Section 356OE — Corporation Tax Act 2010: Disposals within section 356OD: profits treated as trading profits

Disposals within section 356OD: profits treated as trading profits 356OE 1 The relevant amount is to be treated for corporation tax purposes as profits of a trade carried on by the chargeable company.

2 If the chargeable company is non-UK resident, that trade is the company's trade of dealing in or developing UK land.

3 But subsection (1) does not apply to an amount 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 In this section the “ relevant amount ” means so much (if any) of the profit or gain mentioned in section 356OD(1) as is attributable, on a just and reasonable apportionment, to the relevant UK assets.

6 In this section “ the relevant UK assets ” means any land in the United Kingdom from which the property mentioned in section 356OD(1) derives any of its value (at the time of the disposal mentioned in that subsection).

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