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 [F1section 1122(6) of the Corporation Tax Act 2010].
(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.
Textual Amendments
F1Words in s. 54(3)(b) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 405 (with Sch. 2)
Commencement Information
I1Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)