# Finance Act 2003, Paragraph 6

Extent: E+W+S+N.I.

(1) A chargeable transaction falls within this paragraph if—
(a) the purchaser is an individual,
(b) the main subject-matter of the transaction consists of a major interest in two or more dwellings (“the purchased dwellings”),
(c) only one of the purchased dwellings meets conditions A, B and C,
(d) the purchased dwelling which meets those conditions is not a replacement for the purchaser's only or main residence, and
(e) at the end of the day that is the effective date of the transaction—
(i) the purchaser has a major interest in a dwelling other than one of the purchased dwellings,
(ii) that interest has a market value of £40,000 or more, and
(iii) that interest is not reversionary on a lease which has an unexpired term of more than 21 years.
(1A) But sub-paragraph (1) is subject to paragraph 7A.
(2) Sub-paragraphs (2) to (5) of paragraph 5 apply for the purposes of sub-paragraph (1)(c) of this paragraph as they apply for the purposes of sub-paragraph (1)(c) of that paragraph.
(3) Sub-paragraphs (6) to (8) of paragraph 3 apply for the purposes of sub-paragraph (1)(d) of this paragraph as they apply for the purposes of sub-paragraph (5) of that paragraph.

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Source: https://www.legislation.gov.uk/ukpga/2003/14/schedule/4ZA/paragraph/6 (the official version)
Page: https://openlegislation.uk/finance-act-2003/schedule-4ZA/paragraph-6
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.