Regulation 12 Higher rates residential property transactions – replacement of main residence exception

England and Wales

(1)

This regulation applies to a transaction the effective date of which is, or is earlier than, 26 November 2018.

(2)

For the purpose of determining whether such a transaction is a higher rates residential property transaction, Schedule 5 to the LTT Act applies with the following modifications—

(a)

paragraph 8(2)(b) has effect as if for “during the period of 3 years ending with” there were substituted “ the same as or earlier than ”;

(b)

paragraph 8(2)(d) has effect as if for “during the period of 3 years referred to in paragraph (b)” there were substituted “ before the effective date of the transaction concerned ”;

(c)

paragraph 17(2)(b) has effect as if for “during the period of 3 years ending with” there were substituted “ the same as or earlier than ”; and

(d)

paragraph 17(2)(d) has effect as if for “during the period of 3 years referred to in paragraph (b)” there were substituted “ before the effective date of the transaction concerned ”.