Section 356OC — Corporation Tax Act 2010: Disposals of land: profits treated as trading profits

Disposals of land: profits treated as trading profits 356OC 1 The profit or gain is to be treated for corporation tax purposes as profits of a trade carried on by the chargeable company (see section 356OG).

2 If the chargeable company is non-UK resident, that trade is the company's trade of dealing in or developing UK land (as defined in section 5B of CTA 2009).

3 But subsection (1) does not apply to a profit or gain so far as it would (apart from this section) be brought into account as income in calculating profits (of any person)—

a for corporation tax purposes, or b for income tax purposes.

4 The profits are treated as arising in the accounting period of the chargeable company in which the profit or gain is realised.

5 This section applies in relation to gains which are capital in nature as it applies in relation to other gains.