Section 277 — Income Tax (Earnings and Pensions) Act 2003: Acquisition benefits and expenses

Acquisition benefits and expenses 277 1 This section applies if an interest in the employee’s new residence is acquired by—

a the employee, b one or more members of the employee’s family or household, or c the employee and one or more members of the employee’s family or household.

2 The following benefits are within this section—

a legal services connected with the acquisition of the interest, including legal services connected with any loan raised by the employee to acquire it, b the waiving of any procurement fees connected with any such loan, c the waiving of any amount payable in respect of insurance effected to cover risks incurred by the maker of any such loan because the loan equals the whole, or a substantial part, of the value of the interest, d any survey or inspection of the residence undertaken in connection with the acquisition, and e the connection of any utility serving the new residence for use by the employee or by the employee and one or more members of the employee’s family or household.

3 The following expenses are within this section—

a sums paid for any services within subsection (2)(a), (d) or (e),

b any procurement fees connected with any loan raised by the employee to acquire the interest, c the costs of any insurance within subsection (2)(c),

d fees payable to an appropriate registry or appropriate register in connection with the acquisition, and e stamp duty or stamp duty land tax charged on the acquisition.

4 In this section references to a loan raised by the employee include a loan raised by—

a one or more members of the employee’s family or household, or b the employee and one or more members of the employee’s family or household.

5 In this section— “ appropriate registry ” means— Her Majesty’s Land Registry, the Land Registry in Northern Ireland, or the Registry of Deeds for Northern Ireland, and “ appropriate register ” means any register under the management and control of the Keeper of the Registers of Scotland.