109General power to vary this Part by regulationsU.K.
(1)The Treasury may if they consider it expedient in the public interest make provision by regulations for the variation of this Part in its application to land transactions of any description.
(2)The power conferred by this section includes, in particular, power to alter—
(a)the descriptions of land transaction that are chargeable or notifiable;
(b)the descriptions of land transaction in respect of which tax is chargeable at any existing rate or amount.
[F1(2A)The power under subsection (2)(b) includes power to alter the conditions for the application to a chargeable transaction of paragraph 3 of Schedule 4A (higher rate for certain transactions), other than the condition that the transaction must be a high-value residential transaction.]
(3)The power conferred by this section does not, except as mentioned in [F2subsections (2)(b) and (2A),] include power to vary any threshold, rate or amount specified in—
(a)section 55 (amount of tax chargeable: general), F3...
[F4(aa)section 74(1A) (exercise of collective rights by tenants of flats),
(ab)Schedule 4A (amount of tax chargeable: high-value interests in dwellings), or]
(b)Schedule 5 (amount of tax chargeable: rent).
(4)This section has effect subject to section 110 (approval of regulations by House of Commons).
(5)Regulations under this section do not apply in relation to any transaction of which the effective date is after the end of—
(a)the period of 18 months beginning with the day on which the regulations were made, or
(b)such shorter period as may be specified in the regulations.
This does not affect the power to make further provision by regulations under this section to the same or similar effect.
(6)Regulations under this section may include such supplementary, transitional and incidental provision as appears to the Treasury to be necessary or expedient.
(7)The power conferred by this section may be exercised at any time after the passing of this Act.
Textual Amendments
F1S. 109(2A) inserted (with effect in accordance with Sch. 35 para. 10 of the amending Act) by Finance Act 2012 (c. 14), Sch. 35 para. 6(2)
F2Words in s. 109(3) substituted (with effect in accordance with Sch. 35 para. 10 of the amending Act) by Finance Act 2012 (c. 14), Sch. 35 para. 6(3)(a)
F3Word in s. 109(3)(a) omitted (with effect in accordance with Sch. 35 para. 10 of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 35 para. 6(3)(b)
F4S. 109(3)(aa)(ab) inserted (with effect in accordance with Sch. 35 para. 10 of the amending Act) by Finance Act 2012 (c. 14), Sch. 35 para. 6(3)(c)
Commencement Information
I1Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)