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Change 1
As published
167 Demutualisation of insurance companies
(1) Schedule 7 to FA 2003 (stamp duty land tax: group relief etc) is amended as follows.
(2) In paragraph 2 (restrictions on availability of group relief) in sub-paragraph (1) (no relief if arrangements by virtue of which a person has or could have control of purchaser but not vendor) at the end insert— “ For another exception to this, see sub-paragraph (3A). ”.
(3) In that paragraph after sub-paragraph (3) (arrangements which are within sub-paragraph (2)(a)) insert—
(3A) Sub-paragraphs (1) and (2)(b) do not apply to arrangements in so far as they are for the purpose of facilitating a transfer of the whole or part of the business of a company to another company in relation to which—
(a) section 96 of the Finance Act 1997 is intended to apply (stamp duty relief: demutualisation of insurance companies), and
(b) the conditions for relief under that section are intended to be met.
.
(4) In paragraph 4 (cases in which group relief not withdrawn under paragraph 3)—
(a) after sub-paragraph (6) (the third case where the relief not withdrawn) insert—
(6A) The fourth case is where—
(a) the purchaser ceases to be a member of the same group as the vendor as a result of the transfer of the whole or part of the vendor's business to another company (“the acquiring company”) in relation to which—
(i) section 96 of the Finance Act 1997 applies (stamp duty relief: demutualisation of insurance companies), and
(ii) the conditions for relief under that section are met, and
(b) the purchaser is immediately after that transfer a member of the same group as the acquiring company.
, and
(b) in sub-paragraph (7) (re-imposition of the withdrawal of the relief), in the opening words, after “in a case within sub-paragraph (6)” insert “ or (6A) ”.
(5) The amendments made by this section have effect in relation to any transfer which takes place, or is intended to take place, after 22nd March 2006.
Your change, as a redline
167 Demutualisation of insurance companies
(1) Schedule 7 to FA 2003 (stamp duty land tax: group relief etc) is amended as follows.
(2) In paragraph 2 (restrictions on availability of group relief) in sub-paragraph (1) (no relief if arrangements by virtue of which a person has or could have control of purchaser but not vendor) at the end insert— “ For another exception to this, see sub-paragraph (3A). ”.
(3) In that paragraph after sub-paragraph (3) (arrangements which are within sub-paragraph (2)(a)) insert—
(3A) Sub-paragraphs (1) and (2)(b) do not apply to arrangements in so far as they are for the purpose of facilitating a transfer of the whole or part of the business of a company to another company in relation to which—
(a) section 96 of the Finance Act 1997 is intended to apply (stamp duty relief: demutualisation of insurance companies), and
(b) the conditions for relief under that section are intended to be met.
.
(4) In paragraph 4 (cases in which group relief not withdrawn under paragraph 3)—
(a) after sub-paragraph (6) (the third case where the relief not withdrawn) insert—
(6A) The fourth case is where—
(a) the purchaser ceases to be a member of the same group as the vendor as a result of the transfer of the whole or part of the vendor's business to another company (“the acquiring company”) in relation to which—
(i) section 96 of the Finance Act 1997 applies (stamp duty relief: demutualisation of insurance companies), and
(ii) the conditions for relief under that section are met, and
(b) the purchaser is immediately after that transfer a member of the same group as the acquiring company.
, and
(b) in sub-paragraph (7) (re-imposition of the withdrawal of the relief), in the opening words, after “in a case within sub-paragraph (6)” insert “ or (6A) ”.
(5) The amendments made by this section have effect in relation to any transfer which takes place, or is intended to take place, after 22nd March 2006.
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