{
  "url": "https://openlegislation.uk/finance-act-2003/section-53",
  "json_url": "https://openlegislation.uk/finance-act-2003/section-53.json",
  "legislation": "ukpga/2003/14",
  "legislation_title": "Finance Act 2003",
  "legislation_url": "https://openlegislation.uk/finance-act-2003",
  "path": "section/53",
  "kind": "section",
  "number": "53",
  "heading": "Deemed market value where transaction involves connected company",
  "text": "(1) This section applies where the purchaser is a company and—\n(a) the vendor is connected with the purchaser, or\n(b) some or all of the consideration for the transaction consists of the issue or transfer of shares in a company with which the vendor is connected.\n(1A) The chargeable consideration for the transaction shall be taken to be not less than—\n(a) the market value of the subject-matter of the transaction as at the effective date of the transaction, and\n(b) if the acquisition is the grant of a lease at a rent, that rent.\n(2) Section 1122 of the Corporation Tax Act 2010 (connected persons) has effect for the purposes of this section.\n(3) In this section—\n“company” means any body corporate;\n“shares” includes stock and the reference to shares in a company includes a reference to securities issued by a company.\n(4) Where this section applies paragraph 1 of Schedule 3 (exemption of transactions for which there is no chargeable consideration) does not apply.\nBut this section has effect subject to any other provision affording exemption or relief from stamp duty land tax.\n(5) This section is subject to the exceptions provided for in section 54.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "S. 53(1)(1A) substituted for s. 53(1) (with effect in accordance with s. 297(9) of the amending Act) by Finance Act 2004 (c. 12), s. 297(4)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in s. 53(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), Sch. 1 para. 404 (with Sch. 2)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "S. 53(2) has effect as specified by The Stamp Duty Land Tax (Appointment of the Implementation Date) Order 2003 (S.I. 2003/2899), art. 2"
    },
    {
      "type": "I",
      "label": "I2",
      "text": "Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/14/section/53",
    "retrieved_at": "2026-10-29T09:18:27.996599+00:00",
    "licence": "OGL-UK-3.0",
    "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
    "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
  }
}