92A Residential property owner occupier relief.

(1) The amount of stamp duty chargeable under or by reference to paragraphs (1) to (6) of the Heading “CONVEYANCE or TRANSFER on sale of any property other than stocks or marketable securities or a policy of insurance or a policy of life insurance” or clauses (i) to (vi) of paragraph (3)(a) of the Heading “LEASE”, as the case may be, in Schedule 1 on any instrument to which this section applies shall be reduced, where paragraph (1) or clause (i) applies, to nil, and where—

(a) paragraph (2) or clause (ii) applies, to an amount equal to three-ninths,

(b) paragraph (3) or clause (iii) applies, to an amount equal to four-ninths,

(c) paragraph (4) or clause (iv) applies, to an amount equal to five-ninths,

(d) paragraph (5) or clause (v) applies, to an amount equal to six-ninths,

(e) paragraph (6) or clause (vi) applies, to an amount equal to seven and one half-ninths,

of the amount which would otherwise have been chargeable but where the amount so obtained is a fraction of £1 that amount shall be rounded up to the nearest £.

(2) This section shall apply to—

(a) any instrument to which section 92 applies, or

(b) any instrument, other than one to which section 92 applies, which contains a statement, in such form as the Commissioners may specify, certifying that—

(i) the instrument gives effect to the purchase of a dwellinghouse or apartment, and

(ii) ^[2]>until the expiration of the period of 5 years commencing on the date of the execution of the instrument or the subsequent sale (other than a sale the contract for which, if it were a written conveyance, would not, apart from section 82, be charged with full ad valorem duty or a sale to a company under the control of the vendor or of any person entitled to a beneficial interest in the dwellinghouse or apartment immediately prior to the sale or to a company which would, in relation to a notional gift of shares in that company taken, immediately prior to the sale, by any person so entitled, be under the control of the donee or successor within the meaning of section 16 of the Capital Acquisitions Tax Act, 1976, irrespective of the shares the subject matter of the notional gift) of the dwellinghouse or apartment concerned, whichever event first occurs, that dwellinghouse or apartment will be occupied as the only or principal place of residence of the purchaser, or if there be more than one purchaser, of any one or more of the purchasers or of some other person in right of the purchaser or, if there be more than one purchaser, of some other person in right of any one or more of the purchasers and that no person, other than by virtue of a title prior to that of the purchaser, will derive any rent or payment in the nature of rent for the use of that dwellinghouse or apartment, or of any part of it, during that period.^<[2][2]>no person—^<[2]

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(I) other than a person who, while in such occupation, derives rent or payment in the nature of rent in consideration for the provision, on or after 6 April 2001, of furnished residential accommodation in part of the dwellinghouse or apartment concerned, or

(II) other than by virtue of a title prior to that of the purchaser,

will derive any rent or payment in the nature of rent for the use of that dwellinghouse or apartment, or of any part of it, during that period.

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(3) Where subsection (1) applies to an instrument and at any time during the period referred to in section 92(1)(b)(ii) or in subsection (2)(b)(ii) of this section, ^[3]>some person, other than by virtue of a title prior to that of the purchaser^<[3][3]>some person, other than a person referred to in clause (I) or (II) of subsection (2)(b)(ii)^<[3], derives any rent or payment in the nature of rent for the use of the dwellinghouse or apartment concerned, or of any part of it, the purchaser, or where there be more than one purchaser, each such purchaser, shall—

(a) jointly and severally become liable to pay to the Commissioners a penalty equal to the difference between the amount of the duty which would have been charged in the first instance if the dwellinghouse or apartment had been conveyed or transferred or leased by an instrument to which subsection (1) had not applied and the amount of duty which was actually charged together with ^[6]>interest on that amount charged at a rate of ^[5]>1 per cent per month or part of a month^<[5][5]>0.0322 per cent for each day or part of a day^<[5]<[6][6]>interest charged on that amount, calculated in accordance with section 159D,^<[6] from the date when the rent or payment is first received to the date the penalty is remitted, and

(b) the person who receives the rent or payment shall, within 6 months after the date of the payment, notify the payment to the Commissioners on a form provided, or approved of, by them for the purposes of this section, unless that person is already aware that the Commissioners have already received such a notification from another source.

(4) Where the instrument is one to which this section and section 92 applies—

(a) the reference in subsection (3) to the amount of duty which would have been charged in the first instance shall be construed as a reference to the duty which would have been charged had the relief under section 92 continued to apply, and

(b) the reference to the amount of duty which was actually charged in subsection (2)(a) of section 92 shall be construed as a reference to the duty which would have been charged had the relief under this section been denied,

and the penalty referred to in subsection (3) shall be in addition to any penalty payable under section 92.

(5) Notwithstanding subsection (2), subsection (1) shall not apply unless the consideration for the sale or lease concerned which is attributable to residential property is wholly attributable to residential property which would otherwise qualify for relief under this section or where the sale or lease concerned forms part of a larger transaction or of a series of transactions unless the aggregate consideration for that larger transaction or series of transactions which is attributable to residential property is wholly attributable to residential property which would otherwise qualify for relief under this section.

(6) Notwithstanding subsection (2), this section shall not apply to an instrument to which section 92B applies.

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(7) Notwithstanding subsection (2), subsection (3) shall not apply to an instrument to which subsection (1) applied and which was executed before 6 December 2001 to the extent that any rent or payment in the nature of rent is derived on or after 6 December 2001, for the use of the dwellinghouse or apartment or any part of the dwellinghouse or apartment.

(8) This section shall not apply to an instrument executed on or after 6 December 2001.

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