Amy, I haven’t come across this before and it seems that section 53 does not address the issue. My initial thoughts are that the correct way to approach this issue is to apply the reasoning of the Court of Appeal in Pollen Estate Trustee [2013] STC 1479 and view this as the sale of the equitable estate in undivided shares by the co-owners to the company and use the same purposive construction to say that section 53 applies “to the extent that” the seller is connected ie in a sense a reverse of the effect of Pollen which was to permit the transfer to benefit from the charity exemption “to the extent that” the purchaser was a charity.
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