Capital gains on any transfers of land by the constituency association of a political party as a result of a reorganisation of local constituency boundaries are exempt from CGT1.
For the purposes of the exemption, a local constituency association is any unincorporated body, however described, whose primary purpose is to further the aims of a political party in an area substantially the same as the area of one or more Parliamentary constituencies. Because a local constituency association is thus expressly defined as being an unincorporated association, the exemption does not apply to disposals by companies which hold land on behalf of
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