- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)Section 5 of the [1976 c. 24.] Development Land Tax Act 1976 (relevant base value) shall have effect with the following amendments.
(2)In subsection (1)(c) (base C) after the words "115 per cent." there shall be inserted the words " or in a case in which subsection (5A) below applies 150 per cent. ".
(3)After subsection (5) there shall be inserted—
“(5A)This subsection applies where on or after 10th March 1981 there is a deemed disposal of an interest in land held by the chargeable person as stock in trade and the project of material development which gives rise to the deemed disposal consists wholly or mainly of the construction or adaptation of a building or buildings for use as one or more private dwellings; and for the purposes of this subsection an interest in land is held by a chargeable person as stock in trade if, had he sold that interest on the date of the deemed disposal, the proceeds of the sale would have been taken into account in computing the profits or gains of a trade carried on by him.
(5B)In subsection (5A) above " dwelling" has, in England and Wales and in Northern Ireland, the meaning assigned to it by subsection (1) of section 129 of the Housing Act 1974 and, in Scotland, means a house within the meaning of section 208(1) of the Housing (Scotland) Act 1966.”
(4)For paragraph (ii) of subsection (6) there shall be substituted—
“(ii)for paragraph (c) there were substituted—
‘(c)the aggregate of the cost of the chargeable person's acquisition of the interest and 115 per cent, of any expenditure on improvements’.”.
(5)This section has effect in relation to any disposal after 9th March 1981.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: