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Example 1

An individual, A, transfers freehold residential property to company B, for consideration of 拢170,000.

SDLT considerations are:

Is A connected to B in accordance with S1122CTA10?

If so, what is the market value of the property transferred?

If A is not connected to B the chargeable consideration will be the amount paid, 拢170,000 at the rate applicable for residential property at the effective date of the transaction.

If A is connected to B S53 applies and the chargeable consideration for the transaction may be the market value of the property at the effective date. If this were 拢275,000 this would be the chargeable amount, if however the market value were only 拢150,000 the chargeable consideration would be 拢170,000, chargeable at the appropriate rate.