Related Commentary  

25(1)  The amount of tax chargeable in respect of a chargeable transaction is to be determined as follows.

Step 1

For each tax band applicable to the type of transaction, multiply so much of the chargeable consideration for the transaction as falls within the band by the tax rate for that band.

Step 2

Calculate the sum of the amounts reached under Step 1.

The result is the amount of tax chargeable.

25(2)  In the case of a transaction for which the whole or part of the chargeable consideration is rent this section has effect subject to schedule 19 (leases).

25(3)  This section is subject to–

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