Finance Act 2003

[F15(1)A chargeable transaction falls within this paragraph if—U.K.

(a)the purchaser is an individual,

(b)the main subject-matter of the transaction consists of a major interest in two or more dwellings (“the purchased dwellings”), and

(c)at least two of the purchased dwellings meet conditions A, B and C.

(2)A purchased dwelling meets condition A if the amount of the chargeable consideration for the transaction which is attributable on a just and reasonable basis to the purchased dwelling is £40,000 or more.

(3)A purchased dwelling meets condition B if on the effective date of the transaction the purchased dwelling—

(a)is not subject to a lease upon which the main subject-matter of the transaction is reversionary, or

(b)is subject to such a lease but the lease has an unexpired term of no more than 21 years.

(4)A purchased dwelling meets condition C if it is not subsidiary to any of the other purchased dwellings.

(5)One of the purchased dwellings (“dwelling A”) is subsidiary to another of the purchased dwellings (“dwelling B”) if—

(a)dwelling A is situated within the grounds of, or within the same building as, dwelling B, and

(b)the amount of the chargeable consideration for the transaction which is attributable on a just and reasonable basis to dwelling B is equal to, or greater than, two thirds of the amount of the chargeable consideration for the transaction which is attributable on a just and reasonable basis to the following combined—

(i)dwelling A,

(ii)dwelling B, and

(iii)each of the other purchased dwellings (if any) which are situated within the grounds of, or within the same building as, dwelling B.]

Textual Amendments

F1Sch. 4ZA inserted (with effect in accordance with s. 128(5)(6) of the amending Act) by Finance Act 2016 (c. 24), s. 128(3) (with s. 128(9)(10))