Modifications etc. (not altering text)
C1 S. 45H(2) modified (with effect in accordance with s. 167 of the amending Act) by Finance Act 2003 (c. 14) , Sch. 30 para. 7
Textual Amendments
F1Pt. 4A (ss. 393A-393W) inserted (with effect as mentioned in s. 67 of the amending Act) by Finance Act 2001 (c. 9), s. 67, Sch. 19 Pt. 1
Modifications etc. (not altering text)
C2Pt. 4A modified (24.2.2003) by Proceeds of Crime Act 2002 (c. 29), s. 458(1), Sch. 10 para. 22 (with Sch. 10 para. 25); S.I. 2003/120, art. 2, Sch. (with arts. 3 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
C3 Pt. 4A (ss. 393A-393W) modified (prosp.) by Proceeds of Crime Act 2002 (c. 29) , ss. 448 , 458(1) , Sch. 10 para. 22 , 25
(1) In this Part “ qualifying flat ” means a flat in respect of which the following requirements are met—
(a)the flat must be in a qualifying building,
(b)the flat must be suitable for letting as a dwelling,
(c)the flat must be held for the purpose of short-term letting,
(d)it must be possible to gain access to the flat without using the part of the ground floor of the building that is authorised for business use (as defined in section 393C(2)),
(e)the flat must not have more than 4 rooms,
(f)the flat must not be a high value flat,
(g)the flat must not be (or have been) created or renovated as part of a scheme involving the creation or renovation of one or more high value flats, and
(h)the flat must not be let to a person connected with the person who incurred the expenditure on its conversion or renovation.
(2) In subsection (1)(c) “ short-term letting ” means letting as a dwelling on a lease for a term (or, in Scotland, period) of not more than 5 years.
(3)For the purposes of subsection (1)(e), the following are ignored in determining the number of rooms in a flat—
(a)any kitchen or bathroom, and
(b)any closet, cloakroom or hallway not exceeding 5 square metres in area.
(4)For the purposes of this Part, if a flat is a qualifying flat immediately before a period when it is temporarily unsuitable for letting as a dwelling, it is to be treated as being a qualifying flat during that period.
(5)Treasury regulations may make further provision as to the circumstances in which a flat is, or is not, a qualifying flat.]