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3 2000

FINANCE ACT, 2000

PART 5

Residential Property Tax

Amendment of section 100 (market value exemption limit) of Finance Act. 1983.

134. —(1) Section 100 of the Finance Act, 1983 , is amended in subsection (1) by the substitution in the definition of “general exemption limit” of “£300,000” for “£200,000” (inserted by the Finance Act, 1999 ) and of “2000” for “1999” (as so inserted).

(2) This section shall have effect in relation to any valuation date (within the meaning of section 95(1) of the Finance Act, 1983 ) occurring on or after 5 April 2000.

Amendment of section 110A (clearance on sale of certain residential property) of Finance Act, 1983.

135. —(1) Section 110A (inserted by the Finance Act, 1993 ) of the Finance Act, 1983 , is amended by the insertion of the following subsection after subsection (11):

“(12) Subsection (2) of this section shall not apply to the sale of an estate or interest in residential property which has been previously acquired after 5 April 1996 by a bona fide purchaser for full consideration in money or money’s worth.”.

(2) This section shall apply and have effect in relation to the sale of an estate or interest in residential property (within the meaning of Part VI of the Finance Act, 1983 ) completed after 10 February 2000.