C1PART 3Annual tax on enveloped dwellings
The charge to tax
99Amount of tax chargeable
1
The amount of tax charged for a chargeable period with respect to a single-dwelling interest is stated in subsection (2) or (3).
2
If the chargeable person is within the charge with respect to the single-dwelling interest on the first day of the chargeable period, the amount of tax charged is equal to the annual chargeable amount.
3
Otherwise, the amount of tax charged is equal to the relevant fraction of the annual chargeable amount.
4
The annual chargeable amount for a single-dwelling interest and a chargeable period is determined in accordance with the following table, by reference to the taxable value of the interest on the relevant day.
Annual chargeable amount | Taxable value of the interest on the relevant day |
|---|---|
F2£7,000 | More than £1 million but not more than £2 million. |
F1£23,350 | More than £2 million but not more than £5 million. |
F1£54,450 | More than £5 million but not more than £10 million. |
F1£109,050 | More than £10 million but not more than £20 million. |
F1£218,200 | More than £20 million. |
5
The “relevant day” is—
a
for the purposes of subsection (2), the first day of the chargeable period;
b
for the purposes of subsection (3), the first day in the chargeable period on which the chargeable person is within the charge with respect to the interest.
6
The relevant fraction is—
where—
“N” is the number of days from (and including) the relevant day to the end of the chargeable period;
“Y” is the number of days in the chargeable period.
7
See also—
a
section 100 (interim relief), and
b
section 106 (adjustment of amount chargeable).
Pt. 3 applied (17.7.2014) by Finance Act 2014 (c. 26), s. 223(8)(9)(e)