126 Circumstances in which group relief withdrawn
Finance Act 2003 (2003 c 14) | Legislation

126  Circumstances in which group relief withdrawn

(1)     Section 111 of the Finance Act 2002 (c 23) (stamp duty: withdrawal of group relief) is amended as follows.

(2)     In subsection (1)(b) (circumstances in which relief withdrawn: transferee company ceasing to be member of group within two years) for “two years” substitute “three years”.

(3)     In subsection (1)(c) (circumstances in which relief withdrawn: transferee company holding estate or interest when it ceases to be member of group)—

(a)     in the opening words—

(i)     for “it ceases” substitute “the transferee company ceases”, and

(ii)     for “it holds” substitute “it or a relevant associated company holds”;

(b)     in sub-paragraph (i) for “to it” substitute “to the transferee company”; and

(c)     for the closing words substitute “and that has not subsequently been transferred at market value by a duly stamped instrument on which ad valorem

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