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(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 [F2corporation] tax under Case I of Schedule D accordingly.
(2)All the farming carried on by any particular [F3company or partnership] shall be treated as one trade [F4for corporation tax purposes].
(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 [F5profits] thereof shall be charged to [F6corporation] tax under Case I of Schedule D accordingly.
[F7(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.]
[F8(5)The preceding provisions of this section do not apply in relation to—
(a)farming or market gardening by an insurance company on land which is an asset of the company's long-term insurance fund, or
(b)the occupation by an insurance company of land which is such an asset for a purpose other than farming or market gardening.]
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
F2Word in s. 53(1) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 32(2) (with Sch. 2)
F3Words in s. 53(2) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 32(3)(a) (with Sch. 2)
F4Words in s. 53(2) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 32(3)(b) (with Sch. 2)
F5Words in s. 53(1)(3) substituted (31.7.1998) by Finance Act 1998 (c. 36), s. 46(3)(a)(b), Sch. 7 para. 1
F6Words in s. 53(3) inserted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 32(4) (with Sch. 2)
F71988(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”.
F8S. 53(5) inserted (with effect in accordance with Sch. 17 para. 28(4) of the amending Act) by Finance Act 2008 (c. 9), Sch. 17 para. 28(1)
Marginal Citations
M1SOURCE-1970 s. 110(1), (2)
M2SOURCE-1970 s. 110(3)
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