PART IV PROVISIONS RELATING TO THE SCHEDULE D CHARGE

CHAPTER I SUPPLEMENTARY CHARGING PROVISIONS

53 Farming and other commercial occupation of land (except woodlands).

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 F2profits thereof shall be charged to F4corporation tax under Case I of Schedule D accordingly.

2

All the farming carried on by any particular F5company or partnership shall be treated as one trade F6for 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 F3profits thereof shall be charged to F7corporation tax under Case I of Schedule D accordingly.

F14

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.

F85

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.