Sch. 4 para. 13(2)(a) substituted(for valuation on or after 20.03.1990) by Finance Act 1990 (c. 29, SIF 63:1), s. 73(1)(a), and (2).
Sch. 4 para. 13(3) repealed(for valuation on or after 20.03.1990) by Finance Act 1990 (c. 29, SIF 63:1), ss. 73(1)(b), (2), 132, Sch. 19 Pt. IV, Note 13.
Words in Sch. 4 para. 15(1) substituted (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 40(2)(5).
Section 50 of this Act does not apply to a dwelling-house the market value of which exceeds—
in the case of a dwelling-house in Greater London, £125,000;
in any other case, £85,000.
The market value of a dwelling-house at any date (“
on the assumption that the dwelling-house was in the same state as at the valuation date;
on the assumptions as to title mentioned in sub-paragraph (4) below;
and in this paragraph “
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The assumptions as to title are—
where the dwelling-house is in England and Wales or Northern Ireland and is a house, that the vendor was selling for an estate in fee simple with vacant possession and that the dwelling-house was to be conveyed with the same rights and subject to the same burdens as it would be if conveyed in pursuance of the right to buy legislation;
where the dwelling-house is in England and Wales or Northern Ireland and is a flat, that the vendor was granting a lease with vacant possession for a term of 125 years at a rent of £10 per annum and that the grant was to be made with the same rights and subject to the same burdens as it would be if made in pursuance of that legislation; and
where the dwelling-house is in Scotland, that it was available with vacant possession and with no heritable security constituted over any interest in it.
In sub-paragraph (4) above “
in relation to a dwelling-house in England and Wales, Part V of the
in relation to a dwelling-house in Northern Ireland, Chapter I of Part II of the
and “
The Treasury may by order amend sub-paragraph (1) above by substituting a different amount for any amount for the time being specified there.
Section 50 of this Act does not apply to—
a dwelling-house in England and Wales which is unfit for human habitation within the meaning of section 604 of the
a dwelling-house in Scotland which does not meet the tolerable standard described, for the purposes of the
a dwelling-house in Northern Ireland which is unfit for human habitation within the meaning of Article 46 of the
before the relevant date, the company or any of its subsidiaries had entered into arrangements for letting the whole or any part of the dwelling-house;
at that date, the whole or any part of the dwelling-house was let; or
after that date, the whole or any part of the dwelling-house has been let otherwise than on a qualifying tenancy.
Section 50 of this Act is not precluded from applying to a dwelling-house by sub-paragraph (1)(a) above if the arrangements there mentioned were for letting to a person who was an owner-occupier of the dwelling-house before the relevant date.
Section 50 of this Act is not precluded from applying to a dwelling-house by sub-paragraph (1)(b) above if the letting there mentioned was to a person—
who was an owner-occupier of the dwelling-house before the date of the letting, and
to whom the dwelling-house or part is let on a qualifying tenancy by the company or any of its subsidiaries after the relevant date.
Section 50 of this Act is not precluded from applying to a dwelling-house by sub-paragraph (1)(c) above if the letting there mentioned was to a person—
who was an owner-occupier of the dwelling-house before the relevant date, and
to whom the dwelling-house or part is let on a qualifying tenancy by the company or any of its subsidiaries after the letting mentioned in sub-paragraph (1)(c).
In this paragraph—
“
“
For the purposes of this paragraph, a person shall be taken to have been an owner-occupier of a dwelling-house before the relevant date or, as the case may be, the date mentioned in sub-paragraph (1B)(a) above if—
at any time before that date, he occupied the dwelling-house as his only or principal home and had a freehold interest in it, or
for a period of at least two years ending on that date, he occupied the dwelling-house as his only or principal home and had an interest in it under a lease for a term of years certain not less than twenty-one of which remained unexpired at that date.
In the application of sub-paragraph (3) above to a dwelling-house in Scotland—
for paragraph (a) there shall be substituted—
at any time before that date he occupied the dwelling-house and—
was the absolute owner of it, or
was the owner of thedominium utile in it,”; and
in paragraph (b) the word “certain” shall be omitted.
In the application of sub-paragraph (3) above to a dwelling-house in Northern Ireland, any conveyance or assignment of an interest in it by way of mortgage shall be disregarded.
Section 50 of this Act does not apply to a dwelling-house if—
a certificate has been issued under section 306(2) of the Taxes Act 1988 (as modified by paragraph 10 above) by some other company (“the other company”); and
at any time after the issue of the shares to which that certificate related, the conditions mentioned in sub-paragraph (2) below were satisfied in relation to the dwelling-house (or a dwelling-house the whole or any part of which has been converted into or consists of the whole or any part of the dwelling-house).
The conditions referred to in sub-paragraph (1) above are satisfied in relation to a dwelling-house at any time if, at that time—
the dwelling-house is a dwelling-house to which section 50 of this Act applies in relation to the other company or any of its subsidiaries; and
an interest in the dwelling-house is owned by that company or any such subsidiary.
Section 50 of this Act does not apply to a dwelling-house in respect of which the company is entitled to capital allowances under paragraph 2 of Schedule 12 to the
In the application of the above provisions of this Part to Scotland, references to acquiring an interest shall be construed, if there is a contract to acquire the interest, as references to entering into that contract and for the purposes of paragraph 16(2)(b) above, a company or subsidiary shall be regarded as owning an interest during the period between its entering into such a contract as regards that interest and its acquiring the interest.