6(1)This paragraph applies if—U.K.
(a)the first transaction relates to an interest in land in [F1England F2... or Northern Ireland], and
(b)each of conditions A to C is met before the end of the period of 30 days beginning with the effective date of that transaction.
(2)Where this paragraph applies the first transaction is exempt from charge to stamp duty land tax.
(3)Where the interest in the land is replaced as the bond asset by an interest in other land, this paragraph is subject to paragraph 18.
(4)This paragraph is also subject to paragraph 20.
Textual Amendments
F1Words in Sch. 61 para. 6(1)(a) substituted (with effect in accordance with s. 29(4) of the amending Act) by Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 31(8) (with s. 29(5)(6)); S.I. 2015/637, art. 2
F2Words in Sch. 61 para. 6(1)(a) omitted (1.4.2018 with effect in accordance with s. 16(4)(5) of the amending Act) by virtue of Wales Act 2014 (c. 29), s. 29(2)(b)(3), Sch. 2 para. 15; S.I. 2018/214, art. 2(a)
7(1)This paragraph applies if [F3paragraph 6 applies but] —U.K.
(a)the interest in the land is transferred by Q to P without conditions E and F having been met,
(b)the period mentioned in paragraph 5(11)(b) expires without each of those conditions having been met, or
(c)at any time it becomes apparent for any other reason that any of conditions E to G cannot or will not be met.
(2)This paragraph also applies if [F4paragraph 6 applies but] condition D is not met.
(3)The relief provided by paragraph 6(2) is withdrawn and stamp duty land tax is chargeable on the first transaction in accordance with this paragraph.
(4)The amount chargeable is the tax that would have been chargeable in respect of the first transaction (but for relief under paragraph 6(2)) if the chargeable consideration for that transaction had been the market value of the interest at the time of that transaction.
(5)Interest is due and payable on the amount of that tax as from the end of the period of [F514 days] after the effective date of that transaction until the tax is paid.
(6)Q must deliver a further land transaction return before the end of the period of 30 days after the date on which this paragraph first applies.
(7)The return must include a self-assessment of the amount of tax chargeable.
(8)Tax payable must be paid not later than the filing date for the further return.
(9)Schedule 10 to FA 2003 (returns, assessments and other matters) applies to a return under this paragraph as it applies to a return under section 76 of that Act (general requirement to deliver land transaction return), with the following modifications—
(a)references to the transaction to which the return relates are to the event by virtue of which this paragraph applies, and
(b)references to the effective date of the transaction are to the date on which that event occurs.
Textual Amendments
F3Words in Sch. 61 para. 7(1) inserted (with effect in accordance with s. 29(4) of the amending Act) by Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 31(9)(a) (with s. 29(5)(6)); S.I. 2015/637, art. 2
F4Words in Sch. 61 para. 7(2) inserted (with effect in accordance with s. 29(4) of the amending Act) by Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 31(9)(b) (with s. 29(5)(6)); S.I. 2015/637, art. 2
F5Words in Sch. 61 para. 7(5) substituted (with effect in accordance with s. 46(10) of the amending Act) by Finance Act 2019 (c. 1), s. 46(9)(a)