SCHEDULE 40 Stamp Duty Land Tax: Relief from 15% Rate
Finance Act 2013 (2013 c 29) | Legislation

SCHEDULE 40 Stamp Duty Land Tax: Relief from 15% Rate

Section 196

1

Part 4 of FA 2003 (stamp duty land tax) is amended as follows.

Amendments of FA 2003

2

(1)     Schedule 4A (higher rate for certain transactions) is amended as follows.

(2)     In paragraph 2(6) (treatment of certain transactions as two separate chargeable transactions) for “and 5†substitute “, 5 to 5K and 6A to 6Hâ€.

(3)     For paragraph 5 (property developers) and the cross-heading preceding it substitute—

“Businesses of letting, trading in or redeveloping properties
5

(1)     Paragraph 3 does not apply to a chargeable transaction so far as its subject-matter consists of a higher threshold interest that is acquired exclusively for one or more of the following purposes—

(a)     exploitation as a source of rents or other receipts (other than excluded rents) in the course of a qualifying property rental business;

(b)     development or redevelopment and resale in the course of a property development trade;

(c)     resale in the course of a property development trade (in a case where the chargeable transaction is part of a qualifying exchange);

(d)     resale (as stock of the business) in the course of a property trading business.

(2)

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Introduction to passing off

Unlike many other countries, the UK has no unfair competition law. Brand owners seeking to prevent competitors from marketing ‘copycat’ products or using misleading advertising have to rely on a combination of different intellectual property rights. These rights include the common law right to

LEXISNEXIS

What is electronic money?

What is electronic money?BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant

LEXISNEXIS

Sentencing for rape

Sentencing for rapeThe Sentencing Council (SC) produces guidance on sentencing for courts in England and Wales in the form of offence specific sentencing guidelines for use in the magistrates’ court and the Crown Court. This Practice Note considers the approach to sentencing for the offences of rape

LEXISNEXIS

Arbitration agreements—definition, purpose and interpretation

Arbitration agreements—definition, purpose and interpretationThis Practice Note considers the nature and scope of arbitration agreements with a particular focus on arbitration agreements pursuant to the law of England and Wales, although it also discusses the concept from an international