Introduction Details of the Sections Section 94 – Charge to Tax
2.Subsection (1) provides for the new annual tax on enveloped dwellings to be charged.
3.Subsections (2) and (3) set out the two conditions that must apply on any day for the tax to be charged for a chargeable period: an interest (a “single-dwelling interest” (“SDI”) in a UK dwelling exists of taxable value greater than £2 million, and a company, partnership or collective investment scheme meets the ownership condition in relation to that interest.
4.Subsection (4) defines the ownership condition for a company as entitlement to the single-dwelling interest (except where it is entitled as a member of a partnership or the purpose of a collective investment scheme).
5.Subsection (5) defines the ownership condition for a partnership other than a collective investment scheme as entitlement to a single-dwelling interest of a member of a partnership that is a company, as a member of the partnership.
6.Subsection (6) defines the ownership condition for a collective investment scheme as holding for the purposes of the scheme.
7.Subsection (7) provides for the ownership condition to be regarded as met in relation to the whole chargeable interest where a company is jointly beneficially entitled to a chargeable interest (as a member of a partnership or otherwise).
8.Subsection (8) defines the chargeable periods.
9.Subsection (9) refers to Section 95 of the legislation which provides a definition of “beneficially entitled”.