(1)A chargeable transaction which would (but for this paragraph) fall within paragraph 3 or paragraph 6 does not fall within that paragraph if—U.K.
(a)the purchaser had a major interest (“the prior interest”) in the relevant purchased dwelling immediately before the effective date of the transaction, and
(b)the relevant purchased dwelling had been the purchaser's only or main residence throughout the period of three years ending with the effective date of the transaction.
(2)Sub-paragraph (1) does not apply if—
(a)the prior interest is a term of years absolute or a leasehold estate, and
(b)immediately before the effective date of the transaction, the remaining term of the prior interest is less than 21 years.
(3)Sub-paragraph (1) does not apply if immediately before the effective date of the transaction—
(a)the purchaser is beneficially entitled as a joint tenant to the prior interest, and
(b)there are more than three other joint tenants.
(4)Sub-paragraph (1) does not apply if immediately before the effective date of the transaction the purchaser is beneficially entitled as a tenant in common or coparcener to less than a quarter of the prior interest.
(5)In this paragraph “relevant purchased dwelling” means—
(a)the purchased dwelling mentioned in paragraph 3(1)(b), or (as the case may be)
(b)the purchased dwelling which meets the conditions mentioned in paragraph 6(1)(c).]
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