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Finance Act 2003

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Finance Act 2003, PART 2 is up to date with all changes known to be in force on or before 29 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

[F1PART 2U.K.The Relief

Textual Amendments

F1Sch. 6ZA inserted (with effect in accordance with s. 41(8) of the amending Act) by Finance Act 2018 (c. 3), s. 41(3)

The reliefU.K.

4U.K.If relief is claimed under paragraph 1 or 2 for a chargeable transaction, the amount of tax chargeable in respect of the transaction is to be determined as if in section 55(1B) (amount of tax chargeable: general) for Table A there were substituted—

Table A: Residential
Relevant considerationPercentage
So much as does not exceed £300,0000%
Any remainder (so far as not exceeding £500,000)5%

Withdrawal of reliefU.K.

5(1)This paragraph applies if—U.K.

(a)relief is claimed under paragraph 1 or 2 for a chargeable transaction (“the first transaction”), and

(b)the effect of another land transaction (“the later transaction”) that is linked to the first transaction is that the first transaction ceases to be a transaction for which relief may be claimed under that paragraph.

(2)Tax or (as the case may be) additional tax is chargeable on the first transaction as if the claim had not been made.]

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