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Finance Act 2003, Cross Heading: Amount of tax chargeable is up to date with all changes known to be in force on or before 10 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.
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(1)The amount of tax chargeable in respect of a chargeable transaction [F1to which this section applies] is [F2determined in accordance with subsections (1B) [F3and (1C)]].
[F4(1A)This section applies to any chargeable transaction other than a transaction to which paragraph 3 of Schedule 4A or step 4 of section 74(1A) (higher rate for certain transactions) applies.]
[F5(1B)If F6... the transaction is not one of a number of linked transactions, the amount of tax chargeable is determined as follows—
Step 1 Apply the rates specified in the second column of [F7the appropriate table] below to the parts of the relevant consideration specified in the first column of [F8the appropriate table].
[F9“The “appropriate table” is—
(a) Table A, if the relevant land consists entirely of residential property, and
(b) Table B, if the relevant land consists of or includes land that is not residential property.]
Step 2 Add together the amounts calculated at Step 1 (if there are two or more such amounts).
Part of relevant consideration | Rate |
---|---|
So much as does not exceed £125,000 | 0% |
So much as exceeds £125,000 but does not exceed £250,000 | 2% |
So much as exceeds £250,000 but does not exceed £925,000 | 5% |
So much as exceeds £925,000 but does not exceed £1,500,000 | 10% |
The remainder (if any) | 12% |
Relevant consideration | Percentage |
---|---|
So much as does not exceed £150,000 | 0% |
So much as exceeds £150,000 but does not exceed £250,000 | 2% |
The remainder (if any) | 5%] |
(1C)If F11... the transaction is one of a number of linked transactions, the amount of tax chargeable in respect of the particular transaction under consideration is determined as follows—
Step 1 Apply the rates specified in the second column of [F12the appropriate table] in subsection (1B) to the parts of the relevant consideration specified in the first column of [F13the appropriate table].
[F14“The “appropriate table” is—
(a) Table A, if the relevant land consists entirely of residential property, and
(b) Table B, if the relevant land consists of or includes land that is not residential property.]
Step 2 Add together the amounts calculated at Step 1 (if there are two or more such amounts).
Step 3 Multiply the amount given by Step 1 or Step 2, as the case may be, by—
where—
C is the chargeable consideration for the transaction, and
R is the relevant consideration.]
F15(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)For the purposes of [F16subsection (1B)] —
(a)the relevant land is the land an interest in which is the main subject-matter of the transaction, and
(b)the relevant consideration is the chargeable consideration for the transaction
F17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)[F18For the purposes of] [F19subsection (1C)] —
(a)the relevant land is any land an interest in which is the main subject-matter of any of [F20the linked] transactions, and
(b)the relevant consideration is the total of the chargeable consideration for all those transactions.
[F21(4A)Schedule 4ZA (higher rates for additional dwellings and dwellings purchased by companies) modifies this section as it applies for the purpose of determining the amount of tax chargeable in respect of certain transactions involving major interests in dwellings.]
(5)This section has effect subject to—
section [F2274(1B)] ([F23exercise of collective rights by tenants of flats]), F24...
F24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(which [F25provides] for the [F26amount] of tax to be determined by reference to a fraction of the relevant consideration).
(6)In the case of a transaction for which the whole or part of the chargeable consideration is rent this section has effect subject to section 56 and Schedule 5 (amount of tax chargeable: rent).
F27(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in s. 55(1) inserted (with effect in accordance with Sch. 35 para. 10 of the amending Act) by Finance Act 2012 (c. 14), Sch. 35 para. 2(2)
F2Words in s. 55(1) substituted (with effect in accordance with s. 2(2) of the amending Act) by Stamp Duty Land Tax Act 2015 (c. 1), s. 1(2) (with s. 2(3)-(6))
F3Words in s. 55(1) substituted (with effect in accordance with s. 127(12)(13) of the amending Act) by Finance Act 2016 (c. 24), s. 127(2)
F4S. 55(1A) inserted (with effect in accordance with Sch. 35 para. 10 of the amending Act) by Finance Act 2012 (c. 14), Sch. 35 para. 2(3)
F5S. 55(1B)(1C) inserted (with effect in accordance with s. 2(2) of the amending Act) by Stamp Duty Land Tax Act 2015 (c. 1), s. 1(3) (with s. 2(3)-(6))
F6Words in s. 55(1B) omitted (with effect in accordance with s. 127(12)(13) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 127(3)(a)
F7Words in s. 55(1B) substituted (with effect in accordance with s. 127(12)(13) of the amending Act) by Finance Act 2016 (c. 24), s. 127(3)(b)(i)
F8Words in s. 55(1B) substituted (with effect in accordance with s. 127(12)(13) of the amending Act) by Finance Act 2016 (c. 24), s. 127(3)(b)(ii)
F9Words in s. 55(1B) inserted (with effect in accordance with s. 127(12)(13) of the amending Act) by Finance Act 2016 (c. 24), s. 127(3)(b)(iii)
F10S. 55(1B) Table B inserted (with effect in accordance with s. 127(12)(13) of the amending Act) by Finance Act 2016 (c. 24), s. 127(3)(c)
F11Words in s. 55(1C) omitted (with effect in accordance with s. 127(12)(13) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 127(4)(a)
F12Words in s. 55(1C) substituted (with effect in accordance with s. 127(12)(13) of the amending Act) by Finance Act 2016 (c. 24), s. 127(4)(b)(i)
F13Words in s. 55(1C) substituted (with effect in accordance with s. 127(12)(13) of the amending Act) by Finance Act 2016 (c. 24), s. 127(4)(b)(ii)
F14Words in s. 55(1C) inserted (with effect in accordance with s. 127(12)(13) of the amending Act) by Finance Act 2016 (c. 24), s. 127(4)(b)(iii)
F15S. 55(2) omitted (with effect in accordance with s. 127(12)(13) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 127(5)
F16Words in s. 55(3) substituted (with effect in accordance with s. 127(12)(13) of the amending Act) by Finance Act 2016 (c. 24), s. 127(6)(a)
F17Words in s. 55(3)(b) omitted (with effect in accordance with s. 127(12)(13) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 127(6)(b)
F18Words in s. 55(4) inserted (with effect in accordance with s. 2(2) of the amending Act) by Stamp Duty Land Tax Act 2015 (c. 1), s. 1(6) (with s. 2(3)-(6))
F19Words in s. 55(4) substituted (with effect in accordance with s. 127(12)(13) of the amending Act) by Finance Act 2016 (c. 24), s. 127(7)(a)
F20Words in s. 55(4)(a) substituted (with effect in accordance with s. 127(12)(13) of the amending Act) by Finance Act 2016 (c. 24), s. 127(7)(b)
F21S. 55(4A) inserted (with effect in accordance with s. 128(5)(6) of the amending Act) by Finance Act 2016 (c. 24), s. 128(2)
F22Word in s. 55(5) substituted (15.9.2016) by Finance Act 2016 (c. 24), s. 132(a)
F23Words in s. 55(5) substituted (with effect in accordance with s. 80(7) of the amending Act) by Finance Act 2009 (c. 10), s. 80(6)
F24Words in s. 55(5) omitted (with effect in accordance with s. 29(4) of the amending Act) by virtue of Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 5(a) (with s. 29(5)(6)); S.I. 2015/637, art. 2
F25Word in s. 55(5) substituted (with effect in accordance with s. 29(4) of the amending Act) by Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 5(b) (with s. 29(5)(6)); S.I. 2015/637, art. 2
F26Word in s. 55(5) substituted (15.9.2016) by Finance Act 2016 (c. 24), s. 132(b)
F27S. 55(7) omitted (with effect in accordance with s. 2(2) of the amending Act) by virtue of Stamp Duty Land Tax Act 2015 (c. 1), s. 1(7) (with s. 2(3)-(6))
Modifications etc. (not altering text)
C7S. 55(1B) modified (temp.) (22.7.2020) by Stamp Duty Land Tax (Temporary Relief) Act 2020 (c. 15), s. 1 (as amended 10.6.2021) by 2021 c. 26, s. 87(2))
C8S. 55(1B) modified (temp.) (8.2.2023) by Stamp Duty Land Tax (Temporary Relief) Act 2023 (c. 2), s. 1
C9S. 55(4) excluded (with effect in accordance with reg. 1(2) of the amending S.I.) by The Stamp Duty Land Tax (Zero-Carbon Homes Relief) Regulations 2007 (S.I. 2007/3437), regs. 1(1), 9 (with reg. 3)
Commencement Information
I1Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)
Schedule 4A provides for the calculation of the tax chargeable in respect of certain transactions involving higher threshold interests in dwellings.]
Textual Amendments
F28S. 55A inserted (with effect in accordance with Sch. 35 para. 10 of the amending Act) by Finance Act 2012 (c. 14), Sch. 35 para. 3
Schedule 5 provides for the calculation of the tax chargeable where the chargeable consideration for a transaction consists of or includes rent.
Commencement Information
I2Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)
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