Section 247A — Taxation of Chargeable Gains Act 1992: Provisional application of section 247.

Provisional application of section 247. 247A 1 This section applies where a person who disposes of land (“the old land”) to an authority exercising or having compulsory powers declares, in his return for the chargeable period in which the disposal takes place—

a that the whole or any specified part of the consideration for the disposal will be applied in the acquisition of other land (“the new land”);

b that the acquisition will take place as mentioned in subsection (3) of section 152;

and c that the new land will not be land excluded from section 247(1)(c) by section 248.

2 Until the declaration ceases to have effect, section 247 shall apply as if the acquisition had taken place and the person had made a claim under that section.

3 For the purposes of this section, subsections (3) to (5) of section 153A shall apply as if the reference to section 152 or 153 were a reference to section 247 and the reference to the old assets were a reference to the old land.

4 In this section “ land ” and “ authority exercising or having compulsory powers ” have the same meaning as in section 247.