SCHEDULES

SCHEDULE 39Stamp duty land tax and stamp duty

Part 2Re-enactment, with changes, of amendments made by section 109 regulations

Meaning of taking possession

15

1

Section 44 (contract and conveyance) is amended as follows.

2

In subsection (5)(a) (meaning of “substantial performance”: purchaser taking possession), after “the purchaser” insert “ , or a person connected with the purchaser, ”.

3

In subsection (6) (meaning of taking possession)—

a

for paragraph (a) substitute—

a

possession includes receipt of rents and profits or the right to receive them, and

b

in paragraph (b), for “the purchaser takes possession” substitute “ possession is taken ”.

4

After subsection (10) add—

11

Section 839 of the Taxes Act 1988 (connected persons) has effect for the purposes of this section.