BIM60310 - Land transactions: ICTA88/S776:
Conditions
In order for ICTA88/S776 to apply a number of conditions have to
be satisfied.
- There must be an avoidance of tax (see
BIM60315), and
- Land (see
BIM60450), or any property deriving its
value from land (see
BIM60455), must be acquired with the
sole or main object (
BIM60325) of realising a gain from its
disposal, or
- land must be held as trading stock, or
- land must be developed with the sole or main
object (see BIM60325) of realising a gain from disposing of the
land when developed, and
- there is a disposal of the land (see
BIM60465), from which:
- a gain of a capital nature results (see
BIM60470),
