Related Commentary  Related HMRC Manuals

424(1)  If the asset in relation to which a disposal value is required to be brought into account under section 421 or 422 is an interest in land, the disposal value is restricted by excluding the undeveloped market value of the interest.

424(2)  “The undeveloped market value of the interest”  means the amount that, at the time of the disposal, the interest might reasonably be expected to fetch on a sale in the open market on the assumptions in subsection (3).

424(3)  The assumptions are that–

(a)there is no source of mineral deposits on or in the land, and

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

Existing subscriber? Log in

No subscription?

Contact us to discuss your requirements.