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Capital Transfer Tax Act 1984

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This is the original version (as it was originally enacted).

113Contracts for sale

Where any property would be relevant business property in relation to a transfer of value but a binding contract for its sale has been entered into at the time of the transfer, it is not relevant business property in relation to the transfer unless—

(a)the property is a business or interest in a business and the sale is to a company which is to carry on the business and is made in consideration wholly or mainly of shares in or securities of that company, or

(b)the property is shares in or securities of a company and the sale is made for the purpose of reconstruction or amalgamation.

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