C1Part 3Trading income
Annotations:
Modifications etc. (not altering text)
Chapter 2Income taxed as trade profits
Trades and trade profits
36Farming and market gardening
1
Farming or market gardening in the United Kingdom is treated for corporation tax purposes as the carrying on of a trade or part of a trade (whether or not the land is managed on a commercial basis and with a view to the realisation of profits).
2
All farming in the United Kingdom carried on by a company, other than farming carried on as part of another trade, is treated for corporation tax purposes as one trade.
3
This section does not apply to farming or market gardening by an insurance company on land which is an asset F1held by the company for the purposes of its long-term business.
4
In the case of farming carried on by a company as a member of a firm, this rule is explained by section 1270(1).
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)