C1C2Part 4Stamp duty land tax

Annotations:
Modifications etc. (not altering text)

Land transactions

43I1Land transactions

1

In this Part a “land transaction” means any acquisition of a chargeable interest. As to the meaning of “chargeable interest” see section 48.

2

Except as otherwise provided, this Part applies however the acquisition is effected, whether by act of the parties, by order of a court or other authority, by or under any statutory provision or by operation of law.

3

For the purposes of this Part—

a

the creation of a chargeable interest is—

i

an acquisition by the person becoming entitled to the interest created, and

ii

a disposal by the person whose interest or right is subject to the interest created;

b

the surrender or release of a chargeable interest is—

i

an acquisition of that interest by any person whose interest or right is benefitted or enlarged by the transaction, and

ii

a disposal by the person ceasing to be entitled to that interest; F1...

c

the variation of a chargeable interest F3(other than a lease) is—

i

an acquisition of a chargeable interest F3(other than a lease) by the person benefitting from the variation, and

ii

a disposal of a chargeable interest F3(other than a lease) by the person whose interest is subject to or limited by the variation.

F2d

the variation of a lease is an acquisition and disposal of a chargeable interest only where

F4i

it takes effect, or is treated for the purposes of this Part, as the grant of a new leaseF5, or

ii

paragraph 15A of Schedule 17A (reduction of rent or term) applies.

4

References in this Part to the “purchaser” and “vendor”, in relation to a land transaction, are to the person acquiring and the person disposing of the subject-matter of the transaction.

These expressions apply even if there is no consideration given for the transaction.

5

A person is not treated as a purchaser unless he has given consideration for, or is a party to, the transaction.

6

References in this Part to the subject-matter of a land transaction are to the chargeable interest acquired (the “main subject-matter”), together with any interest or right appurtenant or pertaining to it that is acquired with it.