Part VII

Other property, businesses, investments etc.

Compulsory acquisition

Provisional application of section 247.
247A
1
This section applies where a person who disposes of land (“the old land”) to an authority exercising or having compulsory powers declares, in his return for the chargeable period in which the disposal takes place—
a
that the whole or any specified part of the consideration for the disposal will be applied in the acquisition of other land (“the new land”);
b
that the acquisition will take place as mentioned in subsection (3) of section 152; and
c
that the new land will not be land excluded from section 247(1)(c) by section 248.
2
Until the declaration ceases to have effect, section 247 shall apply as if the acquisition had taken place and the person had made a claim under that section.
3
For the purposes of this section, subsections (3) to (5) of section 153A shall apply as if the reference to section 152 or 153 were a reference to section 247 and the reference to the old assets were a reference to the old land.
4
In this section “
land
” and “
authority exercising or having compulsory powers
” have the same meaning as in section 247.
S. 247A inserted (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 141(6)