Section 356OC | Disposals of land: profits treated as trading profits

(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.