Land: what is land?
In law, land includes:
- all buildings situated on it;
- all fixtures attached to it;
- any minerals below its surface; and
- the air space above it.
However, there are specific provisions regarding;
- treasure (owned by the Crown);
- certain minerals (for example, all coal is owned by British Coal);
- rights of passage for aircraft; which restrict the owner’s rights over the land.
However the general rule that land includes all the buildings situated on it is over-ridden for certain CGT purposes:
- roll-over relief, TCGA92/S155, see CG60990
- receipt of compensation and insurance money applied in restoring the asset, TCGA92/S23 (6), see CG15742
- assets lost or destroyed or of negligible value, TCGA92/S24 (3), see CG15770+.