Taxes Management Act 1970

[F1 47B Special jurisdiction relating to Business Expansion Scheme. U.K.

If and so far as the question in dispute on any appeal against the refusal of relief under [F2 Chapter III of Part VII of the principal Act] (relief for investment in corporate trades), or against an assessment withdrawing any such relief, is a question of the value of an interest in land (within the meaning of [F2 Section 294(5) of that Act], it shall be determined—

(a) if the land is in England and Wales, on a reference to the [F3 Upper Tribunal];

(b) if the land is in Scotland, on a reference to the Lands Tribunal for Scotland; and

(c) if the land is in Northern Ireland, on a reference to the Lands Tribunal for Northern Ireland.]

Textual Amendments

F1 S. 47B inserted by Finance Act 1986 (c. 41), s. 40(3), Sch. 9 para. 22 in relation to shares issued at any time after 18 March 1986.

F2 Income and Corporation Taxes Act 1988 (c. 1), Sch. 29 para. 32.

F3 Words in s. 47B(a) substituted (1.6.2009) by The Transfer of Tribunal Functions (Lands Tribunal and Miscellaneous Amendments) Order 2009 (S.I. 2009/1307), art. 1, Sch. 1 para. 97 (with Sch. 5)