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
Modifications etc. (not altering text)
C1Sch. 4A modified (17.7.2013) by Finance Act 2013 (c. 29), Sch. 40 para. 9(3)
Textual Amendments
F2Sch. 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—U.K.
(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—
consists of or includes buying and developing or redeveloping for resale residential or non-residential property, and
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—
consists of or includes activities in the nature of a trade of buying and selling dwellings, and
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.]]