Part 13Tax avoidance

Chapter 3Transactions in land

Interpretation

772Interpretation of Chapter

1

In this Chapter “capital”, in relation to a gain, means that the gain does not fall to be included in any calculation of income for F1purposes of the Tax Acts otherwise than as a result of section 776 of ICTA or this Chapter.

2

In this Chapter references to property deriving its value from land include—

a

any shareholding in a company deriving its value directly or indirectly from land,

b

any partnership interest deriving its value directly or indirectly from land,

c

any interest in settled property deriving its value directly or indirectly from land, and

d

any option, consent or embargo affecting the disposition of land.

3

In this Chapter—

  • “company” includes any body corporate, and

  • “share” includes stock.