- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (10/04/2003)
- Gwreiddiol (Fel y'i Deddfwyd)
Finance Act 2003
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- Dangos Graddfa Ddaearyddol(e.e. Lloegr, Cymru, Yr Alban aca Gogledd Iwerddon)
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Changes over time for: Section 55
Version Superseded: 07/12/2007
Alternative versions:
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Point in time view as at 10/04/2003. This version of this provision no longer has effect.
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Finance Act 2003, Section 55 is up to date with all changes known to be in force on or before 02 December 2024. 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.
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55Amount of tax chargeable: generalU.K.
(1)The amount of tax chargeable in respect of a chargeable transaction is a percentage of the chargeable consideration for the transaction.
(2)That percentage is determined by reference to whether the relevant land—
(a)consists entirely of residential property (in which case Table A below applies), or
(b)consists of or includes land that is not residential property (in which case Table B below applies),
and, in either case, by reference to the amount of the relevant consideration.
Table A: Residential
| Relevant consideration | Percentage |
|---|---|
| Not more than £60,000 | 0% |
| More than £60,000 but not more than £250,000 | 1% |
| More than £250,000 but not more than £500,000 | 3% |
| More than £500,000 | 4% |
Table B: Non-residential or mixed
| Relevant consideration | Percentage |
|---|---|
| Not more than £150,000 | 0% |
| More than £150,000 but not more than £250,000 | 1% |
| More than £250,000 but not more than £500,000 | 3% |
| More than £500,000 | 4% |
(3)For the purposes of subsection (2)—
(a)the relevant land is the land an interest in which is the main subject-matter of the transaction, and
(b)the relevant consideration is the chargeable consideration for the transaction,
subject as follows.
(4)If the transaction in question is one of a number of linked transactions—
(a)the relevant land is any land an interest in which is the main subject-matter of any of those transactions, and
(b)the relevant consideration is the total of the chargeable consideration for all those transactions.
(5)This section has effect subject to—
section 74 (collective enfranchisement by leaseholders), and
section 75 (crofting community right to buy),
(which provide for the rate of tax to be determined by reference to a fraction of the relevant consideration).
(6)In the case of a transaction for which the whole or part of the chargeable consideration is rent this section has effect subject to section 56 and Schedule 5 (amount of tax chargeable: rent).
(7)References in this Part to the “rate of tax” are to the percentage determined under this section.
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