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Finance Act 2003, Section 53 is up to date with all changes known to be in force on or before 05 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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[F1(1)This section applies where the purchaser is a company and—
(a)the vendor is connected with the purchaser, 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 vendor is connected.
(1A)The chargeable consideration for the transaction shall be taken to be not less than—
(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.]
(2)[F2Section 1122 of the Corporation Tax Act 2010] (connected persons) has effect for the purposes of this section.
(3)In this section—
“company” means any body corporate;
“
” includes stock and the reference to shares in a company includes a reference to securities issued by a company.(4)Where this section applies paragraph 1 of Schedule 3 (exemption of transactions for which there is no chargeable consideration) does not apply.
But this section has effect subject to any other provision affording exemption or relief from stamp duty land tax.
(5)This section is subject to the exceptions provided for in section 54.
Textual Amendments
F1S. 53(1)(1A) substituted for s. 53(1) (with effect in accordance with s. 297(9) of the amending Act) by Finance Act 2004 (c. 12), s. 297(4)
F2Words in s. 53(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 404 (with Sch. 2)
Commencement Information
I1Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)
I2S. 53(2) has effect as specified by The Stamp Duty Land Tax (Appointment of the Implementation Date) Order 2003 (S.I. 2003/2899), art. 2
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