[Part 2 Meaning of “Higher Rates Transaction”]
Finance Act 2003 (2003 c 14) | Legislation

[Part 2 Meaning of “Higher Rates Transaction”]

[Meaning of “higher rates transaction” etc

2

(1)     This paragraph explains how to determine whether a chargeable transaction is a “higher rates transaction” for the purposes of paragraph 1.

(2)     In the case of a transaction where there is only one purchaser, determine whether the transaction falls within any of paragraphs 3 to 7; if it does fall within any of those paragraphs it is a “higher rates transaction” (otherwise it is not).

(3)     In the case of a transaction where there are two or more purchasers—

(a)     take one of the purchasers and determine, having regard to that purchaser only, whether the transaction falls within any of paragraphs 3 to 7, and

(b)     do the same with each of the other purchasers.

If the transaction falls within any of those paragraphs when having regard to any one of the purchasers it is a “higher rates transaction” (otherwise it is not).

[(3A)     Sub-paragraphs (2) and (3) are subject to paragraph 9A (spouses and civil partners purchasing from one another).]

(4)     For the purposes of this Schedule any term of years absolute or leasehold estate is not a “major interest”

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