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.