39. Annual tax on enveloped dwellings (interests held by connected persons)

Amendment of the Law – in the House of Commons at 9:39 pm on 23rd March 2015.

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(1) Section 110 of the Finance Act 2013 (interests held by connected persons) is amended as follows.

(2) In subsection (1), after “If on any day” insert “(“the relevant day”)”.

(3) In subsection (2)—

(a) omit “on the day in question”;

(b) after “P’s single dwelling interest” insert “on the relevant day”;

(c) for “£500,000” substitute “£250,000”.

(4) After subsection (2) insert—

“(2A) Subsection (2B) applies in any case where—

(a) C would (without subsection (2B)) be treated, as a result of subsection (1) (read with section 109), as entitled to a single-dwelling interest with a taxable value (on the relevant day) of more than £2 million, but

(b) C would not be so treated if the value specified in subsection (2) were £500,000 (instead of £250,000).

(2B) Subsection (2) has effect as if the value specified in it were £500,000 (instead of £250,000).”

(5) The amendments made by this Resolution have effect in relation to chargeable periods beginning on or after 1 April 2015.

And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.