Finance Act, 1959
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Amendment of section 19 (1) (b) of Finance Act, 1952. |
76.—(1) Paragraph (b) of subsection (1) of section 19 of Finance Act, 1952 , is hereby amended by the substitution of the following subparagraphs for subparagraphs (i) to (v): | |
“(i) the transferor was entitled to the entire beneficial interest in the relevant property, | ||
(ii) the entire beneficial interest in the relevant property became vested in the transferee, | ||
(iii) at the time of the execution of the instrument the transferor and transferee were associated with each other to the extent that either was the beneficial owner of not less than ninety per cent, of the issued share capital of the other or that not less than ninety per cent, of the issued share capital of each of them was in the beneficial ownership of a third body corporate, and | ||
(iv) the conveyance or transfer was not made in pursuance of or in connection with an arrangement whereunder either the consideration was to be provided directly or indirectly by a person other than a body corporate which at the time of the execution of the instrument was associated with either the transferor or the transferee to the extent described in subparagraph (iii) of this paragraph, or the beneficial interest in the relevant property was previously conveyed or transferred directly or indirectly by such a person as aforesaid.” | ||
(2) The reference to paragraph (6) of subsection (1) of section 19 of Finance Act, 1952 , in paragraph (a) of that subsection and the reference thereto in paragraph (a) of subsection (4) of that section shall each be construed as a reference to the said paragraph (6) as amended by subsection (1) of this section. |