Land: exchange of joint interests: conditions for relief
Roll-over relief under TCGA92/S248B applies where five conditions are met. These are
- 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
- 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.
- 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.
- 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.
- the acquired interest is not an interest in excluded land (TCGA92/248C, see CG73010).