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Reverse premiums99Reverse premiums

(1)    For the purposes of sections 101 and 102 a payment or other benefit is a reverse premium—

(a)    if conditions A to C are met, and

(b)    it is not excluded by section 100.

(2)    Condition A is that a person (“the recipient”) receives the payment or other benefit by way of inducement in connection with a transaction being entered into by—

(a)    the recipient, or

(b)    a person connected with the recipient.

(3)    Condition B is that the transaction (the “property transaction”) is one under which—

(a)    the recipient, or

(b)    the person connected with the recipient,

becomes entitled to an estate, interest or right in or over land.

(4)    Condition C is that the payment or other benefit is paid or provided by—

(a)    the person (“the grantor”) by whom the estate, interest or right is granted or was granted at an earlier time,

(b)    a person connected with the grantor, or

(c)    a nominee of, or a person acting on the directions of, the grantor or a person connected with the grantor.

NOTES
Initial Commencement
Specified date

This Act comes into force on 6 April 2005 and has effect, for the purposes of income tax for the year 2005–06 and subsequent tax years, and for the purposes of corporation tax for accounting periods ending after 5 April 2005: see s 883; for transitional provisions and savings see Sch 2 hereto.
Premiums on Leases94 Property Taxes94 Company Law & Business Entities92 Personal Taxes93 Companies & Corporate Bodies92 Income Tax93 Trading Income93 Real Property Law94 Tax Law94

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