1. This Order may be cited as the Value Added Tax (Buildings and Land) Order 2004 and shall come into force on 18 ^th March 2004 in respect of supplies made on or after that date.

2. Schedule 10( 2 ) to the Value Added Tax Act 1994 shall be amended in accordance with the following articles.

3. In paragraph 2(3AA)(b)( 3 ) for “sub-paragraph (3AAA)” substitute “sub-paragraphs (3AAA) or (3B)”.

4. In paragraph 2, before sub-paragraph (4) insert—

“ (3B) Where a supply is made by a person other than the person who made the grant giving rise to it, then for the purposes of sub-paragraph (3AA) above–

(a) the person making the supply shall be treated as the person who made the grant that gave rise to that supply; and

(b) the grant shall be treated as made at the time when that person made his first supply arising from the grant. ” .

5. —(1) Paragraph 3A( 4 ) is amended as follows.

(2) For “and (3AAA)”, wherever occurring, substitute “, (3AAA) and (3B)”.

(3) After sub-paragraph (2) insert—

“ (2A) For the purposes of paragraph 2(3AA) where–

(a) by virtue of paragraph 2(3B), a person is treated as making the grant of the land giving rise to a supply made by him; and

(b) the grant is not a grant made by a developer of that land within sub-paragraph (2) above only because it is treated as made at a time falling after the expiry of the period for adjustments of input tax by virtue of regulations made under section 26(3) and (4),

the grant shall be treated as having been made by a developer of the land to which the grant relates. ” .

(4) In sub-paragraph (5), omit the word “or” at the end of paragraph (c) and after that paragraph insert—

“ (cc) the provision of any consideration for the acquisition by any person of any shares or other securities described in paragraph (c) above; or ” .