Source: https://www.legislation.gov.uk/anaw/2017/1/schedule/5/data.xht?view=snippet&wrap=true
Timestamp: 2020-08-07 02:00:24
Document Index: 368071514

Matched Legal Cases: ['art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'ART 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'art. 3', 'ART 6', 'art. 3', 'art. 3', 'art. 3']

(as introduced by section 24(10))
SCHEDULE 5E+WHIGHER RATES RESIDENTIAL PROPERTY TRANSACTIONS
2E+WThis Part sets out when a chargeable transaction is a ““higher rates residential property transaction”” for the purpose of regulations under section 24(1)(b) in the case of a transaction involving a dwelling where the buyer is an individual.
I2Sch. 5 para. 2 in force at 1.4.2018 by S.I. 2018/34, art. 3
I3Sch. 5 para. 3 in force at 1.4.2018 by S.I. 2018/34, art. 3
4E+WWhere paragraph 9 applies, an intermediate transaction (within the meaning given by that paragraph) is to be treated as a higher rates residential property transaction.
I4Sch. 5 para. 4 in force at 1.4.2018 by S.I. 2018/34, art. 3
I5Sch. 5 para. 5 in force at 1.4.2018 by S.I. 2018/34, art. 3
6E+WWhere there are two or more buyers who are individuals in a transaction—
I6Sch. 5 para. 6 in force at 1.4.2018 by S.I. 2018/34, art. 3
7E+WA transaction is not a higher rates residential property transaction under paragraph 3 if the main subject-matter of the transaction is a major interest in a dwelling—
I7Sch. 5 para. 7 in force at 1.4.2018 by S.I. 2018/34, art. 3
I8Sch. 5 para. 8 in force at 1.4.2018 by S.I. 2018/34, art. 3
I9Sch. 5 para. 9 in force at 1.4.2018 by S.I. 2018/34, art. 3
PART 3 E+WBUYER IS AN INDIVIDUAL: MULTIPLE DWELLING TRANSACTIONS
10E+WThis Part sets out when a chargeable transaction is a ““higher rates residential property transaction”” for the purpose of regulations under section 24(1)(b) in the case of a transaction involving multiple dwellings where the buyer is an individual.
I10Sch. 5 para. 10 in force at 1.4.2018 by S.I. 2018/34, art. 3
I11Sch. 5 para. 11 in force at 1.4.2018 by S.I. 2018/34, art. 3
12E+WWhere there are two or more buyers who are individuals in a transaction—
I12Sch. 5 para. 12 in force at 1.4.2018 by S.I. 2018/34, art. 3
Two or more qualifying dwellingsE+W
13(1)This paragraph applies if at least two of the purchased dwellings are qualifying dwellings.E+W
(2)A purchased dwelling is a qualifying dwelling for the purposes of this Part of this Schedule if the amount of the chargeable consideration for the transaction which is attributable on a just and reasonable basis to the purchased dwelling is £40,000 or more.
(3)But a purchased dwelling is not a qualifying dwelling if at the end of the day that is the effective date of the transaction—
(5)A purchased dwelling is not a qualifying dwelling if the exception provided for in paragraph 14 applies (subsidiary dwelling exception).
I13Sch. 5 para. 13 in force at 1.4.2018 by S.I. 2018/34, art. 3
I14Sch. 5 para. 14 in force at 1.4.2018 by S.I. 2018/34, art. 3
I15Sch. 5 para. 15 in force at 1.4.2018 by S.I. 2018/34, art. 3
16E+WParagraph 15 does not apply if the main subject-matter of the transaction is a major interest in the qualifying dwelling referred to in paragraph 15(1)(a), and that dwelling is one—
(a)in which, immediately before the effective date of the transaction, the buyer [F2or the buyer’s spouse or civil partner] had another major interest, and
F2Words in Sch. 5 para. 16(a) inserted (1.4.2018) by The Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (Amendment to Schedule 5) Regulations 2018 (S.I. 2018/125), regs. 1(2), 2(b)
I16Sch. 5 para. 16 in force at 1.4.2018 by S.I. 2018/34, art. 3
I17Sch. 5 para. 17 in force at 1.4.2018 by S.I. 2018/34, art. 3
I18Sch. 5 para. 18 in force at 1.4.2018 by S.I. 2018/34, art. 3
I19Sch. 5 para. 19 in force at 1.4.2018 by S.I. 2018/34, art. 3
I20Sch. 5 para. 20 in force at 1.4.2018 by S.I. 2018/34, art. 3
I21Sch. 5 para. 21 in force at 1.4.2018 by S.I. 2018/34, art. 3
22E+WWhere there are two or more buyers in a transaction, the transaction is a higher rates residential property transaction if paragraph 20 or 21 applies in relation to any one of the buyers.
I22Sch. 5 para. 22 in force at 1.4.2018 by S.I. 2018/34, art. 3
I23Sch. 5 para. 23 in force at 1.4.2018 by S.I. 2018/34, art. 3
I24Sch. 5 para. 24 in force at 1.4.2018 by S.I. 2018/34, art. 3
I25Sch. 5 para. 25 in force at 1.4.2018 by S.I. 2018/34, art. 3
I26Sch. 5 para. 26 in force at 1.4.2018 by S.I. 2018/34, art. 3
I27Sch. 5 para. 27 in force at 1.4.2018 by S.I. 2018/34, art. 3
I28Sch. 5 para. 28 in force at 1.4.2018 by S.I. 2018/34, art. 3
I29Sch. 5 para. 29 in force at 1.4.2018 by S.I. 2018/34, art. 3
I30Sch. 5 para. 30 in force at 1.4.2018 by S.I. 2018/34, art. 3
I31Sch. 5 para. 31 in force at 1.4.2018 by S.I. 2018/34, art. 3
I32Sch. 5 para. 32 in force at 1.4.2018 by S.I. 2018/34, art. 3
I33Sch. 5 para. 33 in force at 1.4.2018 by S.I. 2018/34, art. 3
I34Sch. 5 para. 34 in force at 1.4.2018 by S.I. 2018/34, art. 3
PART 6 E+WINTERPRETATION
I35Sch. 5 para. 35 in force at 1.4.2018 by S.I. 2018/34, art. 3
I36Sch. 5 para. 36 in force at 1.4.2018 by S.I. 2018/34, art. 3
37E+WFor the purposes of this Schedule, any term of years absolute or leasehold estate is not a ““major interest”” if its term does not exceed 7 years on the date of its grant.
I37Sch. 5 para. 37 in force at 1.4.2018 by S.I. 2018/34, art. 3