Section 214 — Corporation Tax Act 2010: Qualifying interests in land held jointly

Qualifying interests in land held jointly 214 1 This section applies if the qualifying investment is a qualifying interest in land.

2 It applies if two or more persons (“the owners”)—

a are jointly beneficially entitled to the qualifying interest in land, or b are, taken together, beneficially entitled in common to the qualifying interest in land.

3 Relief as a result of this Chapter is available if—

a at least one of the owners is a qualifying company, and b all the owners dispose of the whole of their beneficial interests in the qualifying interest in land to the charity.

4 Relief as a result of this Chapter is available to each of the owners which is a qualifying company (and section 215 applies).

5 A company is a qualifying company if it is not itself a charity.

6 Subsection (7) applies if one or more of the owners is not a company.

7 For the purpose of determining whether the owners' beneficial interests are disposed of as mentioned in subsection (3)(b), section 205(2) to (4) applies as if references to a company included references to a person who is not a company.