Part 6

Venture capital trusts
Chapter 4

Qualifying holdings

Excluded activities

Excluded activities: property development
307
1
This section supplements section 303(1)(g).
2
“Property development” means the development of land—
a
by a company which has, or at any time has had, an interest in the land, and
b
with the sole or main object of realising a gain from the disposal of an interest in the land when it is developed.
3
For this purpose “interest in land” means, subject to subsection (4)—
a
any estate, interest or right in or over land, including any right affecting the use or disposition of land, or
b
any right to obtain such an estate, interest or right from another which is conditional on the other's ability to grant it.
4
References in this section to an interest in land do not include—
a
the interest of a creditor (other than a creditor in respect of a rentcharge) whose debt is secured by way of mortgage, an agreement for a mortgage or a charge of any kind over land, or
b
in the case of land in Scotland, the interest of a creditor in a charge or security of any kind over land.