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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Land: exchange of joint interests: ESC D26


Where chargeable gains arise on the exchange of interests in land which is in the joint beneficial ownership of two or more persons, see CG13090+, ESC/D26 provides in certain circumstances a form of roll-over relief along the lines of that provided in TCGA92/S247 and TCGA92/S248, see CG61900+.

The relief under the concession applies to disposals made before 6th April 2010. The terms of the concession have been legislated and in the case of disposals made on or after 6th April 2010 the relief is given by TCGA 1992/S248A - 248E, see CG73000+

Where a dispute concerning this relief cannot be resolved, a submission should be made to Capital Gains Technical Group.

The relief may be claimed where: -

  1. a holding of land is held jointly and as a result of the exchange each joint owner becomes sole owner of part of the land formerly owned jointly; or
  2. a number of separate holdings of land are held jointly and, as a result of the exchange, each joint owner becomes sole owner of one or more holdings.

“Land” includes any interest in or right over land; and “holding of land” includes an estate or interest in a holding of land and is to be construed in accordance with TCGA92/S243 (3), see CG72203.