SCHEDULES

C1F1SCHEDULE 4AStamp duty land tax: higher rate for certain transactions

Annotations:
Amendments (Textual)
F1

Sch. 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

Modifications etc. (not altering text)
C1

Sch. 4A modified (17.7.2013) by Finance Act 2013 (c. 29), Sch. 40 para. 9(3)

F2Businesses of letting, trading in or redeveloping properties

Annotations:
Amendments (Textual)
F2

Sch. 4A para. 5 substituted (with effect in accordance with Sch. 40 para. 8 of the amending Act) by Finance Act 2013 (c. 29), Sch. 40 para. 2(3)

5

1

Paragraph 3 does not apply to a chargeable transaction so far as its subject-matter consists of a higher threshold interest that is acquired exclusively for one or more of the following purposes—

a

exploitation as a source of rents or other receipts (other than excluded rents) in the course of a qualifying property rental business;

b

development or redevelopment and resale in the course of a property development trade;

c

resale in the course of a property development trade (in a case where the chargeable transaction is part of a qualifying exchange);

d

resale (as stock of the business) in the course of a property trading business.

2

A chargeable interest does not count as being acquired exclusively for one or more of those purposes if it is intended that a non-qualifying individual will be permitted to occupy the dwelling.

3

In this paragraph—

  • “excluded rents” has the same meaning as in section 133 of the Finance Act 2013;

  • “property development trade” means a trade that—

    1. a

      consists of or includes buying and developing or redeveloping for resale residential or non-residential property, and

    2. b

      is run on a commercial basis and with a view to profit;

  • “part of a qualifying exchange” is to be construed in accordance with section 139(4) of the Finance Act 2013;

  • “property trading business” means a business that—

    1. a

      consists of or includes activities in the nature of a trade of buying and selling dwellings, and

    2. b

      is run on a commercial basis and with a view to profit;

  • “qualifying property rental business” has the same meaning as in section 133 of the Finance Act 2013.