SCHEDULES
F1SCHEDULE 9AIncreased rates for non-resident transactions
PART 2Meaning of “non-resident transaction”
2Meaning of “non-resident transaction”
1
A chargeable transaction is a “non-resident transaction” for the purposes of this Part of this Act if—
a
the purchaser is, or (if there is more than one) the purchasers include, a person who is non-resident in relation to the transaction,
b
the main subject-matter of the transaction consists of—
i
a major interest in one or more dwellings, or
ii
a major interest in one or more dwellings and other property,
c
that major interest, at the beginning of the effective date of the transaction, is not a term of years absolute or leasehold estate that has 7 years or less to run, and
d
the de minimis threshold is exceeded.
2
3
For the purposes of sub-paragraph (1)(d), the de minimis threshold is exceeded if—
a
in a case in which the chargeable consideration for the transaction does not consist of or include rent, the chargeable consideration for the transaction is £40,000 or more;
b
in a case in which the chargeable consideration for the transaction consists of or includes rent—
i
the chargeable consideration other than rent is £40,000 or more, or
ii
the annual rent is £1,000 or more.
4
In sub-paragraph (3) “annual rent” in relation to a transaction, means the average annual rent over the term of the lease to which the transaction relates or, if—
a
different amounts of rents are payable for different parts of the term, and
b
those amounts (or any of them) are ascertainable at the effective date of the transaction,
the average annual rent over the period for which the highest ascertainable rent is payable.
Sch. 9A inserted (with effect in accordance with Sch. 16 para. 6 of the amending Act) by Finance Act 2021 (c. 26), Sch. 16 para. 5