55Amount of tax chargeable: generalU.K.
(1)The amount of tax chargeable in respect of a chargeable transaction is a percentage of the chargeable consideration for the transaction.
(2)That percentage is determined by reference to whether the relevant land—
(a)consists entirely of residential property (in which case Table A below applies), or
(b)consists of or includes land that is not residential property (in which case Table B below applies),
and, in either case, by reference to the amount of the relevant consideration.
Table A: Residential
Relevant consideration | Percentage |
---|
Not more than [£125,000] | 0% |
More than [£125,000] but not more than £250,000 | 1% |
More than £250,000 but not more than £500,000 | 3% |
[More than £500,000 but not more than £1,000,000 | 4% |
More than £1,000,000 | 5%] |
Table B: Non-residential or mixed
Relevant consideration | Percentage |
---|
Not more than £150,000 | 0% |
More than £150,000 but not more than £250,000 | 1% |
More than £250,000 but not more than £500,000 | 3% |
More than £500,000 | 4% |
(3)For the purposes of subsection (2)—
(a)the relevant land is the land an interest in which is the main subject-matter of the transaction, and
(b)the relevant consideration is the chargeable consideration for the transaction,
subject as follows.
(4)If the transaction in question is one of a number of linked transactions—
(a)the relevant land is any land an interest in which is the main subject-matter of any of those transactions, and
(b)the relevant consideration is the total of the chargeable consideration for all those transactions.
(5)This section has effect subject to—
section 74 ([exercise of collective rights by tenants of flats]), and
section 75 (crofting community right to buy),
(which provide for the rate of tax to be determined by reference to a fraction of the relevant consideration).
(6)In the case of a transaction for which the whole or part of the chargeable consideration is rent this section has effect subject to section 56 and Schedule 5 (amount of tax chargeable: rent).
(7)References in this Part to the “rate of tax” are to the percentage determined under this section.
Textual Amendments
Modifications etc. (not altering text)
Commencement Information