Section 99 – Amount of tax chargeable
29.Subsection (1) provides for the amount of tax to be charged for a single dwelling interest as specified under subsection (2) or (3).
30.Subsection (2) sets the tax to be charged as the annual chargeable amount if the chargeable person is within the charge on the first day of the chargeable period.
31.Subsection (3) provides that if the chargeable person is not within the charge on the first day of the chargeable period, then the charge is the relevant fraction of the annual chargeable amount.
32.Subsection (4) specifies the annual chargeable amount for a single-dwelling interest, based on band into which the taxable value of the interest falls on the relevant day.
33.Subsection (5) defines the relevant day for subsections (2) and (3) as the first day of the chargeable period or the first day on which the person is within the charge for the interest.
34.Subsection (6) defines the relevant fraction for calculating the annual chargeable amount as the number of days in the chargeable period from the relevant day, as a fraction of the chargeable period.
35.Subsection (7) directs to Sections 100 (Interim relief) and 105 (adjusted chargeable amount) of the legislation.
