SCHEDULE 10Group relief

PART 3Withdrawal of relief

22Cases where relief not withdrawn: stamp duty reliefs

Relief under this schedule is not withdrawn where—

a

the buyer ceases to be a member of the same group as the seller as a result of the transfer of the whole or part of the seller’s business to another company (“the acquiring company”) in relation to which—

i

section 96 of the Finance Act 1997 (c.16) (stamp duty relief: demutualisation of insurance companies) applies, and

ii

the conditions for relief under that section are met, and

b

the buyer is immediately after that transfer a member of the same group as the acquiring company.