|
|
Transfers of interests in land between certain associated persons.
|
100.—(1) For the purposes of an assessment for any year beginning on the 6th day of April, 1965, or on any succeeding 6th day of April, where an interest in land is disposed of by any person and—
|
|
| |
(a) the person to whom the disposition is made (hereafter referred to as the transferee) is a body of persons over whom the disponor has control or the disponor is a body of persons over whom the transferee has control or both the disponor and the transferee are bodies of persons and some other person has control over both of them;
|
|
| |
(b) the interest is disposed of at a price greater than its market value; and
|
|
| |
(c) the price—
|
|
| |
(i) does not fall to be taken into account, in relation to the disponor, in computing for tax purposes the profits or gains of a business of dealing in or developing land or of a trade which consists of or includes such a business, but
|
|
| |
(ii) does fall 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 thereof at the time of its acquisition by him.
|
|
| |
(2) For the purposes of an assessment for any year beginning on the 6th day of April, 1965, or on any succeeding 6th day of April, where an interest in land is disposed of by any person and—
|
|
| |
(a) the person to whom the disposition is made (hereafter referred to as the transferee) is a body of persons over whom the disponor has control or the disponor is a body of persons over whom the transferee has control or both the disponor and the transferee are bodies of persons and some other person has control over both of them;
|
|
| |
(b) the interest is disposed of at a price less than its market value, and
|
|
| |
(c) the price—
|
|
| |
(i) does not fall to be taken into account, in relation to the transferee, in computing for tax purposes the profits or gains of a business of dealing in or developing land or of a trade which consists of or includes such a business, but
|
|
| |
(ii) does fall to be so taken into account in relation to the disponor,
|
|
| |
the disponor shall for tax purposes be deemed to have disposed of the interest at a price equal to the market value thereof at the time of its disposal by him.
|
|
| |
(3) In this section “body of persons” includes a partnership.
|
