SCHEDULES

F1SCHEDULE B1Disposals of UK residential property interests

Annotations:
Amendments (Textual)
F1

Sch. B1 inserted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 36

Meaning of “disposal of a UK residential property interest”

1

1

For the purposes of this Act, the disposal by a person (“P”) of an interest in UK land (whether made before or after this Schedule comes into force) is a “disposal of a UK residential property interest” if the first or second condition is met.

2

The first condition is that—

a

the land has at any time in the relevant ownership period consisted of or included a dwelling, or

b

the interest in UK land subsists for the benefit of land that has at any time in the relevant ownership period consisted of or included a dwelling.

3

The second condition is that the interest in UK land subsists under a contract for an off-plan purchase.

4

In sub-paragraph (2) “relevant ownership period” means the period—

a

beginning with the day on which P acquired the interest in UK land or F2the relevant date (whichever is later), and

b

ending with the day before the day on which the disposal occurs.

F34A

In sub-paragraph (4) “the relevant date” means—

a

for the purpose of determining whether a disposal is a non-resident CGT disposal, 6 April 2015;

b

for any other purpose, 31 March 1982.

5

If the interest in UK land disposed of by P as mentioned in sub-paragraph (1) results from interests in UK land which P has acquired at different times (“the acquired interests”), P is regarded for the purposes of sub-paragraph (4)(a) as having acquired the interest when P first acquired any of the acquired interests.

6

In this paragraph—

  • “contract for an off-plan purchase” means a contract for the acquisition of land consisting of, or including, a building or part of a building that is to be constructed or adapted for use as a dwelling;

  • “dwelling” has the meaning given by paragraph 4.

7

Paragraphs 10 and 21 of Schedule 4ZZB F4and paragraphs 6 and 20 of Schedule 4ZZC contain further provision about interests under contracts for off-plan purchases.