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HMRC internal manual

Stamp Duty Land Tax Manual

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Reliefs: Group Tax Bulletin article: Section 54(4) FA2003: exception from the connected company charge on a winding up

Section 54(4) FA 2003 (see http://www.opsi.gov.uk/acts/acts2003/30014--e.htm#54) providesthe third case of exception from the deemed market value rule in section 53 FA 2003 (seehttp://www.opsi.gov.uk/acts/acts2003/30014--e.htm#53) . The exception applies to thedistribution of assets on the winding up of a company, as long as the subject matter ofthe transaction or an interest from which that interest is derived, has been the subjectof a transaction in respect of which a claim to group relief was made by the vendor. Butit is not HM Revenue & Customs intention that section 54(4) should apply where a grouprelief claim was made by the vendor but recovered under paragraph 3 of Schedule 7 eitherat the time of or before the effective date of the transaction.