# Finance Act 1988, Paragraph 16

Extent: E+W+S+N.I.

(1) Section 50 of this Act does not apply to a dwelling-house if—
(a) a certificate has been issued under section 306(2) of the Taxes Act 1988 (as modified by paragraph 10 above) by some other company (“the other company”); and
(b) at any time after the issue of the shares to which that certificate related, the conditions mentioned in sub-paragraph (2) below were satisfied in relation to the dwelling-house (or a dwelling-house the whole or any part of which has been converted into or consists of the whole or any part of the dwelling-house).
(2) The conditions referred to in sub-paragraph (1) above are satisfied in relation to a dwelling-house at any time if, at that time—
(a) the dwelling-house is a dwelling-house to which section 50 of this Act applies in relation to the other company or any of its subsidiaries; and
(b) an interest in the dwelling-house is owned by that company or any such subsidiary.

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Source: https://www.legislation.gov.uk/ukpga/1988/39/schedule/4/paragraph/16 (the official version)
Page: https://openlegislation.uk/finance-act-1988/schedule-4/paragraph-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.