[F1Transactions involving a higher threshold interestU.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
2(1)Sub-paragraphs (2) to (8) apply to a chargeable transaction whose subject-matter consists of or includes a higher threshold interest.U.K.
(2)If the main subject-matter of the transaction consists entirely of higher threshold interests, the transaction is a high-value residential transaction for the purposes of paragraph 3.
(3)If the main subject-matter of the transaction includes a chargeable interest other than a higher threshold interest, the transaction (“the primary transaction”) is to be treated for the relevant purposes as two separate chargeable transactions as follows—
(a)a transaction whose subject-matter is all the higher threshold interests, together with any appurtenant rights;
(b)a transaction whose subject-matter is the remainder of the subject-matter of the primary transaction.
(4)For those purposes, the chargeable consideration for a transaction treated as occurring under sub-paragraph (3) is so much of the chargeable consideration for the primary transaction as is attributable to that transaction.
(5)The transaction mentioned in sub-paragraph (3)(a) is a high-value residential transaction for the purposes of paragraph 3.
(6)“Relevant purposes” means the purposes of—
(a)paragraphs 3 and 5 of this Schedule,
(b)section 55 (amount of tax chargeable: general),
(c)Schedule 5 (amount of tax chargeable: rent),
(d)Schedule 6B (transfers involving multiple dwellings), and
(e)any other provision of this Part, so far as it is necessary because of any of paragraphs (a) to (d) to treat the purposes in question as relevant purposes.
(7)If a transaction treated under sub-paragraph (3) as two separate transactions is notifiable, each of the separate transactions (but not the primary transaction) is also treated as a separate, and notifiable, transaction for the purposes of section 76 (duty to deliver land transaction return).
(8)The provisions relating to land transaction returns are to be read with any adjustments that may be necessary as a result of sub-paragraph (7).
(9)The reference in sub-paragraph (1) to a chargeable transaction does not include a transaction to which section 74 (exercise of collective rights by tenants of flats) or section 75 (crofting community right to buy) applies.]