Related Commentary  

119(1)  This section applies where an estate or interest in land is transferred to or vested in a company (“A”) and–

(a)the person transferring or vesting the estate or interest (“B”) is connected with A; or

(b)some or all of the consideration for the transfer or vesting consists of the issue or transfer of shares in a company with which B is connected.

119(2)  For the purposes of Part I of Schedule 13 to the Finance Act 1999 (stamp duty on transfer on sale) an instrument transferring or vesting the estate or interest shall be taken to be a transfer on sale of the estate or interest.

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