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HMRC internal manual

Capital Gains Manual

Land: part-disposals: part-disposals and 6/4/65 elections

TCGA92/SCH2/PARA17 (5)If

  • a part-disposal of land held at 6 April 1965 occurs after 6 April 1965, and
  • the market value of the part remaining has been determined for the purposes of TCGA92/S42, and
  • no election has been made for valuation at 6 April 1965, see CG15525+,then no election for valuation at 6 April 1965 can be made on any subsequent disposal or part-disposal of the land.

If, on a part-disposal of land, an election is made for valuation at 6 April 1965, that election is binding on any subsequent disposal, or part-disposal, of the remaining land.

Following a part-disposal of the kind referred to above, a Permanent Note should be made indicating whether an election was made for valuation at 6 April 1965.