[F1Amount of tax chargeable: higher rate for certain transactionsU.K.
Textual Amendments
F1Sch. 4A inserted (with effect in accordance with Sch. 35 para. 10 of the amending Act) by Finance Act 2012 (c. 14), Sch. 35 para. 4
3(1)Where this paragraph applies to a chargeable transaction—U.K.
(a)the amount of tax chargeable in respect of the transaction is 15% of the chargeable consideration for the transaction, and
(b)the transaction is not taken to be linked to any other transaction for the purposes of section [F255(1B), (1C) and (4)].
(2)This paragraph applies to a chargeable transaction if—
(a)the transaction is a high-value residential transaction, and
(b)the condition in sub-paragraph (3) is met.
(3)The condition is that—
(a)the purchaser is a company,
(b)the acquisition is made by or on behalf of the members of a partnership one or more of whose members is a company, or
(c)the acquisition is made for the purposes of a collective investment scheme.
(4)References in sub-paragraph (3) to a company do not include a company acting in its capacity as trustee of a settlement.
(5)If there are two or more purchasers acting jointly, the condition in sub-paragraph (3) is treated as met if it is met in relation to at least one of those purchasers.
(6)In relation to a transfer of an interest in a partnership that is a chargeable transaction by virtue of paragraph 17(2) of Schedule 15, sub-paragraph (3) has effect as if the following were substituted for paragraph (b) of that sub-paragraph—
“(b)the purchasers (see paragraph 17(3) of Schedule 15) include a company, or”.
(7)In relation to an event that is a chargeable transaction by virtue of paragraph 17A(4) of that Schedule, sub-paragraph (3) has effect as if the following were substituted for paragraph (b) of that sub-paragraph—
“(b)the purchasers (see paragraph 17A(5) of Schedule 15) include a company, or”.
(8)For the purposes of sub-paragraph (3), paragraph 3 of Schedule 16 (bare trustees) applies as if sub-paragraphs (2) and (3) of that paragraph were omitted.
(9)In the case of a transaction for which the whole or part of the chargeable consideration is rent, this paragraph has effect subject to section 56 and Schedule 5 (amount of tax chargeable: rent).
(10)The Treasury may by order amend this paragraph for the purpose of limiting the circumstances in which the condition in sub-paragraph (3) is to be treated as met.]
Textual Amendments
F2Words in Sch. 4A para. 3(1)(b) substituted (with effect in accordance with s. 2(2) of the amending Act) by Stamp Duty Land Tax Act 2015 (c. 1), Sch. para. 13 (with s. 2(3)-(6))