From the law (below) it does seem that you are not in contravention but my view is it wasn't designed for this type of layout.
If it were there is nothing stopping someone driving into and blocking the entire lane while the lane going the other way you want to turn right into is in gridlock. And just staying there.
That's my reading but others may disagree.
(3) The prohibition in sub-paragraph (1) does not, in respect of a box junction within sub-paragraph (6)(a) of the definition of that expression, apply to a person who—
(a)causes a vehicle to enter the box junction for the purpose of turning right; and
(b)stops the vehicle within the box junction for so long as the vehicle is prevented from completing the right turn by an oncoming vehicle or other vehicle which is stationary whilst waiting to complete a right turn.