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Modifications etc. (not altering text)
C1Pt. 3 applied (17.7.2014) by Finance Act 2014 (c. 26), s. 223(8)(9)(e)
(1)The taxable value of a single-dwelling interest on any day (“the relevant day”) is equal to its market value at the end of the latest day that—
(a)falls on or before that day, and
(b)is a valuation date in the case of that interest.
(2)Each of the following is a valuation date in the case of any single-dwelling interest—
(a)1 April 2012;
(b)each 1 April falling 5 years, or a multiple of 5 years, after 1 April 2012.
[F1(2A)But a day that is a valuation date only because of subsection (2)(b) (a “5-yearly valuation date”) is to be treated as if it were not a valuation date for the purpose of determining the taxable value of a single-dwelling interest on any day in the chargeable period beginning with that 5-yearly valuation date.]
(3)The following are also valuation dates in the case of any single-dwelling interest to which a company is entitled on the relevant day (otherwise than as a member of a partnership)—
(a)the effective date of any substantial acquisition by the company of a chargeable interest in or over the dwelling concerned;
(b)the effective date of any substantial disposal of part (but not the whole) of the single-dwelling interest.
(4)The following are also valuation dates in the case of any single-dwelling interest to which a company is entitled on the relevant day as a member of a partnership—
(a)the effective date of any substantial acquisition as a result of which a chargeable interest in or over the dwelling concerned became an asset of the partnership,
(b)the effective date of any substantial disposal of part (but not the whole) of the single-dwelling interest.
(5)The following are also valuation dates in the case of any single-dwelling interest that is on the relevant day held for the purposes of a collective investment scheme—
(a)the effective date of any substantial acquisition, made for the purposes of the scheme, of a chargeable interest in or over the dwelling concerned;
(b)the effective date of any substantial disposal of part (but not the whole) of the single-dwelling interest.
(6)In this section references to a disposal of part of a single-dwelling interest include the grant of a chargeable interest out of the single-dwelling interest.
(7)The grant of an option does not count as the grant of a chargeable interest for the purposes of subsection (6).
Textual Amendments
F1S. 102(2A) inserted (26.3.2015) by Finance Act 2015 (c. 11), s. 71