Finance Act 2003

Land all residential U.K.

9 (1) This paragraph applies where all the land situated in a disadvantaged area is residential property. U.K.

(2) If—

(a) the consideration attributable to land situated in a disadvantaged area 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.

(3) If the consideration attributable to land situated in a disadvantaged area includes rent and the relevant rental value does not exceed £150,000, the rent so attributable does not count as chargeable consideration.

(4) If the consideration attributable to land in a disadvantaged area includes consideration other than rent (“non-rent consideration”), then—

(a) if—

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

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

the non-rent consideration so attributable does not count as chargeable consideration;

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