The amount of chargeable consideration will depend upon whether the subject-matter of any of the relevant transactions is a ‘major interest’ in land (as defined in s. 117). Where the subject-matter is a major interest in land, the chargeable consideration for each acquisition is, as we have seen in ¶40-400, the greater of:

the market value of the subject-matter of the acquisition (or of each acquisition) and

the amount that it would be in the absence of this rule

(Sch. 4, para 5(3), (3A)).

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