Roll-over relief: reorganisations of constituencies: general
TCGA92/S264 provides for roll-over relief on capital gains realised from the disposalof land by a local constituency association of a political party where
as a consequence of an order under Section 3, House of Commons (Redistribution of Seats) Act 1949, or under the Parliamentary Constituency Act 1986, the area of the Parliamentary constituency or constituencies covered by the local constituency association (the `existing association’) is changed;
some part of the area covered by the existing association becomes comprised in an area covered by another association (the `successor association’);
on or after 6 April 1983, the existing association either:-
i) disposes of land directly, or through an intermediate body, to a successor association, or ii) disposes of land which was used and occupied by it for the purposes of its functions and transfers the whole or part of the proceeds of the disposal to a successor association.
The provisions of Section 264 apply to disposals on or after 6 April 1983 in any casewhere the order referred to in CG61800(a) above comes into operation after 1 January 1983.
This relief is in addition to any roll-over relief available under TCGA92/S158 (1)(e), seeCG60270.
The following definitions apply for the purpose of TCGA92/S264:-
`LOCAL CONSTITUENCY ASSOCIATION’ means an unincorporated association (whether described asan association, branch or otherwise) whose primary aim is to further the aims of apolitical party.
`POLITICAL PARTY’ means a party which at the last general election preceding the disposalhad two members elected to the House of Commons or one member and not less than 150,000votes given to candidates of the party.
`INTERMEDIATE BODY’ means an organ of the political party concerned, whether corporate orunincorporated (for example in the case of the Labour Party, the National ExecutiveCommittee).
`LAND’ includes houses and buildings of any tenure, see TCGA92/S288.