- Latest available (Revised)
- Original (As enacted)
There are currently no known outstanding effects for the Stamp Duty Land Tax Act 2015, Cross Heading: Reliefs.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
2(1)Section 74 (exercise of collective rights by tenants of flats) is amended as follows.U.K.
(2)In subsection (1A)—
(a)in the opening words, for “rate” substitute “ amount ”,
(b)in Step 2—
(i)for “rate of tax and the” substitute “ amount of ”, and
(ii)for “subsections (2) and (3)” substitute “ subsection (1B) ”,
(c)in Step 3—
(i)for “rate of tax and the” substitute “ amount of ”, and
(ii)for “subsections (2) and (3)” substitute “ subsection (1B) ”, and
(d)in Step 4 for “subsections (2) and (3) do” substitute “ subsection (1B) does ”.
(3)For subsections (2) and (3) substitute—
“(1B)Where step 2 or 3 of subsection (1A) requires the amount of tax chargeable to be determined in accordance with this subsection, it is determined as follows.
Step 1 Determine the amount of tax chargeable under section 55 as if the relevant consideration for the chargeable transaction were the fraction of the relevant consideration calculated under step 1 of subsection (1A).
Step 2 Multiply the amount determined at step 1 by the number of qualifying flats contained in the premises.”
3U.K.In section 75 (crofting community right to buy) for subsections (2) and (3) substitute—
“(1A)In that case, the amount of tax is determined as follows—
Step 1 Determine the amount of tax chargeable under section 55 as if the relevant consideration for the chargeable transaction were the fraction of the relevant consideration produced by dividing the total amount of that consideration by the number of crofts being bought.
Step 2 Multiply the amount determined at step 1 by the number of crofts being bought under that transaction.”
4(1)In section 80(2) (requirement to make return where contingency ceases, or consideration is ascertained, and tax or additional tax is payable etc)—U.K.
(a)in the opening words, after “before” insert “ (calculated in either case according to the effective date of the transaction) ”, and
(b)omit paragraph (c), but not the “and” at the end.
(2)In section 80(4) (cases where less tax payable) after “in respect of a transaction” insert “ (calculated according to its effective date) ”.
5U.K.In section 81ZA(1)(c) (alternative finance arrangements: additional tax where reliefs withdrawn to be calculated by reference to effective date) for “by reference to the rates in force at” substitute “ according to ”.
6U.K.In section 81A(1) (requirement to make return in consequence of later linked transactions where tax or additional tax is payable etc)—
(a)in the opening words, after “before” insert “ (calculated in either case according to the effective date of the earlier transaction) ”, and
(b)omit paragraph (c), but not the “and” at the end.
7(1)Schedule 6B (transfers involving multiple dwellings) is amended as follows.U.K.
(2)For paragraph 4(1) substitute—
“(1)If relief under this Schedule is claimed for a relevant transaction, the amount of tax chargeable in respect of the transaction is the sum of—
(a)the tax related to the consideration attributable to dwellings (see paragraph 5(1) and (2)), and
(b)the tax related to the remaining consideration (if any) (see paragraph 5(7)).”
(3)Omit paragraph 4(4).
(4)For the italic heading before paragraph 5 substitute “ The amount of tax chargeable ”.
(5)For paragraph 5(1) and (2) substitute—
“(1)For the purposes of paragraph 4(1)(a), “the tax related to the consideration attributable to dwellings” is determined as follows—
Step 1 Determine the amount of tax that would be chargeable under section 55 on the assumption that—
the relevant land consisted entirely of residential property, and
the relevant consideration were the fraction produced by dividing total dwellings consideration by total dwellings.
Step 2 Multiply the amount determined at Step 1 by total dwellings.
Step 3 If the relevant transaction is one of a number of linked transactions, go to Step 4. Otherwise, the amount found at Step 2 is the tax related to the consideration attributable to dwellings.
Step 4 Multiply the amount found at Step 2 by—
where—
“CD” is the consideration attributable to dwellings for the relevant transaction, and
“TDC” is total dwellings consideration.
(2)But if the amount found at Step 2 of sub-paragraph (1) is less than 1% of total dwellings consideration, for the purposes of paragraph 4(1)(a) “the tax related to the consideration attributable to dwellings” is an amount equal to 1% of the consideration attributable to dwellings.”
(6)For paragraph 5(7) substitute—
“(7)For the purposes of paragraph 4(1)(b), “the tax related to the remaining consideration” is the appropriate fraction of the amount of tax which (but for this Schedule) would be due in respect of the relevant transaction.
(8)In subsection (7) “the appropriate fraction” means—
where—
“RC” is the remaining consideration for the relevant transaction,
“TDC” is total dwellings consideration, and
“TRC” is total remaining consideration.
(9)For a transaction that is not one of a number of linked transactions, “total remaining consideration” is the remaining consideration for that transaction (see paragraph 4(3)).
(10)For one of a number of linked transactions, “total remaining consideration” is—
(a)the total of the chargeable consideration for all those transactions, less
(b)total dwellings consideration.”
(7)In paragraph 6(1) (change of circumstances after relief given) for paragraph (c) substitute—
“(c)had the event occurred immediately before the effective date of the transaction, more tax (calculated according to the effective date of the transaction) would have been payable, whether because the transaction would not have been a relevant transaction or otherwise.”
(8)In paragraph 6(3) (requirement to make return where more tax payable than was paid) omit paragraph (c), but not the “and” at the end.
8U.K.In paragraph 8(1) of Schedule 7 (acquisition relief)—
(a)for “rate” substitute “ amount ”, and
(b)for “0.5%” substitute “ an amount equal to 0.5% of the chargeable consideration for the transaction ”.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: