Part 2 Re-Enactment, with Changes, of Amendments Made by Section 109 Regulations
Finance Act 2004 (2004 c 12) | Legislation

Part 2 Re-Enactment, with Changes, of Amendments Made by Section 109 Regulations

Introduction and revocation

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(1)     This Part of this Schedule contains amendments to Parts 4 and 5 of the Finance Act 2003 (c 14) (stamp duty land tax and stamp duty) corresponding, subject to certain changes, to those made by the Stamp Duty and Stamp Duty Land Tax (Variation of the Finance Act 2003) (No 2) Regulations 2003 (SI 2003/2816) (made under section 109 of that Act).

(2)     Those regulations are revoked.

Meaning of taking possession

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(1)     Section 44 (contract and conveyance) is amended as follows.

(2)     In subsection (5)(a) (meaning of “substantial performanceâ€: purchaser taking possession), after “the purchaser†insert “, or a person connected with the purchaser,â€.

(3)     In subsection (6) (meaning of taking possession)—

(a)     for paragraph (a) substitute—

“(a)     possession includes receipt of rents and profits or the right to receive them, andâ€; and

(b)     in paragraph (b), for “the purchaser takes possession†substitute “possession is takenâ€.

(4)     After subsection (10) add—

“(11)     Section 839 of the Taxes Act 1988 (connected persons) has effect for the purposes of this section.â€.

Relief for sale and leaseback arrangements

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After

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