Textual Amendments
F1Pt. 9A inserted (with effect in relation to disposals on or after 5.7.2016) by Finance Act 2016 (c. 24), s. 79(1), 82(1) (with s. 82(2)-(15)); which insertion also has effect so far as it would not otherwise have effect in accordance with Finance (No. 2) Act 2017 (c. 32), s. 39(1)(2)
(1)Subsection (2) applies if—
(a)subsection (1) of section 517C applies because Condition D in section 517B is met (land developed with purpose of realising a gain from its disposal when developed), and
(b)part of the profit or gain mentioned in that subsection is fairly attributable to a period before the intention to develop was formed.
(2)Section 517C(1) has effect as if the person mentioned in section 517B(1) had not realised that part of the profit or gain.
(3)Subsection (4) applies if—
(a)section 517E(1) applies, and
(b)part of the profit or gain mentioned in section 517E(5) is fairly attributable to a period before the person mentioned in section 517D(1) was a party to, or concerned in, the arrangement in question.
(4)Section 517E has effect as if the person had not realised that part of the profit or gain.
(5)In applying this section account must be taken of the treatment under Part 2 of ITTOIA 2005 (trading income) of a person who appropriates land as trading stock.
No liability to income tax arises under this Part in respect of a gain accruing to an individual if—
(a)the gain is exempt from capital gains tax as a result of sections 222 to 226 of TCGA 1992 (private residences), or
(b)it would be so exempt but for section 224(3) of that Act (residences acquired partly with a view to making a gain).]