F1SCHEDULE 6ARelief for certain acquisitions of residential property
Withdrawal of relief under this Schedule
11
(1)
Relief under this Schedule is withdrawn in the following circumstances.
(2)
Relief under paragraph 2 (acquisition by property trader from individual acquiring new dwelling) is withdrawn if the property trader—
(a)
spends more than the permitted amount on refurbishment of the old dwelling, or
(b)
grants a lease or licence of the old dwelling, or
(c)
permits any of its principals or employees (or any person connected with any of its principals or employees) to occupy the old dwelling.
Paragraph (b) does not apply to the grant of lease or licence to the individual for a period of no more than six months.
(3)
Relief under paragraph 3 (acquisition by property trader from personal representatives) is withdrawn if the property trader—
(a)
spends more than the permitted amount on refurbishment of the dwelling, or
(b)
grants a lease or licence of the dwelling, or
(c)
permits any of its principals or employees (or any person connected with any of its principals or employees) to occupy the dwelling.
(4)
Relief under paragraph 4 (acquisition by property trader from individual where chain of transactions breaks down) is withdrawn if the property trader—
(a)
spends more than the permitted amount on refurbishment of the old dwelling, or
(b)
grants a lease or licence of the old dwelling, or
(c)
permits any of its principals or employees (or any person connected with any of its principals or employees) to occupy the old dwelling.
Paragraph (b) does not apply to the grant of lease or licence to the individual for a period of no more than six months.
(5)
Relief under paragraph 6 (acquisition by property trader in case of relocation of employment) is withdrawn if the property trader—
(a)
spends more than the permitted amount on refurbishment of the dwelling, or
(b)
grants a lease or licence of the dwelling, or
(c)
permits any of its principals or employees (or any person connected with any of its principals or employees) to occupy the dwelling.
Paragraph (b) does not apply to the grant of lease or licence to the individual for a period of no more than six months.
(6)
Where relief is withdrawn the amount of tax chargeable is the amount that would have been chargeable in respect of the acquisition but for the relief.