11(1)This paragraph applies if—U.K.
(a)the interest in the land is transferred by Q to P without conditions E and F having been met,
(b)the period mentioned in paragraph 5(11)(b) expires without each of those conditions having been met, or
(c)at any time it becomes apparent for any other reason that any of conditions E to G cannot or will not be met.
(2)This paragraph also applies where (in the case of an interest in land in [F1England and Wales or Northern Ireland]) condition D is not met.
(3)Where this paragraph applies, paragraph 10(2) and (3) (disregard of transactions for purposes of TCGA 1992) do not apply.
(4)Where, by virtue of sub-paragraph (3), any chargeable gain or loss is treated as accruing to a person, that gain or loss is to be treated as accruing—
(a)in the case mentioned in sub-paragraph (1)(a), immediately before the transfer from Q to P,
(b)in any case mentioned in paragraph (b) or (c) of sub-paragraph (1), at the time mentioned in that paragraph, and
(c)in the case mentioned in sub-paragraph (2), at the end of the period mentioned in paragraph 5(6).
Textual Amendments
F1Words in Sch. 61 para. 11(2) substituted (with effect in accordance with s. 29(4) of the amending Act) by Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 31(11) (with s. 29(5)(6)); S.I. 2015/637, art. 2