Finance Act 2003 (c. 14)

SCHEDULES

SCHEDULE 6 U.K. Stamp duty land tax: disadvantaged areas relief

Part 2 U.K. Land wholly situated in a disadvantaged area

Introduction U.K.

3 U.K. This Part of this Schedule applies to a land transaction if

[F1 (a)] the subject matter of the transaction is a chargeable interest in relation to land that is wholly situated in a disadvantaged area[F2 , and

(b) the land is wholly or partly residential property].

Textual Amendments

F1 Word in Sch. 6 para. 3 inserted (with application in accordance with Sch. 9 para. 4(1) of the amending Act) by Finance Act 2005 (c. 7), Sch. 9 para. 1(2) (with Sch. 9 para. 4)

F2 Sch. 6 para. 3(b) and word inserted (with application in accordance with Sch. 9 para. 4(1) of the amending Act) by Finance Act 2005 (c. 7), Sch. 9 para. 1(2) (with Sch. 9 para. 4)

Land all non-residential U.K.

F3 4 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F3 Sch. 6 para. 4 repealed (with application in accordance with Sch. 9 para. 4(1) of the amending Act) by Finance Act 2005 (c. 7), Sch. 9 para. 1(3), Sch. 11 Pt. 3(2) (with Sch. 9 para. 4)

Land all residential U.K.

5 (1) This paragraph applies where all the land is residential property. U.K.

(2) If—

(a) the consideration for the transaction does not include rent and the relevant consideration does not exceed £150,000, or

(b) the consideration for the transaction consists only of rent and the relevant rental value does not exceed £150,000,

the transaction is exempt from charge.

(3) If the consideration for the transaction includes rent and the relevant rental value does not exceed £150,000, the rent does not count as chargeable consideration.

(4) If the consideration for the transaction includes consideration other than rent, then—

(a) if—

(i) the annual rent does not exceed £600, and

(ii) the relevant consideration does not exceed £150,000,

the consideration other than rent does not count as chargeable consideration;

(b) if the annual rent exceeds £600, the 0% band in Table A in subsection (2) of section 55 does not apply in relation to the consideration other than rent and any case that would have fallen within that band is treated as falling within the 1% band.

Land partly non-residential and partly residential U.K.

6 (1) [F4 This paragraph applies, where the land is partly non-residential property and partly residential property, in relation to the consideration attributable to land that is residential property.] U.K.

References in this paragraph to the consideration attributable to F5 ... land that is residential property (or to the rent or annual rent so attributable) are to the consideration (or rent or annual rent) so attributable on a just and reasonable apportionment.

F6 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F6 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) If—

(a) the consideration so attributable does not include rent and the relevant consideration does not exceed £150,000, or

(b) the consideration so attributable consists only of rent and the relevant rental value does not exceed £150,000,

none of the consideration so attributable counts as chargeable consideration.

(5) If the consideration so attributable includes rent and the relevant rental value does not exceed £150,000, the rent so attributable does not count as chargeable consideration.

(6) If the consideration so attributable includes consideration other than rent, then—

(a) if—

(i) the annual rent so attributable does not exceed £600, and

(ii) the relevant consideration does not exceed £150,000,

the consideration other than rent does not count as chargeable consideration;

(b) if the annual rent so attributable exceeds £600, the 0% band in the Tables in subsection (2) of section 55 does not apply in relation to the consideration other than rent and any case that would have fallen within that band is treated as falling within the 1% band.

Textual Amendments

F4 Words in Sch. 6 para. 6(1) substituted (with application in accordance with Sch. 9 para. 4(1) of the amending Act) by Finance Act 2005 (c. 7), Sch. 9 para. 1(4)(a) (with Sch. 9 para. 4)

F5 Words in Sch. 6 para. 6(1) repealed (with application in accordance with Sch. 9 para. 4(1) of the amending Act) by Finance Act 2005 (c. 7), Sch. 9 para. 1(4)(b), Sch. 11 Pt. 3(2) (with Sch. 9 para. 4)

F6 Sch. 6 para. 6(2)(3) repealed (with application in accordance with Sch. 9 para. 4(1) of the amending Act) by Finance Act 2005 (c. 7), Sch. 9 para. 1(4)(c), Sch. 11 Pt. 3(2) (with Sch. 9 para. 4)