Textual Amendments
F1Pt. 8ZB inserted (with effect in accordance with s. 81 of the amending Act and also with effect in accordance with Finance (No. 2) Act 2017 (c. 32), s. 39(1)(2))) by Finance Act 2016 (c. 24), s. 77(1)
Modifications etc. (not altering text)
C1Pt. 8ZB applied (with modifications) by 1992 c. 12, Sch. 1A para. 4(6) (as inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 14)
(1)Subsection (2) applies if—
(a)subsection (1) of section 356OC applies because Condition D in section 356OB is met (land developed with purpose of realising a gain from its disposal when developed), and
(b)part of the profit or gain mentioned in that subsection is fairly attributable to a period before the intention to develop was formed.
(2)Section 356OC(1) has effect as if the person mentioned in section 356OB(1) had not realised that part of the profit or gain.
(3)Subsection (4) applies if—
(a)section 356OE(1) applies, and
(b)part of the profit or gain mentioned in section 356OE(5) is fairly attributable to a period before the person mentioned in section 356OD(1) was a party to, or concerned in, the arrangement in question.
(4)Section 356OE has effect as if the person had not realised that part of the profit or gain.
(5)In applying this section account must be taken of the treatment under Part 3 of CTA 2009 (trading income) of a company which appropriates land as trading stock.]