Schedule 10, Part 1, paragraph 21(4)

A person (P) is not to be treated as a result of this paragraph as exercising an option to tax in relation to any building or land in which a relevant interest is acquired (“the later interest”) if— the person making the acquisition in question held another relevant interest in that building or land before P makes a real estate election, and the person making the acquisition in question continues to hold that other relevant interest at the time when the later interest is acquired.

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Source: legislation.gov.uk · retrieved 2026-07-28