PART IV PROVISIONS RELATING TO THE SCHEDULE D CHARGE
C1CHAPTER V COMPUTATIONAL PROVISIONS
Special provisions
99 Dealers in land.
1
M1In computing for F2corporation tax purposes the F1profits of a trade of dealing in land, there shall be disregarded—
a
so much of the cost of woodlands in the United Kingdom purchased in the course of the trade as is attributable to trees or saleable underwood growing on the land; and
b
where any amount has been disregarded under paragraph (a) above and, on a subsequent sale of the woodlands in the course of the trade, all or any of the trees or underwood to which the amount disregarded was attributable are still growing on the land, so much of the price for the land as is equal to the amount so disregarded in respect of those trees or underwood.
2
3
Where, on a claim being made under subsection (2)(b) of section 36, the amount on which F4corporation tax was chargeable by virtue of that section is treated as reduced, subsection (2) above shall be deemed to have applied to the amount as reduced, and any such adjustment of liability to F4corporation tax shall be made (for all relevant F5accounting periods) whether by means of an assessment or otherwise, as may be necessary, and may be so made at any time at which it could be made if it related only to F4corporation tax for the F6accounting period in which that claim is made.
4
M3Subsection (1) above shall not apply where the purchase mentioned in paragraph (a) of that subsection was made under a contract entered into before 1st May 1963.
See—1979(C) s.122—election to take capital gain or loss into account when asset appropriated to stock in trade.1989 ss.67-74—employee share ownership trusts.Banking Act 1987 (c.22) s.66—contributions to the Deposit Protection Fund.