Point in time view as at 06/04/2006.
Finance Act 2003, Paragraph 3 is up to date with all changes known to be in force on or before 04 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.
[F13(1)Where a dwelling is acquired by a property trader from the personal representatives of a deceased individual, the acquisition is exempt from charge if the following conditions are met.
(2)The conditions are—
(a)that the acquisition is made in the course of a business that consists of or includes acquiring dwellings from personal representatives of deceased individuals,
(b)that the deceased individual occupied the dwelling as his only or main residence at some time in the period of two years ending with the date of his death,
(c)that the property trader does not intend—
(i)to spend more than the permitted amount on refurbishment of the dwelling, or
(ii)to grant a lease or licence of the dwelling, or
(iii)to permit any of its principals or employees (or any person connected with any of its principals or employees) to occupy the dwelling, and
(d)that the area of land acquired does not exceed the permitted area.
(3)Where the conditions in sub-paragraph (2)(a) to (c) are met, but the area of land acquired exceeds the permitted area, the chargeable consideration for the acquisition is taken to be the amount calculated by deducting the market value of the permitted area from the market value of the dwelling.
(4)In this paragraph—
(a)references to the acquisition of the dwelling are to the acquisition, by way of transfer, of a major interest in the dwelling; and
(b)references to the market value of the dwelling and of the permitted area are, respectively, to the market value of that major interest in the dwelling and of that interest so far as it relates to that area.]
Textual Amendments
F1Sch. 6A inserted (with effect in accordance with Sch. 39 para. 26 of the amending Act) by Finance Act 2004 (c. 12), Sch. 39 para. 17(2) (which amending provision re-enacts, subject to certain changes, a corresponding amendment made by the now revoked Stamp Duty and Stamp Duty Land Tax (Variation of the Finance Act 2003) (No. 2) Regulations 2003 (S.I. 2003/2816), see Sch. 39 para. 14)
Mae’r holl gynnwys ar gael dan Drwydded Llywodraeth Agored v3.0 ac eithrio ble nodir yn wahanol. Yn ychwanegol mae’r safle hwn â chynnwys sy’n deillio o EUR-Lex, a ailddefnyddiwyd dan delerau Penderfyniad y Comisiwn 2011/833/EU ar ailddefnyddio dogfennau o sefydliadau’r UE. Am ragor o wybodaeth gweler ddatganiad cyhoeddus Swyddfa Gyhoeddiadau’r UE ar ailddefnyddio.
