C1SCHEDULE 5HIGHER RATES RESIDENTIAL PROPERTY TRANSACTIONS
C1PART 4BUYER IS NOT AN INDIVIDUAL
Transaction involving a dwelling
I1C120
1
A chargeable transaction is a higher rates residential property transaction if—
a
the buyer is not an individual,
b
the main subject-matter of the transaction consists of a major interest in a dwelling (““the purchased dwelling””), and
c
the chargeable consideration for the dwelling is £40,000 or more.
2
But a transaction is not a higher rates residential property transaction under sub-paragraph (1) if at the end of the day that is the effective date of the transaction—
a
the purchased dwelling is subject to a lease,
b
the main subject-matter of the transaction is reversionary on that lease, and
c
the lease meets the conditions set out in sub-paragraph (3).
3
The conditions are that—
a
the lease is not held by a person connected with the buyer, and
b
the lease has an unexpired term of more than 21 years.
Sch. 5 applied (with modifications) (1.4.2018) by The Land Transaction Tax (Transitional Provisions) (Wales) Regulations 2018 (S.I. 2018/126), regs. 1(2), 12