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Ripe for redevelopment
KEY POINTS
- The underlying principle is the fair compensation of the property owner.
- TCGA 1992 s 246 makes special provision for a compulsory purchase.
- When calculating tax an award is apportioned between its constituent elements.
- TCGA 1992 s 247 provides roll-over relief on terms significantly more generous than for the replacement of business assets.
- Case law relevant to the extent that tax should be taken into account when assessing compensation.
- Facts must be established before reasonable projections can be made about the tax liability.
The usual rationale for compulsory purchase is that public benefits are unlocked through the loss of private land. It’s axiomatic that a dispossessed proprietor is compensated fairly. Compensation should result in equivalence placing the owner – so far as...
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