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Change 1
As published
74 Exercise of collective rights by tenants of flats
(1) This section applies where a chargeable transaction is entered into by a person or persons nominated or appointed by qualifying tenants of flats contained in premises in exercise of—
(a) a right under Part 1 of the Landlord and Tenant Act 1987 (right of first refusal), or
(b) a right under Chapter 1 of Part 1 of the Leasehold Reform, Housing and Urban Development Act 1993 (right to collective enfranchisement).
(1A) The amount of tax is determined as follows.
Step 1 Determine the fraction of the relevant consideration produced by dividing the total amount of that consideration by the number of qualifying flats contained in the premises.
Step 2 If the amount produced by step 1 is £500,000 or less, determine the amount of tax chargeable in accordance with subsection (1B).
Step 3 If the amount produced by step 1 is more than £500,000 and the condition in paragraph 3(3) of Schedule 4A is not met with respect to the transaction, determine the amount of tax chargeable in accordance with subsection (1B).
Step 4 If the amount produced by step 1 is more than £500,000 and the condition in paragraph 3(3) of Schedule 4A is met with respect to the transaction, subsection (1B) does not apply, and the amount of tax chargeable in respect of the transaction is 17% of the chargeable consideration for the transaction.
(1B) Where step 2 or 3 of subsection (1A) requires the amount of tax chargeable to be determined in accordance with this subsection, it is determined as follows.
Step 1 Determine the amount of tax chargeable under section 55 as if the relevant consideration for the chargeable transaction were the fraction of the relevant consideration calculated under step 1 of subsection (1A).
Step 2 Multiply the amount determined at step 1 by the number of qualifying flats contained in the premises.
(4) In this section—
“flat” and “qualifying tenant” have the same meaning as in the Chapter or Part of the Act conferring the right being exercised;
“qualifying flat” means a flat that is held by a qualifying tenant who is participating in the exercise of the right.
(5) References in this section to the relevant consideration have the same meaning as in section 55.
Your change, as a redline
74 Exercise of collective rights by tenants of flats
(1) This section applies where a chargeable transaction is entered into by a person or persons nominated or appointed by qualifying tenants of flats contained in premises in exercise of—
(a) a right under Part 1 of the Landlord and Tenant Act 1987 (right of first refusal), or
(b) a right under Chapter 1 of Part 1 of the Leasehold Reform, Housing and Urban Development Act 1993 (right to collective enfranchisement).
(1A) The amount of tax is determined as follows.
Step 1 Determine the fraction of the relevant consideration produced by dividing the total amount of that consideration by the number of qualifying flats contained in the premises.
Step 2 If the amount produced by step 1 is £500,000 or less, determine the amount of tax chargeable in accordance with subsection (1B).
Step 3 If the amount produced by step 1 is more than £500,000 and the condition in paragraph 3(3) of Schedule 4A is not met with respect to the transaction, determine the amount of tax chargeable in accordance with subsection (1B).
Step 4 If the amount produced by step 1 is more than £500,000 and the condition in paragraph 3(3) of Schedule 4A is met with respect to the transaction, subsection (1B) does not apply, and the amount of tax chargeable in respect of the transaction is 17% of the chargeable consideration for the transaction.
(1B) Where step 2 or 3 of subsection (1A) requires the amount of tax chargeable to be determined in accordance with this subsection, it is determined as follows.
Step 1 Determine the amount of tax chargeable under section 55 as if the relevant consideration for the chargeable transaction were the fraction of the relevant consideration calculated under step 1 of subsection (1A).
Step 2 Multiply the amount determined at step 1 by the number of qualifying flats contained in the premises.
(4) In this section—
“flat” and “qualifying tenant” have the same meaning as in the Chapter or Part of the Act conferring the right being exercised;
“qualifying flat” means a flat that is held by a qualifying tenant who is participating in the exercise of the right.
(5) References in this section to the relevant consideration have the same meaning as in section 55.
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