Part 13Tax avoidance
Chapter 3Transactions in land
Charge on gains from transactions in land
756Income treated as arising when gains obtained from some land disposals
1
This section applies if—
a
any of the conditions specified in subsection (3) is met as respects land,
b
a gain of a capital nature is obtained from the disposal of all or part of the land,
c
all or part of the land is situated in the United Kingdom, and
d
a person within section 757(1)(a), (b) or (c) obtains the gain.
2
The gain is treated for income tax purposes as income arising when the gain is realised.
3
The conditions are that—
a
the land is acquired with the sole or main object of realising a gain from disposing of all or part of the land,
b
any property deriving its value from the land is acquired with the sole or main object of realising a gain from disposing of all or part of the land,
c
the land is held as trading stock, and
d
the land is developed with the sole or main object of realising a gain from disposing of all or part of the land when developed.
4
It does not matter for the purposes of this section whether the person within section 757(1)(a), (b) or (c) obtains the gain for that person or another person.
5
For the purposes of this section, if, for example by a premature sale, a person (“A”) directly or indirectly transmits the opportunity of realising a gain to another person (“B”), A obtains B's gain for B.
6
For the meaning of “another person”, see section 763.