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s.45(3) Finance Act 2003


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E J Coley

Posted on:
02/03/09 17:02

Subject: s.45(3) Finance Act 2003

A is selling 7.4 acres split into 2.4 acres to X and 5 acres to X's pension fund (not connected). X is then selling their 2.4 acres for the same price that they bought it from A, on the same day, but the 2.4 acres will be split between Y and Y's pension fund (again not connected). Our intention is to rely on s.45(3) FA 2003 with substantial performance and completion of the A to X contract postponed until substantial performance and completion of the X to Y contract happens. Does the split between Y and Y's pension fund make any difference in relation to sub-sale relief and cause SDLT to be payable on the A to X contract?

Patrick

Posted on:
22/05/09 09:13

Subject: RE: s.45(3) Finance Act 2003

No it should not matter.

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