SCHEDULES
F1SCHEDULE 10 BUILDINGS AND LAND
Annotations:
Amendments (Textual)
PART 1THE OPTION TO TAX LAND
Anti-avoidance
17Paragraph 12: grants made on or after 19th March 1997 and before 10th March 1999
1
A grant in relation to land which was made—
a
on or after 19th March 1997, and
b
before 10th March 1999,
is treated for the purposes of paragraph 12 as made on 10th March 1999 if, at the time of the grant, the capital item test was met.
2
The capital item test was met if the person making the grant, or a development financier, intended or expected that—
a
the land, or
b
a building or part of a building on, or to be constructed on, the land,
would become a capital item in relation to the grantor or any relevant transferee but it had not become such an item.
3
For the purposes of that test “capital item” and “relevant transferee” have the meaning given by paragraph 13.
Sch. 10 substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Value Added Tax (Buildings and Land) Order 2008 (S.I. 2008/1146), arts. 1(1), 2 (with Sch. 2)