Section CB 6 — Income Tax Act 2007: Disposal: land acquired for purpose or with intention of disposal

CB 6 Disposal: land acquired for purpose or with intention of disposal Income (1) An amount that a person derives from disposing of land is income of the person if they acquired the land— (a) for 1 or more purposes that included the purpose of disposing of it: (b) with 1 or more intentions that included the intention of disposing of it. Exclusions (2) Subsection (1) is overridden by the exclusions for residential land in section CB 16 and for business premises in section CB 19 . Land partially sold or sold with other land (3) This section and sections CB 7 to CB 23 apply whether the land disposed of— (a) is part only of the land to which the relevant section applies: (b) is the whole of the land to which the relevant section applies: (c) is the whole of the land to which the relevant section applies, together with other land. Defined in this Act: amount , business , dispose , income , land Compare: 2004 No 35 ss CB 5, OB 1 “ land ” paragraph (a)(i)