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(1)Where the purchaser is a company and—
(a)the vendor is connected with the purchaser, or
(b)some or all of the consideration for the transaction consists of the issue or transfer of shares in a company with which the vendor is connected,
the chargeable consideration for the transaction shall be taken to be not less than the market value of the subject matter of the transaction as at the effective date of the transaction.
(2)Section 839 of the Taxes Act 1988 (connected persons) has effect for the purposes of this section.
(3)In this section—
“company” means any body corporate;
“shares” includes stock and the reference to shares in a company includes a reference to securities issued by a company.
(4)Where this section applies paragraph 1 of Schedule 3 (exemption of transactions for which there is no chargeable consideration) does not apply.
But this section has effect subject to any other provision affording exemption or relief from stamp duty land tax.
(5)This section is subject to the exceptions provided for in section 54.
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