Finance Act 2022
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Stamp duty on certain acquisitions of residential property | ||
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66. The Principal Act is amended, in section 31E— | ||
(a) in subsection (1), by the insertion of the following definitions: | ||
“‘home reversion agreement’ has the same meaning as it has in Part V of the Central Bank Act 1997 ; | ||
‘home reversion firm’ has the same meaning as it has in Part V of the Central Bank Act 1997 ;”, | ||
(b) by the insertion of the following subsection after subsection (4): | ||
“(4A) In this section, a reference to acquisition of a residential unit shall include a reference to acquisition of a partial estate or interest in a residential unit.”, | ||
(c) in subsection (5), by the substitution of “(in this subsection and subsections (6) and (7A) referred to as the ‘first-mentioned person’)” for “(in this subsection and subsection (6) referred to as the ‘first-mentioned person’)”, | ||
(d) by the substitution of the following subsection for subsection (7): | ||
“(7) For the purposes of subsection (5), no account shall be taken of— | ||
(a) a residential unit in an apartment block, or | ||
(b) a residential unit acquired by a home reversion firm by way of a home reversion agreement.”, | ||
and | ||
(e) by the insertion of the following subsection after subsection (7): | ||
“(7A) For the purposes of subsection (5), when calculating the total number of residential units acquired, account shall be taken of any partial estate or interest in a residential unit, expressible as a fraction of an estate or interest in the residential unit, acquired by the first-mentioned person and any person connected with that person.”. |