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Finance Act 2003

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Changes over time for: Cross Heading: Acquisition by management company of flat for occupation by caretaker

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Finance Act 2003, Cross Heading: Acquisition by management company of flat for occupation by caretaker is up to date with all changes known to be in force on or before 29 January 2025. 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. Help about Changes to Legislation

[F1[F2[F3Acquisition by management company of flat for occupation by caretakerU.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

F2Sch. 4A paras. 5A-5K and cross-headings inserted (with effect in accordance with Sch. 40 para. 8 of the amending Act) by Finance Act 2013 (c. 29), Sch. 40 para. 2(4)

F3Sch. 4A para. 5EA and cross-heading inserted (with effect in accordance with s. 131(10) of the amending Act) by Finance Act 2016 (c. 24), s. 131(4)

5EA(1)Paragraph 3 does not apply to a chargeable transaction so far as its subject-matter consists of a higher threshold interest in or over a flat which—U.K.

(a)is one of at least three flats contained in the same premises, and

(b)is acquired by a tenants' management company for the purpose of making the flat available for use as caretaker accommodation.

(2)For the purposes of this paragraph a tenants' management company makes a flat available for use “as caretaker accommodation” if it makes it available to an individual for use as living accommodation in connection with the individual's employment as caretaker of the premises.

(3)In relation to the acquisition of a flat, a company is a “tenants' management company” if—

(a)the tenants of two or more other flats contained in the premises are members of the company, and

(b)the company owns, or it is intended that the company will acquire, the freehold of the premises;

but a company which carries on a relievable business is not a tenants' management company.

(4)In this paragraph “premises” means premises constituting the whole or part of a building.]]]

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