SCHEDULES
SCHEDULE 39Stamp duty land tax and stamp duty
Part 1Amendments to Part 4 of the Finance Act 2003: general
Relief for sale and leaseback arrangements
6
F11
Section 57A (sale and leaseback arrangements)
(inserted by the Stamp Duty and Stamp Duty Land Tax (Variation of the Finance Act 2003)
(No. 2) Regulations 2003 (S.I. 2003/2816)) is amended as follows.
2
In subsection (3)
(the qualifying conditions), for paragraph (b) substitute—
aa
that the sale transaction is entered into wholly or partly in consideration of the leaseback transaction being entered into,
b
that the only other consideration (if any) for the sale is the payment of money or the assumption, satisfaction or release of a debt (or both),
3
After paragraph (c) of that subsection insert—
d
that the sale is not a transfer of rights within the meaning of section 45 (contract and conveyance: effect of transfer of rights) or 45A (contract providing for conveyance to third party: effect of transfer of rights), and
e
where A and B are both bodies corporate at the effective date of the leaseback transaction, that they are not members of the same group for the purposes of group relief (see paragraph 1 of Schedule 7) at that date.
4
Omit subsection (4)
(chargeable consideration for sale taken to be not less than market value).