It is important to classify correctly the chargeable interest that is the subject of the transaction in order that the correct tax rates and bands can be applied.

Under s. 24(3), a residential-property transaction is one in which:

the main subject-matter of the transaction consists entirely of an interest in land that is residential property or

if the transaction is one of a number of linked transactions, then the main subject-matter of each transaction consists entirely of such an interest.

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