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Finance Act 1989

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Changes over time for: Paragraph 8

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8(1)This paragraph applies where a security is transferred from one person toanother (whether or not on or after 14th March 1989) and they are connectedwith each other.

(2)For the purposes of paragraph 5 above—

(a)the person making the transfer shall be treated as obtaining in respectof it an amount equal to the market value of the security at the time of thetransfer, and

(b)the person to whom the transfer is made shall be treated as paying inrespect of his acquisition of the security an amount equal to that marketvalue.

(3)Section 839 of the Taxes Act 1988 (connected persons) shall apply for thepurposes of this paragraph.

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