(1)Section 110 of FA 2013 (interests held by connected persons) is amended as follows.
(2)In subsection (1), after “If on any day” insert “ (“the relevant day”) ”.
(3)In subsection (2)—
(a)omit “on the day in question”;
(b)after “P's single dwelling interest” insert “ on the relevant day ”;
(c)for “£500,000” substitute “ £250,000 ”.
(4)After subsection (2) insert—
“(2A)Subsection (2B) applies in any case where—
(a)C would (without subsection (2B)) be treated, as a result of subsection (1) (read with section 109), as entitled to a single-dwelling interest with a taxable value (on the relevant day) of more than £2 million, but
(b)C would not be so treated if the value specified in subsection (2) were £500,000 (instead of £250,000).
(2B)Subsection (2) has effect as if the value specified in it were £500,000 (instead of £250,000).”
(5)The amendments made by this section have effect in relation to chargeable periods beginning on or after 1 April 2015.