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HMRC internal manual

Capital Gains Manual

Land: exchange of joint interests: conditions for relief

TCGA 1992/S248A

Roll-over relief under TCGA92/S248B applies where five conditions are met. These are

  1. a person (“the landowner”) and one or more other persons (“the co-owners”) jointly hold
* a holding of land, or 
* two or more separate holdings of land
  1. the landowner disposes of an interest (“the relinquished interest”) in
* the holding, or 
* one or more of the holdings,

to the co-owner or one or more of the co-owners.

  1. the consideration for the disposal is or includes an interest (“the acquired interest”) in a holding of land held jointly by the landowner and one or more of the co-owners.
  2. as a consequence of the disposal (together with any related disposals) the landowner and each of the co-owners become —
* in the case of a single holding, the sole owner of part of the holding, or 
* in the case of two or more holdings, the sole owner of one or more of the holdings.
  1. the acquired interest is not an interest in excluded land (TCGA92/248C, see CG73010).