49 TC 129; [1974] STC 64.
A trading company acquired a plot of land and successfully applied for planning permission to build a factory on it. It subsequently aborted the building of the factory, after realising that the site was inadequate and acquired another site. The company realised a chargeable gain on the sale of the original plot of land and claimed to roll over the gain under TCGA 1992, s152, against the new plot of land.
Roll over relief was denied on the basis that the land sold was never used in the company’s trade.