[SCHEDULE 4A Stamp Duty Land Tax: Higher Rate for Certain Transactions]
Finance Act 2003 (2003 c 14) | Legislation

[SCHEDULE 4A Stamp Duty Land Tax: Higher Rate for Certain Transactions]

[Meaning of “higher threshold interestâ€

1

(1)     In this paragraph “interest in a single dwelling†means so much of the subject-matter of a chargeable transaction as consists of a chargeable interest in or over a single dwelling (together with appurtenant rights).

(2)     An interest in a single dwelling is a higher threshold interest for the purposes of this Schedule if chargeable consideration of more than [£500,000] is attributable to that interest.

Transactions involving a higher threshold interest

2

(1)     Sub-paragraphs (2) to (8) apply to a chargeable transaction whose subject-matter consists of or includes a higher threshold interest.

(2)     If the main subject-matter of the transaction consists entirely of higher threshold interests, the transaction is a high-value residential transaction for the purposes of paragraph 3.

(3)     If the main subject-matter of the transaction includes a chargeable interest other than a higher threshold interest, the transaction (“the primary transactionâ€) is to be treated for the relevant purposes as two separate chargeable transactions as follows—

(a)     a transaction whose subject-matter is all the higher threshold interests, together with any appurtenant rights;

(b)     a transaction whose subject-matter is the remainder

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Direct discrimination

Direct discriminationIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an

LEXISNEXIS

Directors’ remuneration

Directors’ remunerationCompany directors are not, by virtue only of their office as director, automatically entitled under company law to remuneration for services as a director or to reimbursement of expenses incurred in rendering such services. Power to pay directors remuneration for their

LEXISNEXIS

Recklessness in criminal cases

Recklessness in criminal casesWhat is recklessness?In respect of some statutory offences and common law crimes the prosecution are required to prove a mental element of recklessness on the part of the defendant.Recklessness means unjustified risk taking on the part of the accused.Prior to the House

LEXISNEXIS

Guarantee payments

Guarantee paymentsThis Practice Note explains the right to a guarantee payment, which provides limited pay protection for certain employees who are laid off or put on short-time working.In practice the question whether a guarantee payment is due will usually arise in the case of hourly paid or piece