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Finance Act 1996
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- UK Public General Acts
- 1996 c. 8
- SCHEDULE 13
- Transfers between connected persons
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This is the original version (as it was originally enacted).
Transfers between connected persons
8(1)This paragraph applies where a relevant discounted security is transferred from one person to another and they are connected with each other.
(2)For the purposes of this Schedule—
(a)the person making the transfer shall be treated as obtaining in respect of it an amount equal to the market value of the security at the time of the transfer; and
(b)the person to whom the transfer is made shall be treated as paying in respect of his acquisition of the security an amount equal to that market value.
(3)Section 839 of the Taxes Act 1988 (connected persons) shall apply for the purposes of this paragraph.
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