Link Report

(1) Stamp duty shall not be chargeable on any instrument operating as a conveyance or transfer of land, the subject of the disposal by the child referred to in paragraph (d) (inserted by the Finance Act 2007) of section 599(1) of the Taxes Consolidation Act 1997.

Where by virtue of section 576(1) the assets forming part of any settled property are deemed to be disposed of and immediately reacquired by the trustee on the occasion when a person becomes absolutely entitled to the assets as against the trustee, then, in case that occasion is the relinquishing of a life interest (within the meaning of section 577) by the person entitled to that interest, the trustee shall be given such relief as would be given under sections 598 and 599 to the person who relinquished the life interest—

(1)(a) In this section and in section 599—

(A) to a child (within the meaning of section 599) of the individual,

(b) For the purposes of the definition of “family company”, where a company which is a holding company would not but for this paragraph be an individual’s family company, but would be such a company if the individual had not at any time on or after the 6th day of April, 1987, and before the 6th day of April, 1990, disposed of shares in the company to a child (within the meaning of section 599) of the individual, the company shall be deemed to be the individual’s family company.

(5) Relief shall not be given under this section where relief is allowed under section 598 or 599.