Finance Act 2003

Yn ddilys o 10/07/2003

81 Further return where relief withdrawn U.K.

(1) Where relief is withdrawn to any extent under—

(a) Part 1 of Schedule 7 (group relief),

(b) Part 2 of that Schedule (reconstruction or acquisition relief), or

(c) Schedule 8 (charities relief),

the purchaser must deliver a further return before the end of the period of 30 days after the date on which the disqualifying event occurred.

(2) The return must—

(a) include a self-assessment of the amount of tax chargeable, and

(b) be accompanied by payment of the tax chargeable.

(3) The provisions of Schedule 10 (returns, assessments and other matters) apply to a return under this section as they apply to a land transaction return, with the following adaptations—

(a) references to the transaction to which the return relates shall be read as references to the disqualifying event;

(b) references to the effective date of the transaction shall be read as references to the date on which the disqualifying event occurs.

(4) In this section “the disqualifying event” means—

(a) in relation to the withdrawal of group relief, the purchaser ceasing to be a member of the same group as the vendor within the meaning of Part 1 of Schedule 7;

(b) in relation to the withdrawal of reconstruction or acquisition relief, the change of control of the acquiring company mentioned in paragraph 9(1)(a) of Schedule 7 or, as the case may be, the event mentioned in paragraph 11(1)(a) or (2)(a) of that Schedule;

(c) in relation to the withdrawal of charities relief, a disqualifying event as defined in paragraph 2(3) of Schedule 8.

Commencement Information

I1 Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)