Commentary

B5.237 Charge on gains from transactions in land—rules prior to 2016

Business tax
Business tax | Commentary

B5.237 Charge on gains from transactions in land—rules prior to 2016

Business tax | Commentary

B5.237 Charge on gains from transactions in land—rules prior to 2016

The provisions in this article were replaced, broadly for disposals on or after 5 July 2016 and for amounts recognised in accounts on or after 8 March 2017, by the provisions relating to the taxation of profits arising from a trade which involves either dealing in or developing UK land, see B5.216A and therefore is retained for reference only.

Income tax or corporation tax is charged where a gain of a capital nature is obtained from the disposal of all or part of land which is situated in the UK when1:

  1.  

    (a)     the land or property deriving its value from the land is acquired with the sole or main object of realising a gain from disposing of all or part of the land; or

  2.  

    (b)     the land is held as trading stock; or

  3.  

    (c)     the land is developed with the sole or main

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