Income Tax Act 2007

443 Calculation of relievable amount where joint disposal of interest in land U.K.

(1) This section applies for the purpose of calculating the relievable amount in a case where relief under this Chapter is available as a result of section 442(3).

(2) Calculate the relievable amount as if—

(a) the owners were a single individual, and

(b) the disposals of the owners' beneficial interests were a single disposal by that single individual of the whole of the beneficial interest in the qualifying interest in land.

(3) In particular, calculate the consideration mentioned at Step 1 in section 434(4) by—

(a) calculating, for each owner, the consideration for which the disposal of the owner's beneficial interest is treated as made for the purposes of TCGA 1992 as a result of section 257(2)(a) of that Act, and

(b) adding together all the consideration calculated under paragraph (a).

(4) Subsection (5) applies if one or more of the owners is neither—

(a) an individual, nor

(b) a qualifying company (see section 442(6)).

(5) In calculating the relievable amount make just and reasonable adjustments to reduce the relievable amount to reflect the fact that relief under this Chapter or [F1 as a result of Chapter 3 of Part 6 of CTA 2010] is not available to that owner or to those owners.

F2 (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Words in s. 443(5) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 529 (with Sch. 2)

F2 S. 443(6) repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(10)