3(1)This paragraph applies where—
(a)an individual (“the chargeable person”) occupies any land (“the relevant land”), whether alone or together with other persons, and
(b)the disposal condition or the contribution condition is met as respects the land.
(2)The disposal condition is that—
(a)at any time after 17th March 1986 the chargeable person owned an interest—
(i)in the relevant land, or
(ii)in other property the proceeds of the disposal of which were (directly or indirectly) applied by another person towards the acquisition of an interest in the relevant land, and
(b)the chargeable person has disposed of all, or part of, his interest in the relevant land or the other property, otherwise than by an excluded transaction.
(3)The contribution condition is that at any time after 17th March 1986 the chargeable person has directly or indirectly provided, otherwise than by an excluded transaction, any of the consideration given by another person for the acquisition of—
(a)an interest in the relevant land, or
(b)an interest in any other property the proceeds of the disposal of which were (directly or indirectly) applied by another person towards the acquisition of an interest in the relevant land.
(4)For the purposes of this paragraph a disposition which creates a new interest in land out of an existing interest in land is to be taken to be a disposal of part of the existing interest.
(5)Where this paragraph applies to a person in respect of the whole or part of a year of assessment, an amount equal to the chargeable amount determined under paragraph 4 is to be treated as income of his chargeable to income tax.