(1)M1All farming and market gardening in the United Kingdom shall be treated as the carrying on of a trade or, as the case may be, of a part of a trade, and the [F1profits] thereof shall be charged to tax under Case I of Schedule D accordingly.
(2)All the farming carried on by any particular person or partnership or body of persons shall be treated as one trade.
(3)M2Subject to subsection (4) below, the occupation of land in the United Kingdom for any purpose other than farming or market gardening shall, if the land is managed on a commercial basis and with a view to the realisation of profits, be treated as the carrying on of a trade or, as the case may be, of a part of a trade, and the [F2profits] thereof shall be charged to tax under Case I of Schedule D accordingly.
[F3(4)Subsection (3) above shall not apply in relation to the occupation of land which comprises woodlands or is being prepared for use for forestry purposes.]
Textual Amendments
F1Words in s. 53(1)(3) substituted (31.7.1998) by Finance Act 1998 (c. 36), s. 46(3)(a)(b), Sch. 7 para. 1
F2Words in s. 53(1)(3) substituted (31.7.1998) by Finance Act 1998 (c. 36), s. 46(3)(a)(b), Sch. 7 para. 1
F31988(F) Sch.6 para.6(7),into force on 6April 1988subject to certain provisos. Previously
“(4) Subsection (3) above shall not affect the taxation of woodlands which are managed on a commercial basis and with a view to the realisation of profits”.
Marginal Citations
M1SOURCE-1970 s. 110(1), (2)
M2SOURCE-1970 s. 110(3)