Section 356OD | Disposals of property deriving its value from land in the United Kingdom

(1)Section 356OE applies (subject to subsection (3) of that section) if—

(a)a person realises a profit or gain from a disposal of any property which (at the time of the disposal) derives at least 50% of its value from land in the United Kingdom,

(b)the person is a party to, or concerned in, an arrangement concerning some or all of the land mentioned in paragraph (a) (“the project land”), and

(c)the arrangement meets the condition in subsection (2).

(2)The condition is that the main purpose, or one of the main purposes, of the arrangement is to—

(a)deal in or develop the project land, and

(b)realise a profit or gain from a disposal of property deriving the whole or part of its value from that land.