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Finance Act 2003

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Changes over time for: Section 54

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Version Superseded: 01/04/2010

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Status:

Point in time view as at 10/07/2003. This version of this provision has been superseded. Help about Status

Changes to legislation:

Finance Act 2003, Section 54 is up to date with all changes known to be in force on or before 24 February 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

54Exceptions from deemed market value ruleU.K.

(1)Section 53 (chargeable consideration: transaction with connected company) does not apply in the following cases.

In the following provisions “the company” means the company that is the purchaser in relation to the transaction in question.

(2)Case 1 is where immediately after the transaction the company holds the property as trustee in the course of a business carried on by it that consists of or includes the management of trusts.

(3)Case 2 is where—

(a)immediately after the transaction the company holds the property as trustee, and

(b)the vendor is connected with the company only because of section 839(3) of the Taxes Act 1988.

(4)Case 3 is where—

(a)the vendor is a company and the transaction is, or is part of, a distribution of the assets of that company (whether or not in connection with its winding up), and

(b)it is not the case that—

(i)the subject-matter of the transaction, or

(ii)an interest from which that interest is derived,

has, within the period of three years immediately preceding the effective date of the transaction, been the subject of a transaction in respect of which group relief was claimed by the vendor.

Commencement Information

I1Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)

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