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HMRC internal manual

Capital Gains Manual

Land: disposal of interest in land: capital sums derived from assets

TCGA92/S22 (1)(d)

The decision in Chaloner v Pellipar Investments Ltd (TCB7/96) distinguishes disposals of an interest in land that fall within TCGA92/S22 (1) (particularly capital sums received for the use or exploitation of assets, see CG12945) from those that do not. The importance of the distinction is that the time of a disposal that falls within Section 22(1) is given by Section 22(2) as the time at which any capital sum is received, see CG12960. The time of most other disposals of land is determined by TCGA92/S28, see CG14261+.

Disposals in which the owner’s title to the land is affected, for example by the grant of a lease, do not fall within Section 22(1). Disposals in which the owner’s title is not affected, for example the grant of a licence, a profit or an easement, do fall within Section 22(1).