Section 356OD — Corporation Tax Act 2010: Disposals of property deriving its value from land in the United Kingdom

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