Section FO 17 — Income Tax Act 2007: Land

FO 17 Land When this section applies (1) This section applies when land belonging to an amalgamating company passes to the amalgamated company on a resident’s restricted amalgamation. Disposal at market value (2) If the land is not revenue account property of the amalgamating company, but the disposal of the land would give rise to income for the amalgamated company under any of sections CB 6 to CB 14 (which relate to the disposal of land), the amalgamating company is treated as having disposed of the land to the amalgamated company at the market value of the land at the date of the amalgamation. Disposal of land within 10-year period (3) If the land is, or may be, revenue account property of the amalgamating company because of the 10-year rule in any of sections CB 9 to CB 11 and CB 14 , and the amalgamated company disposes of the land within the 10-year period after the amalgamating company acquired it, an amount derived from the disposal is income of the amalgamated company under whichever is applicable of sections CB 6 to CB 14 . Defined in this Act: amalgamated company , amalgamating company , amount , income , land , resident’s restricted amalgamation , revenue account property , Compare: 2004 No 35 s FE 6(3A), (3B)