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Finance Act 2002

Changes over time for: Paragraph 4

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Change of control due to exempt share acquisitionU.K.

4(1)Section 113 does not apply by reason of control of the acquiring company changing as a result of a transfer of shares (“the exempt transfer”) to another company (“the parent company”) in relation to which share acquisition relief applies.

(2)For this purpose—

(a)“share acquisition relief” means relief under section 77 of the Finance Act 1986 (c. 41); and

(b)references to a transfer in relation to which such relief applies are to a transfer such that an instrument effecting the transfer is exempt from stamp duty by virtue of that provision.

(3)But if before the end of the period of two years beginning with the date on which the relevant instrument was executed—

(a)control of the parent company changes at a time when that company holds any shares transferred to it by the exempt transfer, or any shares derived from shares so transferred, and

(b)the acquiring company [F1or a relevant associated company], at that time, holds an estate or interest in land—

(i)that was transferred [F2to the acquiring company] by the relevant instrument, or

(ii)that is derived from an estate or interest so transferred,

[F3and that has not subsequently been transferred at market value by a duly stamped instrument on which ad valorem duty was paid and in respect of which section 76 relief was not claimed],

the following provisions apply.

(4)In those circumstances—

(a)section 76 relief in relation to the relevant instrument (or an appropriate proportion of that relief) is withdrawn, and

(b)the additional stamp duty that would have been paid on stamping the relevant instrument but for that relief if the land in question had been transferred by that instrument at market value, or an appropriate proportion of that additional duty, is payable by the acquiring company within 30 days after control of the parent company changed.

Textual Amendments

F1Words in Sch. 35 para. 4(3)(b) inserted (retrospective to 15.4.2003) by Finance Act 2003 (c. 14), s. 127(6)(a)(9) (with s. 127(7)(8))

F2Words in Sch. 35 para. 4(3)(b)(i) substituted (retrospective to 15.4.2003) by Finance Act 2003 (c. 14), s. 127(6)(b)(9) (with s. 127(7)(8))

F3Words in Sch. 35 para. 4(3)(b) substituted (retrospective to 15.4.2003) by Finance Act 2003 (c. 14), s. 127(6)(c)(9) (with s. 127(7)(8))

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