C2.1120 Development land held by a company
This article describes two special rules which may, in rare cases, continue to apply to certain disposals of land where:
- Ìý
•ÌýÌýÌýÌý betterment levy (which was abolished from 22 July 1970) has been charged in respect of the land, or
- Ìý
•ÌýÌýÌýÌý the land was owned by the company on 6 April 1965 and is subsequently sold for more than its current use value
Neither rule applies where rebasing to 31 March 1982 applies to determine the acquisition cost, either because the market value at the date exceeds the historical costs or as a result of an election (see C2.602). As all assets held at 31 March 1982 are rebased automatically as at that date for capital gains tax, the commentary below applies to companies only1.
Development land and interaction with betterment levy
In order to prevent a double charge, special provisions give relief from corporation tax on the chargeable gains of a company where betterment levy has been charged on a disposal
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