1217. Deemed market value where a transaction involves a connected company.

Where the purchaser is a company1, and:

  1.  

    (1)     the vendor is connected with the purchaser2; or

  2.  

    (2)     some or all of the consideration for the transaction consists of the issue or transfer of shares3 in a company with which the vendor is connected4,

the chargeable consideration for the transaction is taken to be, for the purposes of the stamp duty land tax provisions