Paragraph 6 F1

United Kingdom

(1)

Sub-paragraphs (2) and (3) apply where the subject-matter of a transaction to which Part 3 of Schedule 15 applies consists of or includes a higher threshold interest.

(2)

The transaction is not to be treated as a high-value residential transaction by virtue of paragraph 2(2) unless the chargeable consideration for the transaction is more than F2£500,000.

(3)

Paragraph 2(3) to (8) does not apply to the transaction if—

(a)

the subject-matter of the transaction includes a chargeable interest other than a higher threshold interest, and

(b)

the result of applying paragraph 2(3) and (4) would be that chargeable consideration of F3£500,000 or less would be attributable to the separate transaction mentioned in paragraph 2(3)(a).

(4)

For the purposes of sub-paragraph (1) and paragraph 2, the subject-matter (and the main subject-matter) of a transfer of an interest in a partnership that is a chargeable transaction by virtue of sub-paragraph (2) of paragraph 14 of Schedule 15 is—

(a)

if the transfer is a Type A transfer, the relevant partnership property as defined in sub-paragraph (5) of that paragraph, or

(b)

if the transfer is a Type B transfer, the relevant partnership property as defined in sub-paragraph (5A) of that paragraph.

(5)

(6)

For the purposes of sub-paragraph (1) and paragraph 2, the subject-matter (and the main subject-matter) of a chargeable transaction that is treated as occurring by virtue of sub-paragraph (4) of paragraph 17A of Schedule 15 is the subject-matter of the land transfer referred to in sub-paragraph (1)(a) of that paragraph.

Annotations

Textual amendments

F1: Sch. 4A inserted (with effect in accordance with Sch. 35 para. 10 of the amending Act) by Finance Act 2012 (c. 14), Sch. 35 para. 4
F2: Word in Sch. 4A para. 6(2) substituted (with effect in accordance with s. 111(4)-(6) of the amending Act) by Finance Act 2014 (c. 26), s. 111(3)(b)
F3: Word in Sch. 4A para. 6(3)(b) substituted (with effect in accordance with s. 111(4)-(6) of the amending Act) by Finance Act 2014 (c. 26), s. 111(3)(c)

Notes on Schedule 4A

Modifications

C1: Sch. 4A modified (17.7.2013) by Finance Act 2013 (c. 29), Sch. 40 para. 9(3)
C2: Sch. 4A modified (temp.) (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 24 para. 3