Policy paper

Statement of Practice 13 (1993)

Published 6 April 1993

© Crown copyright 1993

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1. TCGA 1992 s 247 allows roll-over relief in certain circumstances where a landlord disposes of land to an ‘authority exercising or having compulsory powers’ and acquires replacement land. ‘Authority’ is defined in TCGA 1992 s 243(5) to mean a person or body of persons with compulsory purchase powers.

2. In HM Revenue and Customs (HMRC) view, relief under s 247 may be claimed by a landlord - subject to the general conditions of the section - where a tenant exercises the following rights to acquire an interest in the tenanted property from the landlord:

  • the right to acquire the freehold reversion or an extension of the lease under the Leasehold Reform Act 1967 or the Leasehold Reform, Housing & Urban Development Act 1993
  • the right to buy or to acquire the freehold or an extension of the lease under the Housing Acts 1985 to 1996, or the right to purchase tenanted property under the Housing (Scotland) Act 1987
  • the right of crofting community body to purchase croft land under the provisions of part 3 of the Land Reform (Scotland) Act 2003

Notes

This statement supersedes Statement of Practice 7/90. This statement was updated as notified in HMRC Tax Bulletin, Issue 77, June 2005, and has now been superseded by the Capital Gains Manual CG61940.

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