Section 443 — Income Tax Act 2007: Calculation of relievable amount where joint disposal of interest in land

Calculation of relievable amount where joint disposal of interest in land 443 1 This section applies for the purpose of calculating the relievable amount in a case where relief under this Chapter is available as a result of section 442(3).

2 Calculate the relievable amount as if—

a the owners were a single individual, and b the disposals of the owners' beneficial interests were a single disposal by that single individual of the whole of the beneficial interest in the qualifying interest in land.

3 In particular, calculate the consideration mentioned at Step 1 in section 434(4) by—

a calculating, for each owner, the consideration for which the disposal of the owner's beneficial interest is treated as made for the purposes of TCGA 1992 as a result of section 257(2)(a) of that Act, and b adding together all the consideration calculated under paragraph (a).

4 Subsection (5) applies if one or more of the owners is neither—

a an individual, nor b a qualifying company (see section 442(6)).

5 In calculating the relievable amount make just and reasonable adjustments to reduce the relievable amount to reflect the fact that relief under this Chapter or as a result of Chapter 3 of Part 6 of CTA 2010 is not available to that owner or to those owners. 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .