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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 30 November 1997 - onwards
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642. Transfers of interests in land between certain associated persons.

(1) Where an interest in land is disposed of by any person (in this subsection referred to as "the disponer") to a person connected with the disponer (in this subsection referred to as "the transferee") and -

(a) the interest is disposed of at a price greater than its market value, and

(b) the price -

(i) is not to be taken into account in relation to the disponer in computing for tax purposes the profits or gains of a trade which is or includes a business of dealing in or developing land, but

(ii) is to be so taken into account in relation to the transferee,

the transferee shall for tax purposes be deemed to have acquired the interest at a price equal to the market value of the interest at the time of its acquisition by the transferee.

(2)

(a) Where an interest in land is disposed of by any person (in this subsection referred to as "the disponer") to a person connected with the disponer (in this subsection referred to as "the transferee") and -

(i) the interest is disposed of at a pri

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