Finance Act 2003

4(1)Section 92 of that Act (stamp duty reserve tax: repayment or cancellation of tax) is amended as follows.U.K.

(2)After subsection (1B) insert—

“(1C)If, as regards an agreement to transfer shares in a company to that company (“the own-shares agreement”)—

(a)tax is charged under section 87 above, and

(b)it is proved to the Board’s satisfaction that at a time in the period of six years beginning on the relevant day (as defined in section 87(3)) the conditions mentioned in subsection (1D) have been fulfilled in respect of those shares,

subsections (2) to (4A) apply.

(1D)The conditions referred to in subsection (1C) are—

(a)that, in relation to the transfer made in pursuance of the own-shares agreement, a return has been made in respect of each of those shares in accordance with section 169(1) or (1B) of the Companies Act 1985 (disclosure by company of purchase of own shares), and

(b)that any such return has been duly stamped in accordance with section 66.”.

(3)In subsection (2), after “subsection (1)” insert “ or, as the case may be, (1C) ”.

Commencement Information