33.—(1) Paragraph 3 of Schedule 7 to FA 2003 (withdrawal of group relief)(1) does not apply if—
(a)there is a relevant transfer;
(b)before the date of that relevant transfer there had been a land transaction to which Part 1 of Schedule 7 to FA 2003 applied; and
(c)as a result of that relevant transfer, the purchaser in relation to the land transaction referred to in sub-paragraph (b) ceases to be a member of the same group as the transferor—
(i)before the end of the period of three years beginning with the effective date of that land transaction; or
(ii)in pursuance of, or in connection with, arrangements made before the end of that three year period.
(2) In this regulation, references to a company being a member of a group of companies are to be read in accordance with paragraph 1 of Schedule 7 to FA 2003(2).
2003 c. 14. Paragraph 3(2) was substituted by paragraph 4(a) of Schedule 10 to the Finance (No 2) Act 2005 (c. 22).
Paragraph 1 has been amended by paragraphs 1 and 3 of Schedule 10 to the Finance (No. 2) Act 2005.