If an estate or interest in land is sold (CTA 2009, s. 225):

(1)subject to terms that provide for the grant of a lease, directly or indirectly out of the estate or interest to the seller (or a person connected with the seller); and

(2)the period that begins with sale and ends on the earliest date that the lease could be granted is 50 years or less (51 years or less in the source legislation, former ICTA 1988, s. 36); and

(3)the price for which the estate or interest is sold exceeds the total of:

(a)the amount of any premium; and

(b)the value (at the sale date) of the right to receive a conveyance of the reversion immediately after the lease commences.

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