Taxes Management Act 1970

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 [Chapter III of Part VII of the principal Act F1] (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 [Section 294(5) of that Act F1], it shall be determined—

(a)if the land is in England and Wales, on a reference to the Lands 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 F2.]

Textual Amendments

F1Income and Corporation taxes Act 1988 (c. 1, SIF 63:1) Sch. 29 para. 32.

F2Finance Act 1986 s. 40(3)and Sch. 9 para. 22in relation to shares issued at any time after 18 March 1986.