38Commercial occupation of land other than woodlands
This section has no associated Explanatory Notes
(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 of the company’s long-term insurance fund.