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Finance Act 2014

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Changes over time for: Section 111

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Point in time view as at 12/04/2015.

Changes to legislation:

Finance Act 2014, Section 111 is up to date with all changes known to be in force on or before 23 January 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

111SDLT: threshold for higher rate applying to certain transactionsU.K.

This section has no associated Explanatory Notes

(1)Schedule 4A to FA 2003 (SDLT: higher rate for certain transactions) is amended as follows.

(2)In paragraph 1(2) (meaning of “higher threshold interest”) for “£2,000,000” substitute “ £500,000 ”.

(3)In consequence of the amendment made by subsection (2), in the following provisions, for “£2,000,000” substitute “ £500,000 ”

(a)paragraph 4(1)(c);

(b)paragraph 6(2);

(c)paragraph 6(3)(b).

(4)The amendments made by this section have effect in relation to any chargeable transaction of which the effective date is on or after 20 March 2014.

(5)But the amendments do not have effect in relation to a transaction—

(a)effected in pursuance of a contract entered into and substantially performed before 20 March 2014,

(b)effected in pursuance of a contract entered into before that date and not excluded by subsection (6), or

(c)excepted by subsection (7).

(6)A transaction effected in pursuance of a contract entered into before 20 March 2014 is excluded by this subsection if—

(a)there is any variation of the contract, or assignment (or assignation) of rights under the contract, on or after 20 March 2014,

(b)the transaction is effected in consequence of the exercise on or after that date of any option, right of pre-emption or similar right, or

(c)on or after that date there is an assignment (or assignation), subsale or other transaction relating to the whole or part of the subject-matter of the contract as a result of which a person other than the purchaser under the contract becomes entitled to call for a conveyance.

(7)A transaction treated as occurring under paragraph 17(2) or 17A(4) of Schedule 15 to FA 2003 (partnerships) is excepted by this subsection if the effective date of the land transfer referred to in sub-paragraph (1)(a) of the paragraph concerned is before 20 March 2014.

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