C1C2C5C6Part 4Stamp duty land tax

Annotations:
Modifications etc. (not altering text)
C5

Pt. 4 modified (17.7.2013) by Finance Act 2013 (c. 29), s. 194(8)-(12)

C6

Pt. 4 applied (17.7.2014) by Finance Act 2014 (c. 26), ss. 223(8)(9)(d)

Amount of tax chargeable

55I1Amount of tax chargeable: general

1

The amount of tax chargeable in respect of a chargeable transaction F6to which this section applies is F10determined in accordance with subsections (1B), (1C) and (2).

F41A

This section applies to any chargeable transaction other than a transaction to which paragraph 3 of Schedule 4A or step 4 of section 74(1A) (higher rate for certain transactions) applies.

F71B

If the relevant land consists entirely of residential property and the transaction is not one of a number of linked transactions, the amount of tax chargeable is determined as follows—

  • Step 1 Apply the rates specified in the second column of Table A below to the parts of the relevant consideration specified in the first column of that Table.

  • Step 2 Add together the amounts calculated at Step 1 (if there are two or more such amounts).

    TABLE A: RESIDENTIAL

    Part of relevant consideration

    Rate

    So much as does not exceed £125,000

    0%

    So much as exceeds £125,000 but does not exceed £250,000

    2%

    So much as exceeds £250,000 but does not exceed £925,000

    5%

    So much as exceeds £925,000 but does not exceed £1,500,000

    10%

    The remainder (if any)

    12%

1C

If the relevant land consists entirely of residential property and the transaction is one of a number of linked transactions, the amount of tax chargeable in respect of the particular transaction under consideration is determined as follows—

  • Step 1 Apply the rates specified in the second column of Table A in subsection (1B) to the parts of the relevant consideration specified in the first column of that Table.

  • Step 2 Add together the amounts calculated at Step 1 (if there are two or more such amounts).

  • Step 3 Multiply the amount given by Step 1 or Step 2, as the case may be, by—

    where—

    C is the chargeable consideration for the transaction, and

    R is the relevant consideration.

C42

F8If the relevant land consists of or includes land that is not residential property, the amount of tax chargeable is the percentage of the chargeable consideration for the transaction determined in accordance with Table B below by reference to the amount of the relevant consideration.

Table B: Non-residential or mixed

Relevant consideration

Percentage

Not more than £150,000

0%

More than £150,000 but not more than £250,000

1%

More than £250,000 but not more than £500,000

3%

More than £500,000

4%

3

For the purposes of F12subsections (1B) and (2) —

a

the relevant land is the land an interest in which is the main subject-matter of the transaction, and

b

the relevant consideration is the chargeable consideration for the transaction,

subject as follows.

C34

F9For the purposes of subsections (1C) and (2), If the transaction in question is one of a number of linked transactions—

a

the relevant land is any land an interest in which is the main subject-matter of any of those transactions, and

b

the relevant consideration is the total of the chargeable consideration for all those transactions.

5

This section has effect subject to—

  • section F574(2) and (3) (F1exercise of collective rights by tenants of flats), F2...

  • F2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(which F3provides for the rate of tax to be determined by reference to a fraction of the relevant consideration).

6

In the case of a transaction for which the whole or part of the chargeable consideration is rent this section has effect subject to section 56 and Schedule 5 (amount of tax chargeable: rent).

F117

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