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HMRC internal manual

Capital Gains Manual

Land: development value: meaning of `land with development value'

TCGA92/SCH2/PARA9 (1)The rule prohibiting time-apportionment and requiring valuation at 6 April 1965 applies in the following circumstances

i) The expenditure allowable as a deduction in computing the gain arising would, but for this rule, include expenditure incurred before 6 April 1965, and
ii) either, the consideration received on disposal exceeds the current use value of the land, see CG72606, at that time, or, at the time of disposal, material development of the land, see CG72607- 72609, has taken place after 17 December 1973 and since the person making the disposal acquired the land.