The amount of tax charged for a chargeable period with respect to a single-dwelling interest is stated in subsection (2) or (3).
If the chargeable person is within the charge with respect to the single-dwelling interest on the first day of the chargeable period, the amount of tax charged is equal to the annual chargeable amount.
Otherwise, the amount of tax charged is equal to the relevant fraction of the annual chargeable amount.
The annual chargeable amount for a single-dwelling interest and a chargeable period is determined in accordance with the following table, by reference to the taxable value of the interest on the relevant day.
The "relevant day" is—
for the purposes of subsection (2), the first day of the chargeable period;
for the purposes of subsection (3), the first day in the chargeable period on which the chargeable person is within the charge with respect to the interest.
The relevant fraction is—
See also—
section 100 (interim relief), and
section 106 (adjustment of amount chargeable).