B5.238 Disposal of land
The provisions in this article were replaced, broadly for disposals on or after 5 July 2016 and for amounts recognised in accounts on or after 8 March 2017, by the provisions relating to the taxation of profits arising from a trade which involves either dealing in or developing UK land, see B5.255.
Land is disposed of if, by any one or more transactions, or by any arrangement or scheme, whether concerning the land or property deriving its value from the land, the property in the land, or control over it, is effectively disposed of. The acquisition or development of property with a view to realising the gain from disposing of the land, has a corresponding meaning1.
The application of the code is not prevented merely because the person realising the gain acquired the land for its then full market value2.
Account is taken of any method, however indirect, by which property or any right is transmitted, or the value of any property or right is enhanced or diminished. Accordingly, any such occasion may be an occasion when tax is charged under these provisions3.
In particular these provisions apply to4:
(a) sales, contracts and other transactions for more or less than full consideration or for no consideration;
(b) any method by which any property or right, or the control of any property or right, is transferred or transmitted by assigning share capital or other rights in a company or any partnership or interest in settled property;