Section 517E | Disposals within section 517D: profits treated as trading profits

(1)The relevant amount 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 chargeable person'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 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)In this section the “relevant amount” means so much (if any) of the profit or gain mentioned in section 517D(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 517D(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.