Section 94 | Charge to tax

(1)A tax (called “annual tax on enveloped dwellings”) is to be charged in accordance with this Part.

(2)Tax is charged in respect of a chargeable interest if on one or more days in a chargeable period—

(a)the interest is a single-dwelling interest and has a taxable value of more than £500,000, and^F1

(b)a company, partnership or collective investment scheme meets the ownership condition with respect to the interest.

(3)The tax is charged for the chargeable period concerned.

(4)A company meets the ownership condition with respect to a single-dwelling interest on any day on which the company is entitled to the interest (otherwise than as a member of a partnership or for the purposes of a collective investment scheme).

(5)A partnership meets the ownership condition with respect to a single-dwelling interest on any day on which a member of the partnership that is a company is entitled to the interest (as a member of the partnership).

(6)A collective investment scheme meets the ownership condition with respect to a single-dwelling interest on any day on which the interest is held for the purposes of the scheme.

(7)If a company is jointly entitled to a chargeable interest (as a member of a partnership or otherwise), then regardless of whether the company is entitled as a joint tenant or tenant in common (or, in Scotland, as a joint owner or owner in common) the ownership condition is regarded as met in relation to the whole chargeable interest.

(8)The chargeable periods are—

(a)the period beginning with 1 April 2013 and ending with 31 March 2014, and

(b)each subsequent period of 12 months beginning with 1 April.

(9)See also section 95.