Part 1 Group Relief
Finance Act 2003 (2003 c 14) | Legislation

SCHEDULE 7 Stamp Duty Land Tax: Group Relief and Reconstruction and Acquisition Reliefs

Section 62

Part 1 Group Relief

Group relief

1

(1)     A transaction is exempt from charge if the vendor and purchaser are companies that at the effective date of the transaction are members of the same group.

(2)     For the purposes of group relief—

(a)     “company†means a body corporate, and

(b)     companies are members of the same group if one is the 75% subsidiary of the other or both are 75% subsidiaries of a third company.

(3)     For the purposes of group relief a company (“company Aâ€) is the 75% subsidiary of another company (“company Bâ€) if company B—

(a)     is beneficial owner of not less than 75% of the ordinary share capital of company A,

(b)     is beneficially entitled to not less than 75% of any profits available for distribution to equity holders of company A, and

(c)     would be beneficially entitled to not less than 75% of any assets of company A available for distribution to its equity holders on a winding-up.

(4)     The ownership referred to in sub-paragraph (3)(a) is ownership either directly or through another company or companies.

For

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