(1)This section applies for the purpose of calculating the profits of a trade of dealing in land.
(2)If the person carrying on the trade buys woodlands in the United Kingdom in the course of the trade, the part of the cost of the woodlands which is attributable to trees or saleable underwood growing on the land is ignored.
(3)If—
(a)the woodlands are subsequently sold in the course of the trade, and
(b)any of the trees or underwood are still growing on the land at the time of the sale,
the part of the price that is equal to the amount ignored under subsection (2) for the trees or underwood is ignored.
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Textual Amendments
F1S. 157 repealed (with effect in accordance with Sch. 39 para. 43(3) of the amending Act) by Finance Act 2012 (c. 14), Sch. 39 para. 43(1)(a)
(1)This section applies for the purpose of calculating the profits of a trade of dealing in land if a receipt of the trade falls within one of the following categories—
(a)lease premiums within section 277,
(b)sums within section 279 (sums payable instead of rent),
(c)sums within section 280 (sums payable for surrender of a lease),
(d)sums within section 281 (sums payable for variation or waiver of [F2terms] of lease),
(e)consideration for the assignment of a lease within section 282 (lease granted at an undervalue), and
(f)amounts received on the sale of an estate or interest in land within section 284 (sales with right to re-conveyance) or section 285 (sale and leaseback transactions).
(2)The receipt is reduced by the relevant amount.
(3)The relevant amount is the amount which is treated as a receipt of a property business as a result of any of sections 277 to 285.
(4)But if—
(a)the person carrying on the trade makes a claim under section 301 or 302, and
(b)as a result of the claim a repayment of tax is made to that person,
the relevant amount is the amount which, for the purpose of determining the amount of the repayment of tax, is treated as brought into account as a receipt in calculating the profits of the property business.
(5)If subsection (4) applies, any adjustment of liability to tax may be made—
(a)by assessment or otherwise, and
(b)at any time at which it could be made if it related only to tax for the tax year in which the claim under section 301 or 302 is made.
Textual Amendments
F2Word in s. 158(1)(d) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 602 (with Sch. 2 Pts. 1, 2)