- Latest available (Revised)
- Original (As enacted)
Finance Act 2016, Section 131 is up to date with all changes known to be in force on or before 08 September 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.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
(1)Schedule 4A to FA 2003 (SDLT: higher rate for certain transactions) is amended as follows.
(2)In paragraph 5D (dwellings for occupation by certain employees etc)—
(a)in sub-paragraph (1), for “trade” substitute “ business ”;
(b)in sub-paragraph (2)(b) for “trade” substitute “ business ”;
(c)for sub-paragraph (4) substitute—
“(4)Relievable business” means a trade or property rental business that is run on a commercial basis and with a view to profit.”
(3)The heading before paragraph 5D becomes “ Dwellings for occupation by certain employees etc of a relievable business ”.
(4)After paragraph 5E insert—
(1)Paragraph 3 does not apply to a chargeable transaction so far as its subject-matter consists of a higher threshold interest in or over a flat which—
(a)is one of at least three flats contained in the same premises, and
(b)is acquired by a tenants' management company for the purpose of making the flat available for use as caretaker accommodation.
(2)For the purposes of this paragraph a tenants' management company makes a flat available for use “as caretaker accommodation” if it makes it available to an individual for use as living accommodation in connection with the individual's employment as caretaker of the premises.
(3)In relation to the acquisition of a flat, a company is a “tenants' management company” if—
(a)the tenants of two or more other flats contained in the premises are members of the company, and
(b)the company owns, or it is intended that the company will acquire, the freehold of the premises;
but a company which carries on a relievable business is not a tenants' management company.
(4)In this paragraph “premises” means premises constituting the whole or part of a building.”
(5)After paragraph 5J insert—
“5JA(1)This paragraph applies where relief under paragraph 5EA (acquisition by management company of flat for occupation by caretaker) has been allowed in respect of a higher threshold interest forming the whole or part of the subject-matter of a chargeable transaction.
(2)The relief is withdrawn if at any time in the period of three years beginning with the effective date of the chargeable transaction the purchaser holds the higher threshold interest otherwise than for the purpose of making the flat available for use as caretaker accommodation.
(3)For the purposes of this paragraph a tenants' management company makes a flat available for use “as caretaker accommodation” if it makes it available to an individual for use as living accommodation in connection with the individual's employment as caretaker of the premises.”
(6)In paragraph 5E (meaning of “qualifying partner”, “qualifying employee” etc)—
(a)in sub-paragraph (1) for “trade” substitute “ business ”;
(b)in sub-paragraph (2) for “qualifying trade” substitute “ relievable business ”;
(c)in sub-paragraph (4)—
(i)in the words before paragraph (a), for “trade” substitute “ relievable business ”;
(ii)in paragraph (a)(i), for “trade” substitute “ relievable business ”.
(7)In paragraph 5J (withdrawal of relief under paragraph 5D), in sub-paragraph (3)—
(a)in paragraph (a), for the words from “trade” to the end substitute “ relievable business ”;
(b)in paragraph (c), for the words from “trade” to the end substitute “ relievable business ”.
(8)In paragraph 6G (withdrawal of relief under paragraph 5D in cases involving alternative finance arrangements), in sub-paragraph (4)—
(a)in paragraph (a), for “qualifying trade” substitute “ relievable business ”;
(b)in paragraph (c) for “trade” substitute “ relievable business ”.
(9)In paragraph 9 (interpretation), at the appropriate place insert—
““relievable business” has the meaning given by paragraph 5D(4).”
(10)The amendments made by this section have effect in relation to any land transaction of which the effective date is on or after 1 April 2016.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
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.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: