Paragraph 12

United Kingdom

(1)

The second transaction is not to be regarded for the purposes of TCGA 1992 as an acquisition by P or a disposal by Q if—

(a)

each of conditions A to C and E to G is met, and

(b)

in the case of an interest in land in F1England F2... or Northern Ireland, condition D is met.

(2)

Where the interest in the land is replaced as the bond asset by an interest in other land, this paragraph is subject to paragraph 18.

(3)

This paragraph is also subject to paragraph 20.

Annotations

F1: Words in Sch. 61 para. 12(1)(b) 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(12) (with s. 29(5)(6)); S.I. 2015/637, art. 2
F2: Words in Sch. 61 para. 12(1)(b) omitted (1.4.2018 with effect in accordance with s. 16(4)(5) of the amending Act) by virtue of Wales Act 2014 (c. 29), s. 29(2)(b)(3), Sch. 2 para. 15; S.I. 2018/214, art. 2(a)