C1Part 3Trading income

Annotations:
Modifications etc. (not altering text)

Chapter 2Income taxed as trade profits

Trades and trade profits

38Commercial occupation of land other than woodlands

1

The commercial occupation of land in the United Kingdom is treated for corporation tax purposes as the carrying on of a trade or part of a trade.

2

For this purpose the occupation of land is commercial if the land is managed—

a

on a commercial basis, and

b

with a view to the realisation of profits.

3

This section does not apply—

a

to farming or market gardening (which is dealt with by section 36),

b

if the land is being prepared for forestry purposes,

c

if the land comprises woodlands (which is dealt with by section 37), or

d

to the occupation by an insurance company of land which is an asset F1held by the company for the purposes of its long-term business.