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Finance Act 2003

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Changes over time for: Paragraph 6D

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Changes to legislation:

Finance Act 2003, Paragraph 6D is up to date with all changes known to be in force on or before 29 January 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

[F1[F26D(1)This paragraph applies where relief under paragraph 5 (businesses of letting, trading in or redeveloping properties) has been allowed, in accordance with paragraph 6A(4) or 6B(3), with respect to the purchase of a major interest in land.U.K.

(2)The relief is withdrawn if at any time in the period of three years beginning with the effective date of the first transaction (“the control period”) a relevant requirement is not met.

(3)The relevant requirements are that—

(a)any relevant interest (see sub-paragraphs (5) and (6)) held by the relevant person is held by that person exclusively for one or more of the purposes mentioned in paragraph 5(1), and

(b)(if a relevant interest is held by the relevant person) no non-qualifying individual is permitted to occupy [F3any dwelling on the land concerned].

(4)For the purposes of sub-paragraph (3)(a) and (b) it does not matter whether the relevant interest is held by the relevant person—

(a)jointly or (in Scotland) in common, or

(b)otherwise.

(5)In relation to relief allowed in accordance with sub-paragraph 6A(4), “relevant interest” means any of the following—

(a)the interest acquired under the second transaction (within the meaning of paragraph 6A);

(b)any interest transferred to the relevant person as a result of the exercise of the right mentioned in section 71A(1)(d) or 72(1)(c);

(c)any chargeable interest derived from an interest such as is mentioned in paragraph (a) or (b).

(6)In relation to relief allowed in accordance with paragraph 6B(3), “relevant interest” means any of the following—

(a)the interest purchased under the first transaction (within the meaning of paragraph 6B);

(b)any interest transferred to the relevant person as a result of the exercise of the right mentioned in section 72A(1)(c);

(c)any chargeable interest derived from an interest such as is mentioned in paragraph (a) or (b).

(7)In this paragraph—

  • “non-qualifying individual” (in relation to the chargeable transaction mentioned in sub-paragraph (1)) has the meaning given by paragraph 5A;

  • the relevant person” means the person (other than the financial institution) who entered into the arrangements in question as mentioned in section 71A(1), 72(1), 72A(1) or 73(1).]]

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

F2Sch. 4A paras. 6A-6H 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(5)

F3Words in Sch. 4A para. 6D(3)(b) substituted (with effect in accordance with s. 129(5) of the amending Act) by Finance Act 2016 (c. 24), s. 129(4)

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