PART IV PROVISIONS RELATING TO THE SCHEDULE D CHARGE
CHAPTER I SUPPLEMENTARY CHARGING PROVISIONS
53 Farming and other commercial occupation of land (except woodlands).
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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 F3profits thereof shall be charged to F7corporation tax under Case I of Schedule D accordingly.
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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.
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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.