Finance Act 1969

45 Base value of owner-occupied dwelling-house. U.K.

(1) In Schedule 4 to the Land Commission Act 1967 after paragraph 5 (Case A: base value equal to eleven-tenths of current use value) insert—

“5A (1) In paragraph 5(a) above 'twelve-tenths’ shall be substituted for 'eleven-tenths’ if the relevant land—

(a) is the site of a single dwelling-house which is the grantor’s sole or main residence, and

(b) does not exceed one quarter of an acre, and comprises no other building.

(2) Sub-paragraph (1) above shall not apply unless the market value of the relevant interest (determined under paragraph 1 above) is £10,000 or less.

(3) if the said market value exceeds £10,000 the amount of levy in respect of the disposition shall not exceed—

(a) what would be the amount of the levy if that market value had been £10,000 (and without sub-paragraph (2) above), plus

(b) the said excess over £10,000.

(4) This paragraph shall only apply if the grantor has occupied the dwelling-house as his only or main residence for at least six months (or for two or more periods adding up to at least six months) out of the eighteen months ending with the date of the disposition.

(5) If the grantor is a trustee, and the dwelling-house has been the sole or main residence of a person who—

(a) is entitled to occupy it under the terms of the settlement, or

(b) is a beneficiary under the settlement and allowed by the trustee to occupy it,

sub-paragraph (1)(a) and sub-paragraph (4) above shall have effect as if that person were the grantor.

(6) If the grantor is the personal representative of a deceased person, sub-paragraph (1)(a) above shall apply to a dwelling-house which was the deceased’s sole or main residence and sub-paragraph (4) above shall not apply, but the deceased person must have occupied the dwelling-house as his only or main residence—

(a) for at least six months (or for two or more periods adding up to at least six months) out of the eighteen months ending with the date of the death, or

(b) if he acquired the dwelling-house within the said period of eighteen months, for the period between the acquisition and his death.

(7) In this paragraph any reference to a dwelling-house shall be construed as including a reference to any garage, outhouse, garden, yard, court, forecourt or other appurtenance for occupation with, and for the purposes of, the dwelling-house.

(8) This paragraph shall apply as respects a disposition after 5th April 1969.”

(2) After paragraph 15 of the said Schedule 4 (corresponding provision for Case B) insert—

“15A (1) In paragraph 15(a) above 'twelve-tenths’ shall be substituted for 'eleven-tenths’ if the relevant land—

(a) is the site of a single dwelling-house which is the grantor’s sole or main residence, and

(b) does not exceed one quarter of an acre, and comprises no other building.

(2) Sub-paragraph (1) above shall not apply unless the consideration for the disposition (determined under paragraph 7 above) is £10,000 or less.

(3) If the said consideration exceeds £10,000 the amount of the levy in respect of the disposition shall not exceed—

(a) what would be the amount of the levy if the said consideration had been £10,000 (and without sub-paragraph (2) above), plus

(b) the said excess over £10,000.

(4) Sub-paragraphs (4), (5), (6) and (7) of paragraph 5A above shall apply for the purposes of this paragraph as for the purposes of that paragraph.

(5) This paragraph shall apply as respects a disposition after 5th April 1969.”

Modifications etc. (not altering text)

C1 The text of ss. 1(4), 43–49, Sch. 9 paras. 22–24 and Sch. 20 para. 11 and Sch. 21 is in the form in which it was originally enacted: it was not reproduced in the Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991