Search Legislation

Finance Act 2003

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Paragraph 12A

 Help about opening options

Alternative versions:

Status:

Point in time view as at 01/10/2009.

Changes to legislation:

Finance Act 2003, Paragraph 12A is up to date with all changes known to be in force on or before 07 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

Election by property-investment partnership to disapply paragraph 10U.K.

[F1[F212A(1)Paragraph 10 does not apply to a transfer of a chargeable interest to a property-investment partnership if the purchaser in relation to the transaction elects for that paragraph not to apply.

(2)Where an election under this paragraph is made in respect of a transaction—

(a)paragraph 18 (if relevant) is also disapplied,

(b)the chargeable consideration for the transaction shall be taken to be the market value of the chargeable interest transferred, and

(c)the transaction falls within Part 2 of this Schedule.

(3)An election under this paragraph must be included in the land transaction return made in respect of the transaction or in an amendment of that return.

(4)Such an election is irrevocable and a land transaction return may not be amended so as to withdraw the election.

(5)Where an election under this paragraph in respect of a transaction (the “main transaction”) is made in an amendment of a land transaction return—

(a)the election has effect as if it had been made on the date on which the land transaction return was made, and

(b)any land transaction return in respect of an affected transaction may be amended (within the period allowed for amendment of that return) to take account of that election.

(6)In sub-paragraph (5) “affected transaction”, in relation to the main transaction, means a transaction—

(a)to which paragraph 14 applied, and

(b)with an effective date on or after the effective date of the main transaction.

(7)In this paragraph “property-investment partnership” has the meaning given in paragraph 14(8).]]

Textual Amendments

F1Sch. 15 Pt. 3 substituted (with effect in accordance with Sch. 41 para. 3 of the amending Act) by Finance Act 2004 (c. 12), Sch. 41 para. 1

F2Sch. 15 para. 12A and cross-heading inserted (21.7.2008) by Finance Act 2008 (c. 9), Sch. 31 para. 6 (with Sch. 31 para. 11)

Back to top

Options/Help