Part 18Transactions in land
Introduction
815Introduction to Part
1
This Part has effect for the purpose of preventing the avoidance of corporation tax by companies concerned with land or the development of land.
2
This Part—
a
applies the charge to corporation tax on income in some circumstances to gains of a capital nature obtained from disposing of land (see section 818), and
b
provides for the calculation of the amount charged (see section 822).
816Meaning of disposing of land
1
For the purposes of this Part land is disposed of if the property in the land or control over the land is effectively disposed of—
a
by one or more transactions, or
b
by any arrangement or scheme.
2
It does not matter for the purposes of subsection (1) if the transactions, arrangement or scheme concern—
a
the land, or
b
property deriving its value from the land (see section 833(2)).
3
See also—
section 823 (transactions, arrangements, sales and realisations relevant for this Part), and
section 824 (tracing value).
817Priority of other tax provisions
This Part has effect subject to—
a
Chapter 5 of Part 5 of ITTOIA 2005 (settlements: amounts treated as income of settlor), and
b
any other provision of the Tax Acts treating income as belonging to a particular person.