These clauses introduce new reliefs from the Annual Tax on Enveloped Dwellings (ATED). Clauses 123 and 124 introduce essentially the same reliefs for ATED that clauses 119 and 120 do for the SDLT higher rate. Clause 125 makes clear that ATED continues to apply to alternative property finance arrangements (Shari’ law compliant) in respect of properties in Scotland, even after devolution of SDLT (Scotland now has its own Land and Buildings Transactions Tax (LBTT).
These clauses appears to be uncontroversial. We have had no representations or comments from members on these clauses.