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Changes over time for: Cross Heading: Relief for sale and leaseback arrangements


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 06/04/2007.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 2004, Cross Heading: Relief for sale and leaseback arrangements.

Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Relief for sale and leaseback arrangementsU.K.
6U.K.
6[(1)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.U.K.
(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).]
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