Finance Act 2003

Attributing chargeable consideration to landU.K.

[F17(1)For the purposes of this Schedule, the consideration attributable to [F2qualifying land] must be determined on a just and reasonable basis.

(2)Sub-paragraphs (3) and (4) apply if less than 100% of the chargeable consideration attributable to transaction land situated in a [F3special tax site] [F4(“the relevant consideration”)] is attributable to land that satisfies the condition in paragraph 2(b).

(3)If at least 90% of the freeport consideration is attributable to land that satisfies the condition in paragraph 2(b) then, for the purposes of this Schedule, all of [F5the relevant consideration] is to be treated as being attributable to [F2qualifying land].

(4)If less than 10% of [F6the relevant consideration] is attributable to land that satisfies the condition in paragraph 2(b) then, for the purposes of this Schedule, all of the freeport consideration is to be treated as not being attributable to [F2qualifying land].]

Textual Amendments