Schedule 7. — (Leases to Traders and Others.)

Part of Orders of the Day — Finance Bill – in the House of Commons at 12:00 am on 4 June 1964.

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In line 39, leave out sub-paragraph (2) and insert: (2) If an interest in the asset is disposed of by any person to a person who is his associate (as defined in this Schedule), the person disposing of the interest shall (unless in fact he obtains a greater sum) be treated for the purposes of the principal section as having obtained in respect of the interest—

  1. (a) the value of the interest in the open market, or
  2. (b) the value of the interest to the person to whom it is, in effect, transferred, whichever is the greater.