Tax analysis: In M&M Builders (Norfolk) Ltd v HMRC the Upper Tribunal (UT) upheld the decision of the First-tier Tax Tribunal (FTT) that the market value provisions in section 53 of the Finance Act 2003 (FA 2003) applied to calculate the chargeable consideration for a transfer to a connected company in exchange for the grant of an annuity. FA 2003, s 53 was not prevented from applying because the consideration was an annuity.
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