Income Tax Act 2007 section 517S

"Land" and related expressions

Section 517S defines what "land" means and what counts as "property deriving its value from land" for the purposes of the rules on taxing profits and gains from land disposals in the United Kingdom.

• "Land" is broadly defined to include buildings, structures, any estate, interest or right in or over land, and land under the sea or other water
• Property deriving its value from land includes shareholdings in companies whose value comes directly or indirectly from land
• Partnership interests and interests in settled property that derive their value from land are also caught by these provisions
• Options, consents or embargoes affecting the disposition of land are treated as property deriving its value from land