Finance Act 2003

Withdrawal of reliefU.K.

[F18(1)This paragraph applies where relief under Part 2 of this Schedule has been allowed in respect of a land transaction.

(2)The relief is withdrawn if, at any time during the control period, the [F2qualifying land] is not used exclusively in a qualifying manner.

(3)But the relief is not withdrawn where, because of a change in circumstances that is unforeseen and beyond the purchaser’s control, it is not reasonable to expect the [F2qualifying land] to be used exclusively in a qualifying manner at that time.

(4)Where, at a time during the control period, the use of all or part of the [F2qualifying land] in a qualifying manner has not yet begun, that land, or that part of the land, is to be treated as being used exclusively in a qualifying manner if reasonable steps are being taken to ensure that it is used in that manner.

(5)Where, at a time during the control period, the use of all or part of the [F2qualifying land] in a qualifying manner has ceased, that land, or that part of the land, is to be treated as being used exclusively in a qualifying manner if reasonable steps are being taken—

(a)to ensure that it is used in that manner, or

(b)to dispose of all chargeable interests in that land, or that part of the land, that are held by the purchaser and connected persons in a timely manner.]

Textual Amendments