SCHEDULES

F1SCHEDULE 4AStamp duty land tax: higher rate for certain transactions

F2F3Acquisition by management company of flat for occupation by caretaker

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—

(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.