s 129 SDLT higher rate: land purchased for commercial use
(1) Schedule 4A to FA 2003 (SDLT: higher rate for certain transactions) is amended in accordance with subsections (2) to (4). (2) In paragraph 5— (a) in sub-paragraph (1)— (i) after paragraph (a) insert— (aa) use as business premises for the purposes of a qualifying property rental business (other than one which gives rise to income consisting wholly or mainly of excluded rents); (ab) use for the purposes of a relievable trade; (ii) for paragraph (b) substitute— (b) development or redevelopment and— (i) resale in the course of a property development trade, or (ii) exploitation falling within paragraph (a) or use falling within paragraph (aa) or (ab); (b) in sub-paragraph (2), for “the dwelling” substitute “ a dwelling on the land ” ; (c) in sub-paragraph (3), at the appropriate place insert— “ relievable trade ” means a trade that is run on a commercial basis and with a view to profit. (3) In paragraph 5G, in sub-paragraph (3)(c) for “the dwelling” substitute “ any dwelling on the land ” . (4) In paragraph 6D(3)(b), for “the dwelling” substitute “ any dwelling on the land concerned ” . (5) The amendments made by this section have effect in relation to any land transaction of which the effective date is on or after 1 April 2016.