Section 517C — Income Tax Act 2007: Disposals of land: profits treated as trading profits

Disposals of land: profits treated as trading profits 517C 1 The profit or gain is to be treated for income tax purposes as profits of a trade carried on by the chargeable person.

2 If the chargeable person is non-UK resident, that trade is the person's trade of dealing in or developing UK land (as defined in section 6B of ITTOIA 2005).

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 income tax purposes, or b for corporation tax purposes.

4 The profits are treated as arising in the tax year 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.