Small part disposals

[pawncob]

An area of land (c15acres) is owned by five people (inherited from parents), with two persons as registered proprietors.
It's owned as 40%/40%/5%/5%/5%/5%.
One of the 40% owners wishes to acquire sole ownership of c1 acre. It's amenity land, so of no great value.
Presumably TCGA s42(2) applies, so it's a small disposal and no CGT arises.
Does he have to pay 40% of the market value, (£7500) and then get reimbursed £3000 or can he just pay 60% to the other owners?

(I'm sure there's an obvious answer.)

[AGoodman]

Yes, I agree that s.42(2) should apply.

He is effectively buying the 60% of that area of land so, from a legal standpoint (i.e. documenting the sale) he can just pay the other parties the 60% (£4,500).

[pawncob]

Thanks. That's what I thought.