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Our client company has been in receipt of annual wayleaves (although not a recognised term in Scots law) in respect of power lines attached to a row of electricity pylons situated on its land in Scotland.
The electricity company has now entered into an agreement to pay a capital sum in respect of future wayleaves due. Our client company does not expect to receive any further income from this source but equally it has not actually disposed of the land on which the pylons are situated.
Do readers consider that the gain on this capital receipt could be rolled over into the acquisition of other buildings and land?
Query 19 721 – Poleaxed.
Confirm that the land is used for the client’s trade.
The Taxation of Chargeable Gains Act 1992 (TCGA 1992) s 22(1)(d) deems a disposal for capital gains tax purposes when the owner of an...
