F1SCHEDULE 10ASub-sale development relief
PART 3Withdrawal of relief
Full withdrawal of relief
13.
Relief under this schedule is withdrawn if no development of the subject-matter of the qualifying sub-sale takes place within the relevant period.
14.
Where relief is withdrawn, the amount of tax chargeable in relation to the first land transaction is the amount that would have been chargeable in respect of that transaction but for the relief.
Partial withdrawal of relief
15.
(1)
Relief under this schedule is partially withdrawn if—
(a)
the significant development proposed when the relief was given has not been completed within the relevant period, but
(b)
some development of the subject-matter of the qualifying sub-sale has taken place within that period.
(2)
Where relief is partially withdrawn, the amount of tax chargeable in relation to the first land transaction is an appropriate proportion of the amount that would have been chargeable in respect of that transaction but for the relief.
(3)
An “appropriate proportion” means an appropriate proportion that is just and reasonable having regard to, among other things, the extent to which the significant development proposed when the relief was given has taken place.