Section 257MR — Finance Act 2014: Excluded activities: property development

Excluded activities: property development 257MR 1 For the purposes of section 257MQ(1)(c) “ property development ” means the development of land—

a by a company which has, or at any time has had, an interest in the land, and b with the sole or main object of realising a gain from the disposal of an interest in the land when it is developed.

2 For the purposes of subsection (1) “ interest in land ” means (subject to subsection (3))—

a any estate, interest or right in or over land, including any right affecting the use or disposition of land, or b any right to obtain such an estate, interest or right from another which is conditional on the other's ability to grant it.

3 References in this section to an interest in land do not include—

a the interest of a creditor (other than a creditor in respect of a rentcharge) whose debt is secured by way of mortgage, an agreement for a mortgage or a charge of any kind over land, or b in the case of land in Scotland, the interest of a creditor in a charge or security of any kind over land.