PART 2Key concepts
CHAPTER 3Chargeable transactions and chargeable consideration
Deemed market value
I123Exceptions from deemed market value
1
Section 22 does not apply in the following cases.
2
In the following provisions “the company” means the company that is the buyer in relation to the transaction in question.
3
Case 1 is where immediately after the transaction the company holds the property as trustee in the course of a business carried on by it that consists of or includes the management of trusts.
4
Case 2 is where—
a
immediately after the transaction the company holds the property as trustee, and
b
the seller is connected with the company only because of section 1122(6) of the Corporation Tax Act 2010 (c.4).
5
Case 3 is where—
a
the seller is a company and the transaction is, or is part of, a distribution of the assets of that company (whether or not in connection with its winding up), and
b
it is not the case that—
i
the subject-matter of the transaction, or
ii
an interest from which that interest is derived,
has, within the period of 3 years immediately preceding the effective date of the transaction, been the subject of a transaction in respect of which group relief was claimed by the seller.