BIM60475 | Land transactions: Definitions: Connected person

It may be that the person receiving the consideration in the transaction in land is not the person who acquires, holds or develops the land. In that situation it is important to understand whether the person receiving the consideration is connected to the other person. See BIM60325.

The relevant definition of ‘connected person’ is the definition in S993 and S994 Income Tax Act 2007 (for individuals, trustees and personal representatives) and in S1122 and S1123 Corporation Tax Act 2010.