Finance Act 2022

Stamp duty on certain acquisitions of residential property

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.”.