F1PART 5BTax relief for social investments
CHAPTER 4Eligibility: conditions relating to the social enterprise
Interpretation of conditions relating to the social enterprise
257MRExcluded activities: property development
1
For the purposes of section 257MQ(1)(c) “property development” means the development of land—
a
by a company which has, or at any time has had, an interest in the land, and
b
with the sole or main object of realising a gain from the disposal of an interest in the land when it is developed.
2
For the purposes of subsection (1) “interest in land” means (subject to subsection (3))—
a
any estate, interest or right in or over land, including any right affecting the use or disposition of land, or
b
any right to obtain such an estate, interest or right from another which is conditional on the other's ability to grant it.
3
References in this section to an interest in land do not include—
a
the interest of a creditor (other than a creditor in respect of a rentcharge) whose debt is secured by way of mortgage, an agreement for a mortgage or a charge of any kind over land, or
b
in the case of land in Scotland, the interest of a creditor in a charge or security of any kind over land.
Pt. 5B inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 11 para. 1