Land is excluded land to the extent that—
In subsection (1)(b), "a material time" means any time during the period of 6 years beginning on the date of the acquisition of the acquired interest.
If land was not excluded land at the date of the acquisition of the acquired interest but becomes excluded land within 6 years of the acquisition, the amount of any chargeable gain accruing on the disposal of the relinquished interest shall be re-determined without regard to any relief previously given under section 248B by reference to the amount or value of the consideration for the acquisition of the interest in that land.
Any adjustments of capital gains tax in accordance with subsection (3), whether by way of assessment or otherwise, may be made at any time, despite anything in section 34 of the Management Act (time limit for assessments).
Expressions used in this section have the same meaning as in section 248A.