| Commentary

133.3 Land

| Commentary

133.3 Land

Tax relief on gifts of shares was extended to gifts of freehold or leasehold interests in United Kingdom land by the Finance Act 20021. The donor must dispose of his whole interest in land although it is specifically provided that the grant of a lease for a term of years absolute qualifies for relief2.

Where a qualifying interest in land is owned jointly, all owners must dispose of their interests if the gift is to qualify. This is the case whether the relief is claimed by an individual under the Income Tax Act 2007 or by a company under

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