Finance Act 2003

[F1 [F2 [F3 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.]]]

Textual Amendments

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

F2 Sch. 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)

F3 Sch. 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)