Modifications etc. (not altering text)
C1Pt. 4 Ch. 4 applied by 2010 c. 8, s. 436(8) (as inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1 (with Sch. 5 paras. 27, 32-34))
(1)This section applies if—
(a)there is a receipt under section 224 (sales with right to reconveyance), and
(b)the date on which the estate or interest would fall to be reconveyed was not fixed under the terms of the sale.
(2)If the seller makes a claim, the seller must be repaid the amount by which A exceeds B, where—
A is the amount of tax paid by the seller which was payable by virtue of section 224, and
B is the amount of tax that would have been so payable if the date on which the estate or interest was reconveyed had been taken as the date fixed by the terms of the sale.
(3)The claim must be made within 4 years after the day on which the estate or interest was reconveyed.