Section 248A | Roll-over relief on disposal of joint interests in land: conditions ^F1

(1)Section 248B applies where conditions A to E are met.^F1

(2)Condition A is that a person (“the landowner”) and one or more other persons jointly hold—^F1

(a)a holding of land, or^F1

(b)two or more separate holdings of land.^F1

(3)Condition B is that the landowner disposes of an interest (“the relinquished interest”) in—^F1

(a)the holding, or^F1

(b)one or more of the holdings,^F1

to the co-owner or to one or more of the co-owners.

(4)Condition C is that the consideration for the disposal is or includes an interest (“the acquired interest”) in a holding of land held jointly by the landowner and one or more of the co-owners.^F1

(5)Condition D is that as a consequence of the disposal (taken together with any related disposals) the landowner and each of the co-owners become—^F1

(a)in a case falling within subsection (2)(a), the sole owner of part of the holding, or^F1

(b)in a case falling within subsection (2)(b), the sole owner of one or more of the holdings.^F1

(6)Condition E is that the acquired interest is not an interest in excluded land (see section 248C).^F1

(7)For the purposes of this section—^F1

(a)references to a holding of land include references to an estate or interest in a holding of land, and are to be read in accordance with section 243(3);^F1

(b)references to holding land jointly are to holding land—^F1

(i)in England and Wales, as joint tenants or tenants in common,^F1

(ii)in Scotland, as joint owners or owners in common, or^F1

(iii)in Northern Ireland, as joint tenants, tenants in common or coparceners;^F1

(c)“co-owner” means any person who holds a holding of land jointly with the landowner;^F1

(d)a related disposal (in relation to a disposal mentioned in condition B) is a disposal of an interest in the holding, or in one or more of the holdings, which is made—^F1

(i)by the landowner to a co-owner, or^F1

(ii)by a co-owner to the landowner or another co-owner,^F1

at the same time as the disposal mentioned in that condition;

(e)spouses who are living together, or civil partners who are living together, are together treated as a landowner or a co-owner.^F1

(8)Section 248B applies in relation to cases where, immediately before the disposal, the land is held by a partnership comprising the landowner and the co-owner or co-owners (whether the partnership is formed in Scotland or elsewhere) as it applies in relation to other cases (and the partners are regarded as the landowner and the co-owner or co-owners for the purposes of this section and section 248B).^F2