C1C2Part 4Stamp duty land tax

Annotations:
Modifications etc. (not altering text)

Reliefs

74C3I1F5Exercise of collective rights by tenants of flats

F11

This section applies where a chargeable transaction is entered into by a person or persons nominated or appointed by qualifying tenants of flats contained in premises in exercise of—

a

a right under Part 1 of the Landlord and Tenant Act 1987 (right of first refusal), or

b

a right under Chapter 1 of Part 1 of the Leasehold Reform, Housing and Urban Development Act 1993 (right to collective enfranchisement).

2

F2... 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 F3qualifying flats contained in the premises.

3

The tax chargeable is then determined by applying that rate to the chargeable consideration for the transaction.

F44

In this section—

  • “flat” and “qualifying tenant” have the same meaning as in the Chapter or Part of the Act conferring the right being exercised;

  • “qualifying flat” means a flat that is held by a qualifying tenant who is participating in the exercise of the right.

5

References in this section to the relevant consideration have the same meaning as in section 55.