Taxation of Chargeable Gains Act 1992 section 248C

Excluded land

Section 248C defines what counts as "excluded land" for the purposes of roll-over relief on disposals of joint interests in land, and sets out the consequences when land becomes excluded land after relief has already been claimed.

• Land qualifies as excluded land if it is a dwelling-house (or part of one, or an interest in one) that would benefit from private residence relief on a disposal by the landowner at any point within six years of acquiring the new interest.
• Roll-over relief under sections 248A and 248B is not available to the extent that the acquired interest in land is excluded land, because such land already benefits from private residence relief.
• If land was not excluded land when the new interest was acquired but becomes excluded land within six years, any roll-over relief previously given must be unwound and the chargeable gain on the original disposal recalculated without that relief.
• Any resulting capital gains tax adjustments can be made at any time, with no time limit, overriding the normal four-year assessment deadline in section 34 of the Taxes Management Act 1970.