798. Land.

There are no capital gains tax rules relating to land in general. Instead, specific kinds of land or transaction are the subject of particular provisions or reliefs1. Where part of a holding of land which is a single asset is disposed of, the statutory rule is that the rules as to part disposals must be applied2. In practice, however, HMRC allows an alternative method of computation to be adopted3. The partition of land among co-owners in accordance with their underlying beneficial ownership is not a disposal for capital gains tax purposes4.

For the purposes of the relief for assets which