- Latest available (Revised) - English
- Latest available (Revised) - Welsh
- Original (As enacted) - English
- Original (As enacted) - Welsh
This is the original version (as it was originally enacted).
(1)This section applies where the buyer is a company and—
(a)the seller is connected with the buyer, or
(b)some or all of the consideration for the transaction consists of the issue or transfer of shares in a company with which the seller is connected.
(2)The chargeable consideration for the transaction is to be taken to be—
(a)the amount determined under subsection (3) in respect of the transaction, or
(b)if greater, the amount which would be the chargeable consideration for the transaction ignoring this section.
(3)The amount mentioned in subsection (2)(a) is—
(a)the market value of the subject-matter of the transaction as at the effective date of the transaction, and
(b)if the acquisition is the grant of a lease at a rent, that rent.
(4)In this section—
“company” (“cwmni”) means any body corporate;
“shares” (“cyfranddaliadau”) includes stock and the reference to shares in a company includes a reference to securities issued by a company.
(5)Where this section applies paragraph 1 of Schedule 3 (exemption of transactions for which there is no chargeable consideration) does not apply.
(6)This section has effect subject to—
(a)the exceptions provided for in section 23, and
(b)any other provision affording exemption or relief from tax.
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