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HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
Updated
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Land: exchange of joint interests: calculation of relief

For the purposes of calculating the relief the guidance at CG61930-61931 should be followed with the modification that the “old land” should be taken to be the interest relinquished and the “new land” should be taken to be the interest acquired.

If a gain on part only of the land so qualifies, relief should be restricted on a just and reasonable basis as for TCGA92/S152 (6) (part only of buildings used for a trade, see CG60520).

There is no requirement that the “old land” or “new land” is used for any particular purpose such as a trade.