PART 2Excise duties and other taxes
Annual tax on enveloped dwellings
72ATED: interests held by connected persons
1
Section 110 of FA 2013 (interests held by connected persons) is amended as follows.
2
In subsection (1), after “If on any day” insert “
(“the relevant day”)
”
.
3
In subsection (2)—
a
omit “on the day in question”;
b
after “P's single dwelling interest” insert “
on the relevant day
”
;
c
for “£500,000” substitute “
£250,000
”
.
4
After subsection (2) insert—
2A
Subsection (2B) applies in any case where—
a
C would (without subsection (2B)) be treated, as a result of subsection (1) (read with section 109), as entitled to a single-dwelling interest with a taxable value (on the relevant day) of more than £2 million, but
b
C would not be so treated if the value specified in subsection (2) were £500,000 (instead of £250,000).
2B
Subsection (2) has effect as if the value specified in it were £500,000 (instead of £250,000).
5
The amendments made by this section have effect in relation to chargeable periods beginning on or after 1 April 2015.