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Part 4 of FA 2003 (stamp duty land tax) is amended in accordance with paragraphs 2 to 9.

(1)     Section 55 (amount of tax chargeable: general) is amended as follows.

(2)     In subsection (1), after “chargeable transaction” insert “to which this section applies”.

(3)     After that subsection insert—

“(1A)     This section applies to any chargeable transaction other than a transaction to which paragraph 3 of Schedule 4A or step 4 of section 74(1A) (higher rate for certain transactions) applies.”

(4)     . . .

(5)     In subsection (5), for “74” substitute “74(2) and (3)”.

(6)     . . .

After section 55 insert—

“55A Amount of tax chargeable: higher rate for certain transactions

Schedule 4A provides for the calculation of the tax chargeable in respect of certain transactions involving higher threshold interests in dwellings.”

After Schedule 4 insert—

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

Meaning of “higher threshold interest”

1

(1)     In this paragraph “interest in a single dwelling” means so much of the subject-matter