SCHEDULES
F1SCHEDULE 6ZARelief for first-time buyers
PART 2The Relief
The relief
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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 consideration
Percentage
So much as does not exceed £300,000
0%
Any remainder (so far as not exceeding £500,000)
5%”
Withdrawal of relief
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(1)
This paragraph applies if—
(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.