SCHEDULES
SCHEDULE 8Stamp duty land tax: charities relief
F1Partial relief: charity not fully meeting the “qualifying charity” condition
3C
1
This paragraph applies where—
a
a charity (“C”) is one of two or more purchasers acquiring the subject-matter of a land transaction (“the relevant transaction”) as tenants in common (or, in Scotland, as owners in common),
b
C is not a qualifying charity in relation to the transaction,
c
paragraph 3A(3) to (5) would apply if C were a qualifying charity, and
d
C intends to hold the greater part of its undivided share of the subject-matter of the transaction for qualifying charitable purposes.
2
In such a case—
a
paragraph 3A has effect as if C were a qualifying charity, but
b
for the purposes of paragraph 3B (withdrawal of relief under paragraph 3A) “disqualifying event” includes any additional disqualifying transaction.
3
The following are “additional disqualifying transactions” if they are not made in furtherance of the charitable purposes of C—
a
any transfer by C of a major interest in the whole or any part of the chargeable interest acquired by C under the relevant transaction;
b
any grant by C at a premium of a low-rental lease of the whole or any part of that chargeable interest.
4
Paragraph 3(3) (meaning of “at a premium” and “low-rental”) applies for the purposes of sub-paragraph (3)(b) as it applies for the purposes of paragraph 3(2)(b)(ii).
5
In relation to a transaction that, by virtue of this paragraph, is a disqualifying event for the purposes of paragraph 3B—
a
the date of the event for those purposes is the effective date of the transaction;
b
paragraph 3B has effect with the modifications in sub-paragraph (6).
6
The modifications to paragraph 3B are—
a
in sub-paragraph (3), for “At the time of” substitute “
Immediately before
”
;
b
in sub-paragraph (10)(a), for “at the time of” substitute “
immediately before and immediately after
”
;
c
omit sub-paragraph (10)(b).
Sch. 8 paras. 3A-3C and cross-headings inserted (with effect in accordance with Sch. 23 para. 5 of the amending Act) by Finance Act 2014 (c. 26), Sch. 23 para. 3