Paragraph 30

(1)

This paragraph supplements paragraph 26(1)(f).

(2)

“Property development” means the development of land—

(a)

by a company which has, or at any time has had, an interest in the land, and

(b)

with the sole or main object of realising a gain from the disposal of an interest in the land when it is developed.

(3)

For this purpose “interest in land” means, subject to sub-paragraph (4)—

(a)

any estate, interest or right in or over land, including any right affecting the use or disposition of land, or

(b)

any right to obtain such an estate, interest or right from another which is conditional on the other’s ability to grant it.

(4)

References in this paragraph to an interest in land do not include—

(a)

the interest of a creditor (other than a creditor in respect of a rentcharge) whose debt is secured by way of mortgage, an agreement for a mortgage or a charge of any kind over land, or

(b)

in the case of land in Scotland, the interest of a creditor in a charge or security of any kind over land.