(1) Subsection (2) applies in relation to a land transaction if—
(a) section 19 or 20 (contingent, uncertain or unascertained consideration) applies in relation to the transaction, or to any transaction in relation to which the transaction is a linked transaction,
(b) an event mentioned in section 47(2) occurs (“the relevant event”), and
(c) the effect of the relevant event is that there is less tax payable in respect of the transaction than the buyer has already paid in accordance with the return made for the transaction (“the land transaction return”).
(2)
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