Modifications etc. (not altering text)
C1Pt. 4 construed as one with S.I. 2006/575, reg. 43 (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 43(4)
C2Pt. 4 modified (coming into force at 2 p.m. on 6.12.2006) by The Stamp Duty Land Tax (Variation of the Finance Act 2003) Regulations 2006 (S.I. 2006/3237), regs. 1, 2, Sch.
(1)This section applies where a chargeable transaction is entered into by an RTE company in pursuance of a right of collective enfranchisement.
(2)In that case, the rate of tax is determined by reference to the fraction of the relevant consideration produced by dividing the total amount of that consideration by the number of flats in respect of which the right of collective enfranchisement is being exercised.
(3)The tax chargeable is then determined by applying that rate to the chargeable consideration for the transaction.
(4)In this section—
(a)“RTE company” has the meaning given by section 4A of the Leasehold Reform, Housing and Urban Development Act 1993 (c. 28);
(b)“right of collective enfranchisement” means the right exercisable by an RTE company under—
(i)Part 1 of the Landlord and Tenant Act 1987 (c. 31), or
(ii)Chapter 1 of Part 1 of the Leasehold Reform, Housing and Urban Development Act 1993 (c. 28); and
(c)“flat” has the same meaning as in the Act conferring the right of collective enfranchisement.
(5)References in this section to the relevant consideration have the same meaning as in section 55.
Commencement Information
I1Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)