48Disposals of interests in land in United Kingdom reflecting development value
(1)Paragraph 23 of Schedule 6 to the [1965 c. 25.] Finance Act 1965 (sales of land in the United Kingdom reflecting development value) shall be amended in accordance with the following provisions of this section.
(2)In sub-paragraphs (1) and (2), for the words " land in the United Kingdom or an estate or interest in land " there shall be substituted the words " an interest in land situated ".
(3)In sub-paragraph (1), for the words from the beginning of paragraph (b) to the end of the sub-paragraph there shall be substituted—
“(b)if the consideration for the asset acquired on the disposal exceeds the current use value of the asset at the time of the disposal, or if any material development of the land has been carried out after 17th December 1973 since the person making the disposal acquired the asset”.
(4)After sub-paragraph (4) there shall be added as sub-paragraph (5)—
“(5)For the purposes of this paragraph—
(a)' interest in land' has the meaning given by section 44(1) of the Finance Act 1974;
(b)'material development' has the meaning given by paragraph 6 of Schedule 3 to the Finance Act 1974;
(c)the current use value of an interest in land shall be computed in accordance with Part I of the said Schedule 3, but so that, in relation to any material development which was begun before 18th December 1973, sub-paragraph (2) of paragraph 1 of that Schedule (definition of current use value) shall have effect as if the words from ' other than' to the end of the sub-paragraph (which allow for the completion of duly authorised material development already begun) were omitted ;
(d)paragraph 9 of the said Schedule 3 (date when material development is begun) shall apply as it applies for the purposes of that Schedule; and
(e)paragraph 14 of the said Schedule 3 (meaning of material development ' carried out after' a particular date) shall apply as it applies for the purposes of paragraphs 11 to 13 of that Schedule”.
(5)This section shall apply in relation to disposals of interests in land made after 17th December 1973.