This is the original version (as it was originally enacted).
(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.
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