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Finance Act 2003, Paragraph 12 is up to date with all changes known to be in force on or before 23 December 2024. 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.
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[F112(1)The Treasury may by regulations—
(a)amend the meaning of “[F2qualifying land]”, [F3or]
[F4(b)make other provision about the availability of relief under this Schedule, including provision—
(i)adding, removing or altering, or otherwise about, conditions that must be met in order for relief to be available,
(ii)about the withdrawal of relief, or
(iii)about returns where relief is withdrawn.]
(2)Regulations under this paragraph may not remove the requirement for land to be situated in a [F5special tax site].
(3)Regulations under this paragraph may, among other things—
(a)make provision by reference to the land, the land transaction, the purchaser or connected persons;
(b)impose conditions relating to accounts or other records;
(c)impose other conditions requiring a person to take steps specified in the regulations.
(4)Regulations under this paragraph—
(a)may amend, repeal or otherwise modify provisions of this Schedule, and
(b)where made in reliance on [F6sub-paragraph (1)(b) of this paragraph or on] section 114(6)(c), may amend, repeal or otherwise modify other provisions of this Act.
[F7(5)The power to make regulations under this paragraph may be exercised only in relation to transactions with an effective date that is on or after the date on which the regulations come into force.]]
Textual Amendments
F1Sch. 6C inserted (10.6.2021) by Finance Act 2021 (c. 26), Sch. 23 para. 8
F2Words in Sch. 6C substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 23 para. 8(b)
F3Word in Sch. 6C para. 12(1)(a) inserted (24.2.2022) by Finance Act 2022 (c. 3), Sch. 16 para. 6(2)(a)
F4Sch. 6C para. 12(1)(b) substituted for Sch. 6C para. 12(1)(b)(c) (24.2.2022) by Finance Act 2022 (c. 3), Sch. 16 para. 6(2)(b)
F5Words in Sch. 6C substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 23 para. 8(c)
F6Words in Sch. 6C para. 12(4)(b) inserted (24.2.2022) by Finance Act 2022 (c. 3), Sch. 16 para. 6(3)
F7Sch. 6C para. 12(5) inserted (24.2.2022) by Finance Act 2022 (c. 3), Sch. 16 para. 6(4)
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