Part 12

Supplementary provisions
Chapter 5

Miscellaneous

Apportionment

Apportionment where property sold together
562
1
Any reference in this Act to the sale of property includes the sale of that property together with any other property.
2
For the purposes of subsection (1), all property sold as a result of one bargain is to be treated as sold together even though—
a
separate prices are, or purport to be, agreed for separate items of that property, or
b
there are, or purport to be, separate sales of separate items of that property.
3
If an item of property is sold together with other property, then, for the purposes of this Act—
a
the net proceeds of the sale of that item are to be treated as being so much of the net proceeds of sale of all the property as, on a just and reasonable apportionment, is attributable to that item, and
b
the expenditure incurred on the provision or purchase of that item is to be treated as being so much of the consideration given for all the property as, on a just and reasonable apportionment, is attributable to that item.
4
This section applies, with the necessary modifications, to other proceeds (consisting of insurance money or other compensation) as it applies in relation to the net proceeds of a sale.
5
This section applies in relation to Part 5 as if expenditure on the provision or purchase of an item of property included expenditure on the acquisition of—
a
a mineral asset (as defined by section 397), or
b
land outside the United Kingdom.
S. 45H(2) modified (with effect in accordance with s. 167 of the amending Act) by Finance Act 2003 (c. 14) , Sch. 30 para. 7