Chwilio Deddfwriaeth

Finance Act 2003

 Help about what version

Pa Fersiwn

 Help about advanced features

Nodweddion Uwch

 Help about opening options

Dewisiadau AgorExpand opening options

Changes over time for: Section 127

 Help about opening options

Version Superseded: 17/07/2012

Alternative versions:

Status:

Point in time view as at 06/04/2006. This version of this provision has been superseded. Help about Status

Changes to legislation:

Finance Act 2003, Section 127 is up to date with all changes known to be in force on or before 04 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

127Circumstances in which relief for company acquisitions withdrawnU.K.

(1)Section 113 of the Finance Act 2002 (c. 23) (stamp duty: withdrawal of relief for company acquisitions) is amended as follows.

(2)In subsection (1)(b) (circumstances in which relief withdrawn: change of control of acquiring company within two years) for “two years” substitute “ three years ”.

(3)In subsection (1)(c) (circumstances in which relief withdrawn: acquiring company holding estate or interest when control changes)—

(a)in the opening words, after “the acquiring company” insert “ or a relevant associated company ”;

(b)in sub-paragraph (i) for “to it” substitute “ to the acquiring company ”; and

(c)for the closing words substitute “ and 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 ”.

(4)In subsection (3) for “what the acquiring company holds” substitute “ what is held by that company or, as the case may be, by that company and any relevant associated companies ”.

(5)After subsection (3) insert—

(3A)In this section “relevant associated company”, in relation to the acquiring company, means a company—

(a)that is controlled by the acquiring company immediately before the control of that company changes, and

(b)of which control changes in consequence of the change of control of that company..

(6)In Schedule 35 to the Finance Act 2002 (withdrawal of relief for company acquisitions: supplementary provisions), in paragraphs 3(3)(b) and 4(3)(b) (withdrawal of relief on later change of control)—

(a)in the opening words, after “the acquiring company” insert “ or a relevant associated company ”,

(b)in sub-paragraph (i) for “to it” substitute “ to the acquiring company ”, and

(c)for the closing words substitute “ and 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 ”.

(7)This section applies to instruments executed after 14th April 2003.

(8)But this section does not apply to an instrument giving effect to a contract made on or before 9th April 2003, unless—

(a)the instrument is made in consequence of the exercise after that date of any option, right of pre-emption or similar right, or

(b)the instrument transfers the property in question to, or vests it in, a person other than the purchaser under the contract because of an assignment (or, in Scotland, assignation) or further contract made after that date.

(9)This section shall be deemed to have come into force on 15th April 2003.

Yn ôl i’r brig

Options/Cymorth

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?