Is this a disposal for CGT purposes?

Three family members own a field as tenants in common in unequal shares , vis 1/2 , 1/4 ,1/4.The value of the field has increased significantly since we have owned it .The rent we receive is split in proportion to our shares We are intending to switch to a joint tenancy ,which i believe will alter our beneficial interests from our current shares to each of us having 1/3 and we will split the rent accordingly. Is this a disposal for CGT purposes that we are required to report within 60 days ? Thank you.

Hi,
If the field is commerical or agricultural in nature, then the 60 rule will not apply.  
If the field is residential land, then yes, the 60 period applies from the completion date.
Thank you.

Thank you for the response, It is agricultural land (sheep grazing).Which leads to my follow up question ,So under the current rules does it need to be included as a disposal in the annual Self Assessment return for the relevant period or do we not report anything until after it is actually sold at some point? I appreciate the rules may change in the future .

Hi,
The disposal of agricultural land is still a disposal and any gain, subject to Capital Gains tax, under other assets and gains. You would declare in the gain in the tax return for the year in which the land is disposed of.
Thank you.