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Finance Act 2003

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Changes over time for: Paragraph 6

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Changes to legislation:

Finance Act 2003, Paragraph 6 is up to date with all changes known to be in force on or before 28 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

[F16(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”),

(c)only one of the purchased dwellings meets conditions A, B and C,

(d)the purchased dwelling which meets those conditions is not a replacement for the purchaser's only or main residence, and

(e)at the end of the day that is the effective date of the transaction—

(i)the purchaser has a major interest in a dwelling other than one of the purchased dwellings,

(ii)that interest has a market value of £40,000 or more, and

(iii)that interest is not reversionary on a lease which has an unexpired term of more than 21 years.

[F2(1A)But sub-paragraph (1) is subject to paragraph 7A.]

(2)Sub-paragraphs (2) to (5) of paragraph 5 apply for the purposes of sub-paragraph (1)(c) of this paragraph as they apply for the purposes of sub-paragraph (1)(c) of that paragraph.

(3)Sub-paragraphs (6) [F3to (8)] of paragraph 3 apply for the purposes of sub-paragraph (1)(d) of this paragraph as they apply for the purposes of sub-paragraph (5) of that paragraph.]

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))

F2Sch. 4ZA para. 6(1A) inserted (with effect in accordance with Sch. 11 para. 16(1)-(3) of the amending Act) by Finance Act 2018 (c. 3), Sch. 11 para. 9(a)

F3Words in Sch. 4ZA para. 6(3) substituted (with effect in accordance with Sch. 11 para. 16(1)-(3) of the amending Act) by Finance Act 2018 (c. 3), Sch. 11 para. 9(b)

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