Whether residual land is part of an undertaking or scheme of development or division of land
KPMG is pleased to provide comments on this draft Questions We’ve Been Asked (“QWBA”) item, on whether residual land is part on an undertaking or scheme of development or division.
The Commissioner’s view is that amounts derived on the sale of retained land always intended to be kept for the taxpayer’s own purposes is not taxable under section CB 12 or CB 13 of the Income Tax Act 2007.
We strongly support this view, as such land should not be “tainted” simply because other land forms part of an undertaking or scheme of division or development. Our submission comments on this and other land issues.