SCHEDULEAMENDMENTS TO THE FINANCE ACT 2003

Meaning of taking possession1

1

Section 44 (contract and conveyance) is amended as follows.

2

In subsection (5)(a) (meaning of “substantial performance”: purchaser taking possession), after “the purchaser” insert “, or a person connected with the purchaser,”.

3

In subsection (6) (meaning of taking possession)—

a

for paragraph (a) substitute—

a

possession includes receipt of rents and profits or the right to receive them, and

b

in paragraph (b), for “the purchaser takes possession” substitute “possession is taken”.

4

After subsection (10) add—

11

Section 839 of the Taxes Act 1988 (connected persons)3 has effect for the purposes of this section.