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Computation under Case IV of Schedule D of profits or gains from dealing in or developing land.
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99.—In the case of a business of dealing in or developing land the profits or gains of which are chargeable to tax under Case IV of Schedule D, the profits or gains arising in any year of assessment on the disposal of any interest in land shall be computed as they would, under section 98, have fallen to be computed for the purposes of Case I of Schedule D if the business were a trade:
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(a) the profits or gains in respect of which a person is, under the foregoing provisions of this Chapter, chargeable to tax under the said Case IV for any year of assessment are wholly profits or gains arising on a single transaction involving the disposal of an interest in land, and
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(b) if that transaction were disregarded, the person would not fall to be treated as having carried on, at any time within three years prior to the transaction, a business of dealing in or developing land,
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