Application of exemptions conferred by section 92 or by Schedule 30 where all the land is residential property
3.—(1) Subject to paragraph (3), an exemption conferred by section 92(1) or by Schedule 30 shall not apply in the cases specified by paragraph (2) below.
(2) The cases specified by this paragraph are cases where—
(a)all the land in question is residential property, and
(b)subject to regulation 6, the amount or value of relevant consideration is more than £150,000.
(3) Where the instrument in question is a lease of land, nothing in this regulation affects the application of an exemption conferred by section 92 or by Schedule 30 in relation to stamp duty chargeable in respect of the rate or average rate of rent.
(1)
Section 92 was amended by section 110(1) and (2) of the Finance Act 2002.