Finance Act 2003

Valid from 10/07/2003

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

6 (1) This paragraph applies where the land is partly non-residential property and partly residential property. U.K.

References in this paragraph to the consideration attributable to land that is non-residential property or 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.

(2) The consideration attributable to land that is non-residential property does not count as chargeable consideration.

(3) The following provisions apply in relation to the consideration attributable to land that is residential property.

(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.