[SCHEDULE 6A Relief for Certain Acquisitions of Residential Property]
Finance Act 2003 (2003 c 14) | Legislation

[SCHEDULE 6A Relief for Certain Acquisitions of Residential Property]

[Section 58A]

[Acquisition by house-building company from individual acquiring new dwelling

1

(1)     Where a dwelling (“the old dwellingâ€) is acquired by a house-building company from an individual (whether alone or with other individuals), the acquisition is exempt from charge if the following conditions are met.

(2)     The conditions are—

(a)     that the individual (whether alone or with other individuals) acquires from the house-building company a new dwelling,

(b)     that the individual—

(i)     occupied the old dwelling as his only or main residence at some time in the period of two years ending with the date of its acquisition, and

(ii)     intends to occupy the new dwelling as his only or main residence,

(c)     that each acquisition is entered into in consideration of the other, and

(d)     that the area of land acquired by the house-building company does not exceed the permitted area.

(3)     Where the conditions in sub-paragraph (2)(a) to (c) are met but the area of land acquired by the house-building company exceeds the permitted area, the chargeable consideration for the acquisition is taken to be the amount calculated by deducting the market value of

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