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There are currently no known outstanding effects for the Income Tax Act 2007, Section 444.
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(1)This section applies if the qualifying investment is a qualifying interest in land.
(2)If a disqualifying event occurs at any time in the provisional period, the following are treated as never having been entitled to relief under this Chapter in respect of the disposal of the qualifying interest in land—
(a)in a case to which section 442 does not apply, the individual who made the disposal, or
(b)in a case to which section 442 applies, each individual who is an owner.
(3)All such assessments and adjustments of assessments are to be made as are necessary to give effect to subsection (2).
(4)A disqualifying event occurs if a person mentioned in subsection (5) becomes, otherwise than for full consideration in money or money's worth—
(a)entitled to an interest or right in relation to all or part of the land to which the disposal relates, or
(b)party to an arrangement under which the person enjoys some right in relation to all or part of that land.
(5)The persons are—
(a)in a case to which section 442 does not apply—
(i)the individual who made the disposal, or
(ii)a person connected with that individual, and
(b)in a case to which section 442 applies—
(i)a person who is an owner, or
(ii)a person connected with such a person.
(6)A disqualifying event does not occur if a person becomes entitled to an interest or right as mentioned in subsection (4)(a) as a result of a disposition of property on death (whether the disposition is effected by will, under the law relating to intestacy or otherwise).
(7)“The provisional period” is the period beginning with the date of the disposal of the qualifying interest in land and ending with the fifth anniversary of the normal self-assessment filing date for the tax year in which the disposal was made.
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