Income Tax Act 2007 (c. 3)

Part 13 U.K. Tax avoidance

Chapter 3 U.K. Transactions in land

Interpretation U.K.

772 Interpretation of Chapter U.K.

(1) In this Chapter “capital”, in relation to a gain, means that the gain does not fall to be included in any calculation of income for [F1 purposes of the Tax Acts otherwise than as a result of [F2 Part 18 of CTA 2010 (transactions in land)] or] this Chapter.

(2) In this Chapter references to property deriving its value from land include—

(a) any shareholding in a company deriving its value directly or indirectly from land,

(b) any partnership interest deriving its value directly or indirectly from land,

(c) any interest in settled property deriving its value directly or indirectly from land, and

(d) any option, consent or embargo affecting the disposition of land.

(3) In this Chapter—

• “company” includes any body corporate, and

• “share” includes stock.

Textual Amendments

F1 Words in s. 772(1) substituted (retrospective with effect in accordance with art. 1(2) of the amending S.I.) by The Income Tax Act 2007 (Amendment) (No. 2) Order 2009 (S.I. 2009/2859), art. 4(4)

F2 Words in s. 772(1) 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. 547 (with Sch. 2)