Finance Act 2003

[F1 75C Anti-avoidance: supplemental U.K.

(1) A transfer of shares or securities shall be ignored for the purposes of section 75A if but for this subsection it would be the first of a series of scheme transactions.

(2) The notional transaction under section 75A attracts any relief under this Part which it would attract if it were an actual transaction (subject to the terms and restrictions of the relief).

(3) The notional transaction under section 75A is a land transaction entered into for the purposes of or in connection with the transfer of an undertaking or part for the purposes of paragraphs 7 and 8 of Schedule 7, if any of the scheme transactions is entered into for the purposes of or in connection with the transfer of the undertaking or part.

(4) In the application of section 75A(5) no account shall be taken of any amount paid by way of consideration in respect of a transaction to which any of sections 60, 61, 63, 64, 65, 66, 67, 69, 71 [F2 and 74], or a provision of Schedule 6A[F3 , 7A] or 8, applies.

(5) In the application of section 75A(5) an amount given or received partly in respect of the chargeable interest acquired by P and partly in respect of another chargeable interest shall be subjected to just and reasonable apportionment.

(6) Section 53 applies to the notional transaction under section 75A.

(7) Paragraph 5 of Schedule 4 applies to the notional transaction under section 75A.

(8) For the purposes of section 75A—

(a) an interest in a property-investment partnership (within the meaning of paragraph 14 of Schedule 15) is a chargeable interest in so far as it concerns land owned by the partnership, F4 ...

F4 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F5 (8A) Nothing in Part 3 of Schedule 15 applies to the notional transaction under section 75A.]

(9) For the purposes of section 75A a reference to an amount of consideration includes a reference to the value of consideration given as money's worth.

(10) Stamp duty land tax paid in respect of a land transaction which is to be disregarded by virtue of section 75A(4)(a) is taken to have been paid in respect of the notional transaction by virtue of section 75A(4)(b).

(11) The Treasury may by order provide for section 75A not to apply in specified circumstances.

(12) An order under subsection (11) may include incidental, consequential or transitional provision and may make provision with retrospective effect.]

Textual Amendments

F1 Ss. 75A-75C inserted (with effect in accordance with s. 71(2) of the amending Act) by Finance Act 2007 (c. 11), s. 71(1) (with s. 71(3))

F2 Words in s. 75C(4) substituted (with effect in accordance with s. 29(4) of the amending Act) by Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 16 (with s. 29(5)(6)); S.I. 2015/637, art. 2

F3 Word in s. 75C(4) inserted (with effect in accordance with Sch. 16 para. 15 of the amending Act) by Finance Act 2016 (c. 24), Sch. 16 para. 6

F4 S. 75C(8)(b) and word omitted (with effect in accordance with s. 55(2)-(4) of the amending Act) by virtue of Finance Act 2010 (c. 13), s. 55(1)(a)

F5 S. 75C(8A) inserted (with effect in accordance with s. 55(2)-(4) of the amending Act) by Finance Act 2010 (c. 13), s. 55(1)(b)