Q&As

Does Finance Act 2003, s 53 apply to the transfer of a chargeable interest from an individual bare trustee to a connected company beneficiary?

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Published on LexisPSL on 13/11/2017

The following Tax Q&A provides comprehensive and up to date legal information covering:

  • Does Finance Act 2003, s 53 apply to the transfer of a chargeable interest from an individual bare trustee to a connected company beneficiary?

Does Finance Act 2003, s 53 apply to the transfer of a chargeable interest from an individual bare trustee to a connected company beneficiary?

With the exception of the grant of a lease, an acquisition of a chargeable interest by a bare trustee is treated as an acquisition by the beneficiary (paragraph 3 Schedule 16 to the Finance Act 2003 (FA 2003)).

FA 2003, s 53 applies where there is a land transaction between a vendor and a company purchaser and the vendor and company purchaser are connected within section 1122 of the Corporation Tax Act 2010. FA 2003, s 53 also applies where the purchaser is a company and some or all of the consideration for the transaction

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