Readers' forum : Pass the parcel

My question concerns interests in partnership assets that are swapped within the partnership so that each relevant partner will have a capital assets share of 100% of the specified assets under the terms of a revised partnership agreement. In these circumstances is it correct that HMRC’s Statement of Practice D12 trumps the operation of relief under TCGA 1992 s 248A?

The facts are that a farming partnership of three individuals owns farmland. There are three distinct fields of equal value and each partner wants a 100% share of each distinct parcel.

There is a change in factional shares involving consideration and any gain can be rolled over under TCGA 1992 s 152 following the SP D12. So far so good.

But what if the partnership assets involve three farmhouses occupied by each respective partner? Here is it likely that s 152 rollover would be denied...